Austin real estate market continues to show momentum

March 20, 2012 - PRLog -- According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,283 single-family homes were sold in the Austin area in February 2012, which is 16 percent more than February 2011. During the same time period, the median price for Austin-area homes was $195,000, three percent more than the same month of the prior year.

Leonard Guerrero, Chairman of the Austin Board of REALTORS®, commented, “For nine months in a row, Austin has seen year-over-year increases in sales volume. In addition, we also saw a modest increase in the median home price in February 2012, which could indicate more competition among buyers for a shrinking inventory of homes.”

In February 2012, the Austin market had 4.2 months of inventory, 1.5 months less than February 2011. In addition, the market featured nine percent more new listings, 20 percent fewer active listings and 25 percent more pending sales in February 2012 compared to the prior year. On average, homes spent 86 days on the market in February 2012, 12 days less than February 2011.

February 2012 Statistics

• 1,283 – Single-family homes sold, 16 percent more than February 2011.

• $195,000 – Median price for single-family homes, three percent more than February 2011.

• 86 – Average number of days that single-family homes spent on the market, 12 days less than February 2011.

• 2,538 – New single-family home listings on the market, nine percent more than February 2011.

• 6,862 – Active single-family home listings on the market, 20 percent less than February 2011.

• 1,926 – Pending sales for single-family homes, 25 percent more than February 2011.

• 4.2 – Months of inventory* of single-family homes, 1.5 months less than February 2011.

• $324,906,920– Total dollar volume of single-family properties sold, 22 percent more than February 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 February 2012 was 122, which is 15 percent more than February 2011. In the same time period, the median price for condos was $176,000, ten percent more than February 2011. When compared to the same month of the prior year, these properties spent 26 percent less time on the market, or an average of 84 days.

Leasing
In February 2012, 1,104 properties were leased in Austin, which is one percent more than February 2011. The median price for Austin-area leases was $1,250, or four percent higher than the same month of the prior year.

* 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.

# # #

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 7,800 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.