March 2013 Market Report: Austin-area home sales up 16 percent in March, spent 26 percent less time on market

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Austin Board of REALTORS® releases real estate statistics for March 2013

Market Reports

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According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), the volume of Austin-area home sales continues to rise as March became the 22nd straight month of sales volume increases—the most home sales in March since 2007.

According to the report, 2,166 single-family homes were sold in the Austin area in March 2013, which is 16 percent more than March 2012. On average, homes spent 64 days on the market, which is a decrease of 20 days from one year prior.

Cathy Coneway, 2013 Chairman of the Austin Board of REALTORS­®, explained, “Austin-area homes are spending almost a third less time on the market compared to March 2012, while the volume of home sales outpaced last year significantly. It’s no longer uncommon for sellers to receive multiple offers on a home within days of listing.”

In March 2013, the median price for Austin-area homes increased to $220,000, which is 10 percent more than the same month in 2012. Additionally, the market featured 2.6 months of inventory in March 2013, which is 1.8 months less than March 2012.

The total dollar volume of single-family properties sold was $616,354,794, or 28 percent higher than the same month last year. The market also featured two percent fewer new listings, 28 percent fewer active listings and 18 percent more pending sales in March 2013 compared to the prior year.

“Austin’s housing inventory continues to be one of the lowest in Texas,” Coneway adds. “Buyers should prepare to act fast on a home they want and to possibly offer over list price as 97.4 percent of homes are selling to list price.”

March 2013 Statistics

  • 2,166 – Single-family homes sold, 16 percent more than March 2012.
  • $222,000 – Median price for single-family homes, 10 percent more than March 2012.
  • 64 – Average number of days single-family homes spent on the market, 20 days fewer than March 2012.
  • 3,283 – New single-family home listings on the market, two percent fewer than March 2012.
  • 5,218 – Active single-family home listings on the market, 28 percent fewer than March 2012.
  • 2,754 – Pending sales for single-family homes, 18 percent more than March 2012.
  • 2.6 – Months of inventory* of single-family homes, 1.8 months less than March 2012.
  • $616,354,794 – Total dollar volume of single-family properties sold, 28 percent more than March 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 March 2013 was 275, which is 27 percent more than March 2012. In the same time period, the median price for condos was $181,750, which is three percent less than the same month of the prior year. When compared to March 2012, these properties spent one percent less time on the market, or an average of 87 days.

Leasing

In March 2013, a total of 1,205 properties were leased in Austin, which is nine percent more than March 2012. The median price for Austin-area leases was $1,380, which is six 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 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 marketing@abor.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 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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