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Austin Real Estate Market Update: December 2013

According to the Multiple Listing Service (MLS) report released by the Austin Board of REALTORS®, Austin-area home sales reached a historic high for December while housing inventory dropped to an all-time low, and 2013 year-end figures show momentum in Austin real estate coursing steadily into the new year.

According to the report, 2,080 single-family homes were sold in the Austin area in December 2013, which is 14 percent more than December 2012. The market featured 2.0 months of inventory in December 2013, which is 0.7 months less than December 2012 and a new historical low for Austin housing inventory.

Bill Evans, 2014 President of the Austin Board of REALTORS®, explained, “2013 was one of the strongest years for the Austin housing market that REALTORS® had ever seen.”

In December 2013, the median price for Austin-area homes was $226,000, which is eight percent more than the same month in 2012. Additionally, homes spent an average of 52 days on the market, which is a decrease of 19 days from one year prior.

The total dollar volume of single-family properties sold was $610,579,840 or 19 percent more than the same month last year. The market also featured three percent more new listings, 11 percent fewer active listings and nine percent fewer pending sales in December 2013 compared to the prior year.

President Evans continued, “Population and economic growth in the Austin area show no signs of slowing down this year; neither does Austin’s increasingly competitive housing market. In 2014, Austin home buyers and sellers can expect home prices to continue to rise across all segments of the market. Multiple offers on home listings will be commonplace and many homes will sell within days of hitting the market.”

The report also included figures for all of 2013, during which 27,298 Austin-area single-family homes were sold, which is 19 percent more than 2012. Over the course of the year, the median price of homes in the Austin area increased nine percent to $223,890 and homes spent an average of 50 days on the market, 19 days fewer than 2012. At the same time, the 2013 Austin real estate market featured nine percent more new listings, 20 percent fewer active listings and 12 percent more pending sales than 2012.

President Evans concluded, “The key to continued success for the Austin housing market is maintaining market stability in 2014. We need a steady flow of new inventory hitting the market, and the city must work to create a regulatory environment that allows developers to keep up with growing housing demand, which in turn will help keep Austin’s housing inventory stable and its homes affordable.”

December 2013 Austin Real Estate Market Statistics

  • 2,080 – Single-family homes sold, 14 percent more than December 2012.
  • $226,000 – Median price for single-family homes, eight percent more than December 2012.
  • 52 – Average number of days single-family homes spent on the market, 19 days fewer than December 2012.
  • 1,404 – New single-family home listings on the market, three percent more than December 2012.
  • 4,545 – Active single-family home listings on the market, 11 percent fewer than December 2012.
  • 1,375 – Pending sales for single-family homes, nine percent fewer than December 2012.
  • 2.0 – Months of inventory* of single-family homes, 0.7 months less than December 2012.
  • $610,579,840 – Total dollar volume of single-family properties sold, 19 percent more than December 2012.

2013 Austin Real Estate Market Year-End Totals

  • 27,298 – Single-family homes sold, 19 percent more than 2012.
  • $223,890 – Median price for single-family homes, nine percent more than 2012.
  • 50 – Average number of days that single-family homes spent on the market, 19 days fewer than 2012.
  • 34,132 – New single-family home listings on the market, nine percent more than 2012.
  • 5,492 – Active single-family home listings on the market, 20 percent fewer than 2012.
  • 28,017 – Pending sales for single-family homes, 12 percent more than 2012.
  • $7,933,813,683 – Total dollar volume of single-family properties sold, 28 percent more than 2012.

The following sections describe trends in other sectors of the Austin real estate market.

Townhouses & Condominiums

The volume of townhouses and condominiums (condos) purchased in the Austin area in December 2013 was 217, which is 11 percent more than December 2012. In the same time period, the median price for condos was $221,000, which is five percent more than the same month of the prior year. When compared to December 2012, these properties spent 32 percent less time on the market, or an average of 50 days.

Over the course of 2013, 3,162 Austin condos were sold, which is 24 percent more than 2012; the median price was $195,840, or eight percent more than 2012; and condos spent an average of 52 days on the market, 22 days fewer than 2012.

Leasing

In December 2013, a total of 1,086 properties were leased in Austin, which is 12 percent more than December 2012. The median price for Austin-area leases was $1,380, which is six percent more than the same month of the prior year. In all of 2013, a total of 16,371 properties were leased in Austin, which is three percent more than 2012, and the median lease price was $1,400, or six percent more than 2012.

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 can be 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.

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