According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), Austin-area home sales and prices increased nine percent in October.
According to the report, 2,145 single-family homes were sold in the Austin area, which is nine percent more than October 2012. The median price for Austin-area homes was $217,000, which is nine percent more than the same month in 2012.
Cathy Coneway, 2013 President of the Austin Board of REALTORS¬® explained, “Given the last year of steady sales volume and home price increases, many have begun to wonder if Austin is in a housing bubble. This is not the case. Industry experts say the growth of Austin’s housing market has been fueled by true demand, not speculation. Our city’s high growth rate – currently estimated at 150 people per day – is a primary reason why we continue to see increases in home sales and prices.”
In October 2013, inventory dropped back to a historically low level of 2.5 months, which was first reached in January this year and is approximately one month less than October 2012. Additionally, homes spent an average of 48 days on the market, which is a decrease of 20 days from one year prior.
The total dollar volume of single-family properties sold was $600,548,520 or 11 percent higher than the same month last year. The market also featured 14 percent more new listings, 12 percent fewer active listings and eight percent more pending sales in October 2013 compared to the prior year.
October 2013 Austin Real Estate Market Statistics
- 2,145 – Single-family homes sold, nine percent more than October 2012.
- $217,000 – Median price for single-family homes, nine percent more than October 2012.
- 48 – Average number of days single-family homes spent on the market, 20 days fewer than October 2012.
- 2,559 – New single-family home listings on the market, 14 percent more than October 2012.
- 5,540 – Active single-family home listings on the market, 12 percent fewer than October 2012.
- 2,069 – Pending sales for single-family homes, eight percent more than October 2012.
- 2.5 – Months of inventory* of single-family homes, about one month less than October 2012.
- $600,548,520 – Total dollar volume of single-family properties sold, 11 percent more than October 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 October 2013 was 288, which is 40 percent more than October 2012. In the same time period, the median price for condos was $209,000, which is 14 percent more than the same month of the prior year. These properties spent an average of 47 days on the market, or 27 percent less time compared to October 2012.
In October 2013, a total of 1,281 properties were leased in Austin, which is eight percent more than October 2012. The median price for Austin-area leases was $1,400, which is eight 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.