March 2012 Market Report: Austin-area Home Sales Volume and Median Price Up in March 2012

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Austin Board of REALTORS® Releases March 2012 Real Estate Statistics

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According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,852 single-family homes were sold in the Austin area in March 2012, which is 15 percent more than March 2011. During the same time period, the median price for Austin-area homes was $200,000, or eight percent more than the same month of the prior year.

Leonard Guerrero, Chairman of the Austin Board of REALTORS®, commented, “This marks the tenth month in a row Austin has seen year-over-year increases in sales volume. In addition, another healthy increase in the median price indicates competition is increasing among buyers as the inventory of homes continues to shrink.”

In March 2012, the Austin market had 4.4 months of inventory, 1.8 months less than March 2011. In addition, the market featured four percent fewer new listings, 21 percent fewer active listings and 16 percent more pending sales in March 2012 compared to the prior year. On average, homes spent 84 days on the market in March 2012, or 12 days less than March 2011.

March 2012 Statistics

  • 1,852 – Single-family homes sold, 15 percent more than March 2011.
  • $200,000 – Median price for single-family homes, eight percent more than March 2011.
  • 84 – Average number of days single-family homes spent on the market, 12 days less than March 2011.
  • 3,350 – New single-family home listings on the market, four percent less than March 2011.
  • 7,274 – Active single-family home listings on the market, 21 percent less than March 2011.
  • 2,331 – Pending sales for single-family homes, 16 percent more than March 2011.
  • 4.4 – Months of inventory* of single-family homes, 1.8 months less than March 2011.
  • $480,471,768 – Total dollar volume of single-family properties sold, 22 percent more than March 2011.

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 March 2012 was 212, which is 37 percent more than March 2011. In the same time period, the median price for condos was $189,450, or 15 percent more than March 2011. When compared to the same month of the prior year, these properties spent 28 percent less time on the market, or an average of 89 days.

Leasing

In March 2012, a total of 1,115 properties were leased in Austin, which is four percent less than March 2011. The median price for Austin-area leases was $1,300, or eight percent higher than the same month of the prior year.

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,500 licensed REALTORS® in Central Texas. Visit AustinHomeSearch.com, a public resource on Austin real estate, for the latest news on the local housing market. For more information, please contact Angela Brutsché at 512-454-7636.

* 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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