According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), the Austin housing market in August experienced the most home sales to date for the month of August and sales volume is now twice the size it was in August 2010.
According to the report, 3,082 single-family homes were sold in the Austin area, which is 30 percent more than August 2012. This is more than double the home sales figures in 2010, during which only 1,490 homes sold in August that year.
Cathy Coneway, 2013 President of the Austin Board of REALTORS® said, “It’s not surprising that the Austin-area housing market has doubled in size in only three years. As our city continues to grow at an accelerating pace, it’s vital that our community and business leaders work together to address key issues that will continue Austin’s success and sustain our quality of life.”
On average, homes spent 43 days on the market, which is a decrease of 19 days from one year prior. Additionally, the market featured 2.8 months of inventory in August 2013, which is 1.2 months less than August 2012.
In August 2013, the median price for Austin-area homes increased to $224,000, which is six percent more than the same month in 2012. The total dollar volume of single-family properties sold was $883,147,100, or 36 percent higher than the same month last year.
The market also featured 16 percent more new listings, 16 percent fewer active listings and 9 percent more pending sales in August 2013 compared to the prior year.
“The continued growth of the Austin housing market is phenomenal, but we must ensure that all members our community can benefit from that growth,” Coneway said. “Components such as housing affordability, a healthy housing supply and strict property code enforcement will bring a continued success to our community in which all Austinites can take part.”
August 2013 Austin Real Estate Market Statistics
- 3,082 – Single-family homes sold, 30 percent more than August 2012.
- $224,000 – Median price for single-family homes, six percent more than August 2012.
- 43 – Average number of days single-family homes spent on the market, 19 days fewer than August 2012.
- 3,174 – New single-family home listings on the market, 16 percent more than August 2012.
- 6,075 – Active single-family home listings on the market, 16 percent fewer than August 2012.
- 2,399 – Pending sales for single-family homes, nine percent more than August 2012.
- 2.8 – Months of inventory* of single-family homes, 1.2 months less than August 2012.
- $883,147,100 – Total dollar volume of single-family properties sold, 36 percent more than August 2012.
The following sections describe trends in other sectors of the Austin real estate market.
Townhouses & Condominiums
The number of townhouses and condominiums (condos) purchased in the Austin area in August 2013 was 361, which is 32 percent more than August 2012. In the same time period, the median price for condos was $193,700, which is 14 percent more than the same month of the prior year. When compared to August 2012, these properties spent 37 percent less time on the market, or an average of 40 days.
In August 2013, a total of 2,149 properties were leased in Austin, which is 10 percent more than August 2012. The median price for Austin-area leases was $1,400, which is four percent more than the same month of the prior year.
The Austin Board of REALTORS® (ABoR) is a non-profit, voluntary organization dedicated to educating and supporting Central Texas REALTORS®. ABoR proudly serves more than 9,000 members, promotes private property rights, and provides accurate, comprehensive property listing information for the Greater Austin area.
* The inventory of homes for a market is measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.