Last week the Austin Board of REALTORS® announced that the volume of Austin-area home sales increased for the 23rd straight month with April seeing the most home sales since 2004. Based on data from the Multiple Listing Service (MLS), 2,563 single-family homes were sold in the Austin area during April 2013, a 32 percent increase than April 2012. As we ramp up into the hot buyer season with school ending in most districts in the next few days, this trend of increases sales should continue to grow throughout the summer.
The median sales price for a single-family home in the Austin area grew eight percent year-over-year to $227,250. Homes are also going under contract in an average of 50 days, 19 days fewer than April 2012 and 14 days fewer than just the previous month.
Cathy Coneway, 2013 Chairman of the Austin Board of REALTORS®, explained, “On average, Austin-area homes are now selling in only six weeks. Buyers should think hard about the type of home, features and amenities they’re looking for and then be prepared to move quickly once they find a home that fits that description.”
Inventory of homes increased slightly month-to-month with April inventory expected to last 2.7 months, but that’s still 1.3 months less than April 2012 and still far below the standard 6 months considered for a balanced market. While the 3,561 new single-family home listings added to the market in April may have been a 10 percent increase to the same month in 2012, it still can’t satisfy overall demand. Pending sales also rose 20 percent to 2,976 single-family homes under contract. Overall the market saw 25 percent fewer active listings than in April 2012.
Going into April, there were 2 percent fewer new listings and 28 percent fewer active listings. The lack of inventory doesn’t seem to be changing any time soon, which could make for an interesting summer as more buyers get out there to find a home before school goes back to session in August.
“It’s good to see a 10 percent increase in new home listings,” Coneway adds. “As Austin-area home sales continue to increase and the time homes spend on the market continues to shorten, it is integral that our housing supply also increases to meet this surging demand.”
April 2013 Statistics
- 2,563 – Single-family homes sold, 32 percent more than April 2012.
- $227,250 – Median price for single-family homes, eight percent more than April 2012.
- 50 – Average number of days single-family homes spent on the market, 19 days fewer than April 2012.
- 3,561 – New single-family home listings on the market, 10 percent more than April 2012.
- 5,488 – Active single-family home listings on the market, 25 percent fewer than April 2012.
- 2,976 – Pending sales for single-family homes, 20 percent more than April 2012.
- 2.7 – Months of inventory* of single-family homes, 1.3 months less than April 2012.
- $794,158,365 – Total dollar volume of single-family properties sold, 52 percent more than April 2012.
With the end of another school year just around the corner, more buyers are going to be coming out to find a home to settle into before school starts back up in August and September. We are expecting a huge summer of multiple offer situations and high demand, especially for so-called “starter homes” under $150K. Those homes have been flying off the market with offers coming into our office within hours of listing. Even if your home is priced above $150K, there are definitely buyers out there in every price range. Let us help you sell your home quickly and for the most money by making sure its priced right, staged well, looks fantastic online and is marketed correctly. If you’re thinking of diving into the current crazy real estate market, give Robert a call at 512.791.0229 to learn how we can best assist you as a seller or buyer in this exciting time in real estate.