According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), the volume of home sales continues to rise as November became the 30th straight month of sales volume increases and the most home sales in November since 2006.
According to the report, 1,899 single-family homes were sold in the Austin area, which is 14 percent more than November 2012. The median price for Austin-area homes was $219,530, which is 10 percent more than the same month in 2012.
Cathy Coneway, 2013 President of the Austin Board of REALTORS®, explained, “With strong activity across all segments of the market, the Austin-area housing market has been full steam ahead through the holidays and the rest of the year, Our city’s population and job growth show no signs of slowing down, so 2014 will likely be another competitive year for Austin real estate.”
In November 2013, inventory remained at a historically low level of 2.3 months, which is more than half of a month less than November 2012. Additionally, homes spent an average of 51 days on the market, which is a decrease of 16 days from one year prior.
The total dollar volume of single-family properties sold was $555,757,542 or 24 percent higher than the same month last year. The market also featured the same amount of new listings, 11 percent fewer active listings and two percent more pending sales in November 2013 compared to the prior year.
November 2013 Austin Real Estate Market Statistics
- 1,899 – Single-family homes sold, 14 percent more than November 2012.
- $219,530 – Median price for single-family homes, 10 percent more than November 2012.
- 51 – Average number of days single-family homes spent on the market, 16 days fewer than November 2012.
- 1,967 – New single-family home listings on the market, statistically unchanged from November 2012.
- 5,119 – Active single-family home listings on the market, 11 percent fewer than November 2012.
- 1,756 – Pending sales for single-family homes, two percent more than November 2012.
- 2.3 – Months of inventory* of single-family homes, more than half of a month less than November 2012.
- $555,757,542 – Total dollar volume of single-family properties sold, 24 percent more than November 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 November 2013 was 223, which is 35 percent more than November 2012. In the same time period, the median price for condos was $195,200, which is eight percent more than the same month of the prior year. When compared to November 2012, these properties spent an average of 55 days on the market, or 38 percent less time.
In November 2013, a total of 1,162 properties were leased in Austin, which is six percent more than November 2012. The median price for Austin-area leases was $1,390, which is seven 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.