Austin home sales grew even further in February 2013, proving that our local housing market continues to strengthen as we head towards the hot buying season. According to a report released by the Austin Board of REALTORS®, total home sales outpaced the same time period in 2012, growing 26 percent in year-to-year comparison. A total of 1,626 homes sold in the shortened month of February, hinting that this year could see an even stronger housing market in Central Texas.
The median price of Austin-area homes rose to $208,500, an increase of seven percent or $13,500 when compared to February 2012. Inventory remains low at only 2.6 months, making Central Texas a strong seller’s market. In total there are 25 percent fewer active listings and 15 percent more pending sales in February 2013 compared to the prior year. This continued demand will keep inventory tight for the foreseeable future.
Cathy Coneway, 2013 Chairman of the Austin Board of REALTORS®, explained, “Strong demand for Austin homes continues, but the number of listings on the market remains consistent. This has led to steady increases in price while keeping housing inventory at record lows.”
February 2013 Statistics
- 1,626 – Single-family homes sold, 26 percent more than February 2012.
- $208,500 – Median price for single-family homes, seven percent more than February 2012.
- 71 – Average number of days single-family homes spent on the market, 15 days fewer than February 2012.
- 2,574 – New single-family home listings on the market, one percent more than February 2012.
- 5,121 – Active single-family home listings on the market, 25 percent fewer than February 2012.
- 2,223 – Pending sales for single-family homes, 15 percent more than February 2012.
- 2.6 – Months of inventory* of single-family homes, 1.6 months less than February 2012.
- $430,324,152 – Total dollar volume of single-family properties sold, 32 percent more than February 2012.
Considering that February is considered part of the slow season for real estate, the outlook for this spring and summer is highly positive. While inventory should increase as we head into summer, it still might not reach the current growing demand. This will help inch prices up further and help strengthen our local real estate market. Right now we have dozens of buyers looking for homes to buy, so if you’re thinking about selling your home, please call Robert 512.791.0229 to set up a free consultation. We might already know a buyer out there looking for exactly the home you’d like to sell.