Austin-area Home Sales Volume and Median Price Up in April 2012

May 21, 2012 - PRLog -- According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,949 single-family homes were sold in the Austin area in April 2012, which is 16 percent more than April 2011. During the same time period, the median price for Austin-area homes was $212,000, or nine percent more than the same month of the prior year.

Leonard Guerrero, Chairman of the Austin Board of REALTORS®, commented, “Recent sales activity continued on an upward trend in April with home sales increasing for the eleventh month in a row. At the same time, competition among buyers continued to increase as the median price saw another considerable increase and the inventory of homes continued to shrink.”

In April 2012, the Austin market had 4.4 months of inventory*, 2.3 months less than April 2011. In addition, the market featured three percent fewer new listings, 24 percent fewer active listings and 21 percent more pending sales in April 2012 compared to the prior year. On average, homes spent 67 days on the market in April 2012, 21 days less than April 2011.

Chairman Guerrero added, “With increasing prices, stronger sales volume and more pending sales this month compared to April 2011, we’re encouraged to see the market showing strong demand leading into the summer months.”

April 2012 Statistics

• 1,949 – Single-family homes sold, 16 percent more than April 2011.

• $212,000 – Median price for single-family homes, nine percent more than April 2011.

• 67 – Average number of days that single-family homes spent on the market, 21 days less than April 2011.

• 3,227– New single-family home listings on the market, three percent less than April 2011.

• 7,319 – Active single-family home listings on the market, 24 percent less than April 2011.

• 2,479 – Pending sales for single-family homes, 21 percent more than April 2011.

• 4.4 – Months of inventory* of single-family homes, 2.3 months less than April 2011.

• $529,367,890 – Total dollar volume of single-family properties sold, 17 percent more than April 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 April 2012 was 191, which is 16 percent more than April 2011. In the same time period, the median price for condos was $172,700, statistically unchanged from April 2011. When compared to the same month of the prior year, these properties spent three percent more time on the market, or an average of 77 days.

Leasing
In April 2012, 1,102 properties were leased in Austin, which is statistically unchanged from April 2011. The median price for Austin-area leases was $1,320, or six 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 8,100 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.