Austin-area home sales up 26 percent in February, median price up seven percent
Austin Board of REALTORSÂ® releases real estate statistics for February 2013
Â AUSTIN, Texas â€“ March 20, 2013 â€“ The Austin real estate market continued to gain steam in February, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORSÂ® (ABoR). As cited in the report, the volume of home sales in Austin outpaced last year significantly and the price for Austin-area homes continued to rise.
According to the report, 1,626 single-family homes were sold in the Austin area in February 2013, which is 26 percent more than February 2012, and the total dollar volume of single-family properties sold was $430,324,152, or 32 percent higher than the same month last year.
Cathy Coneway, 2013 Chairman of the Austin Board of REALTORSÂ®, explained, â€œStrong demand for Austin homes continues, but the number of listings on the market remains consistent. This has led to steady increases in price while keeping housing inventory at record lows.â€
In February 2013, the median price for Austin-area homes increased to $208,500, which is seven percent more than the same month in 2012. Additionally, the market featured 2.6 months of inventory in February 2013, which is 1.6 months less than February 2012.
The market also featured one percent more new listings, 25 percent fewer active listings and 15 percent more pending sales in February 2013 compared to the prior year. On average, homes spent 71 days on the market, which is a decrease of 15 days from one year prior.
February 2013 Statistics
- 1,626 â€“ Single-family homes sold, 26 percent more than February 2012.
- $208,500 â€“ Median price for single-family homes, seven percent more than February 2012.
- 71 â€“ Average number of days single-family homes spent on the market, 15 days fewer than February 2012.
- 2,574 â€“ New single-family home listings on the market, one percent more than February 2012.
- 5,121 â€“ Active single-family home listings on the market, 25 percent fewer than February 2012.
- 2,223 â€“ Pending sales for single-family homes, 15 percent more than February 2012.
- 2.6 â€“ Months of inventory* of single-family homes, 1.6 months less than February 2012.
- $430,324,152 â€“ Total dollar volume of single-family properties sold, 32 percent more than February 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 February 2013 was 169, which is 31 percent more than February 2012. In the same time period, the median price for condos was $187,000, which is nine percent more than the same month of the prior year. When compared to February 2012, these properties spent 27 percent less time on the market, or an average of 67 days.
In February 2013, a total of 1,160 properties were leased in Austin, which is five percent more than February 2012. The median price for Austin-area leases was $1,320, which is six percent more than the same month of the prior year.
The Austin Board of REALTORSÂ® (ABoR) is a non-profit, voluntary organization dedicated to educating and supporting Central Texas REALTORSÂ®. ABoR proudly serves nearly 9,000 members, promotes private property rights, and provides accurate, comprehensive property listing information for the Greater Austin area.
Home sales statistics are released by ABoR on a monthly basis. For more information, please contact the ABoR Marketing Department at email@example.com or 512-454-7636. Visit AustinHomeSearch.com, a public resource on Austin real estate, for the latest news on the local housing market.
* 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.