Sales volume, price for Austin-area homes continue to increase in September

Oct. 18, 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 continue to rise, as September became the 16th straight month of sales volume increases and eighth straight month of median price increases in the Austin area.

According to the report, 1,806 single-family homes were sold in the Austin area in September 2012, which is 10 percent more than September 2011. During the same time period, the median price for Austin-area homes was $198,250, a five percent increase from the same month in 2011. In addition, the market featured 3.7 months of inventory in September 2012, which is 1.7 months less than September 2011 and the lowest inventory figure seen in Austin in the last decade.

Leonard Guerrero, Chairman of the Austin Board of REALTORS®, explained, “The Austin market hasn’t seen this many single-family home sales in September since 2006. That factor, combined with record-low housing inventory and mortgage rates, means sellers can expect strong demand for their homes and buyers should be prepared to encounter competition for properties.”

In September 2012, the market also featured six percent fewer new listings, 20 percent fewer active listings and 14 percent more pending sales compared to the prior year. On average, homes spent 65 days on the market, which is a decrease of 16 days from one year prior.

September 2012 Statistics
•   1,806 – Single-family homes sold, 10 percent more than September 2011.
•   $198,250 – Median price for single-family homes, five percent more than September 2011.
•   65 – Average number of days that single-family homes spent on the market, 16 days fewer than September 2011.
•   2,130 – New single-family home listings on the market, six percent less than September 2011.
•   6,812 – Active single-family home listings on the market, 20 percent less than September 2011.
•   1,867 – Pending sales for single-family homes, 14 percent more than September 2011.
•   3.7 – Months of inventory* of single-family homes, 1.7 months less than September 2011.
•   $474,026,238 – Total dollar volume of single-family properties sold, 16 percent more than September 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 September 2012 was 205, which is 28 percent more than September 2011. In the same time period, the median price for condos was $178,400, which is nine percent more than the same month of the prior year. When compared to September 2011, these properties spent 24 percent less time on the market, or an average of 70 days.
 
Leasing
In September 2012, a total of 1,256 properties were leased in Austin, which is 12 percent less than September 2011. The median price for Austin-area leases was $1,320, or two 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.