Austin-area home sales volume increases again, August median price hits ten-year high

Sept. 20, 2012 - PRLog -- According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, the volume of home sales and the price of Austin-area homes is continuing to rise, making August the 15th straight month of sales volume increases and seventh month of median price increases in the Austin area.

According to the report, 2,397 single-family homes were sold in the Austin area in August 2012, which is 21 percent more than August 2011. During the same time period, the median price for Austin-area homes was $212,000, a six percent increase from the same month in 2011.

Leonard Guerrero, Chairman of the Austin Board of REALTORS®, explained, “Strong demand for homes continued in August while the inventory of available homes continued to shrink. That contributed to the increase in price. In fact, this was the highest median price we’ve seen in the month of August in the last decade in Austin.”

In August 2012, the market featured 4.0 months of inventory, which is 1.7 months less than August 2011. In addition, the market featured 15 percent more new listings, 17 percent fewer active listings and 23 percent more pending sales compared to the prior year. On average, homes spent 61 days on the market, a decrease of 18 days from one year prior.

August 2012 Statistics
•   2,397 – Single-family homes sold, 21 percent more than August 2011.
•   $212,000 – Median price for single-family homes, six percent more than August 2011.
•   61 – Average number of days that single-family homes spent on the market, 18 days less than August 2011.
•   2,740 – New single-family home listings on the market, 15 percent more than August 2011.
•   7,262 – Active single-family home listings on the market, 17 percent less than August 2011.
•   2,207 – Pending sales for single-family homes, 23 percent more than August 2011.
•   4.0 – Months of inventory* of single-family homes, 1.7 months less than August 2011.
•   $663,700,536 – Total dollar volume of single-family properties sold, 30 percent more than August 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 August 2012 was 264, which is 18 percent more than August 2011. In the same time period, the median price for condos was $173,250 or seven percent more than the same month of the prior year. When compared to August 2011, these properties spent 39 percent less time on the market, or an average of 64 days. 

Leasing
In August 2012, a total of 1,924 properties were leased in Austin, which is two percent less than August 2011. The median price for Austin-area leases was $1,350, or four percent higher than the same month of the prior year.

The Austin Board of REALTORS® (ABoR) is a non-profit, voluntary organization representing nearly 9,000 licensed REALTORS® in Central Texas. As the primary source for accurate and comprehensive property listing information for REALTORS® in greater Austin, ABoR works to advance the REALTOR® mission and protect homeowner rights. 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.