Real Estate in Austin hits 7 year high for November

           

Austin-area home sales rise 14 percent, hit seven-year high for November

Austin Board of REALTORS® releases real estate statistics for November 2013

AUSTIN, Texas – Dec. 19, 2013 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), the volume of home sales continues to rise as November became the 30th straight month of sales volume increases and the most home sales in November since 2006.

According to the report, 1,899 single-family homes were sold in the Austin area, which is 14 percent more than November 2012. The median price for Austin-area homes was $219,530, which is 10 percent more than the same month in 2012.

Cathy Coneway, 2013 President of the Austin Board of REALTORS­®, explained, “With strong activity across all segments of the market, the Austin-area housing market has been full steam ahead through the holidays and the rest of the year, Our city’s population and job growth show no signs of slowing down, so 2014 will likely be another competitive year for Austin real estate.”

In November 2013, inventory remained at a historically low level of 2.3 months, which is more than half of a month less than November 2012. Additionally, homes spent an average of 51 days on the market, which is a decrease of 16 days from one year prior.

The total dollar volume of single-family properties sold was $555,757,542 or 24 percent higher than the same month last year. The market also featured the same amount of new listings, 11 percent fewer active listings and two percent more pending sales in November 2013 compared to the prior year.

November 2013 Statistics

• 1,899 – Single-family homes sold, 14 percent more than November 2012.

• $219,530 – Median price for single-family homes, 10 percent more than November 2012.

• 51 – Average number of days single-family homes spent on the market, 16 days fewer than November 2012.

• 1,967 – New single-family home listings on the market, statistically unchanged from November 2012.

• 5,119 – Active single-family home listings on the market, 11 percent fewer than November 2012.

• 1,756 – Pending sales for single-family homes, two percent more than November 2012.

• 2.3 – Months of inventory* of single-family homes, more than half of a month less than November 2012.

• $555,757,542 – Total dollar volume of single-family properties sold, 24 percent more than November 2012.

The following sections describe trends in other sectors of the Austin real estate market.

Townhouses & Condominiums

The number of townhouses and condominiums (condos) purchased in the Austin area in November 2013 was 223, which is 35 percent more than November 2012. In the same time period, the median price for condos was $195,200, which is eight percent more than the same month of the prior year. When compared to November 2012, these properties spent an average of 55 days on the market, or 38 percent less time.

Leasing

In November 2013, a total of 1,162 properties were leased in Austin, which is six percent more than November 2012. The median price for Austin-area leases was $1,390, which is seven percent more than the same month of the prior year. 

What's the Hottest Area in Austin?

512-740-6486 – http://KeepAustinWeirdHomes.com – Austin, TX Real Estate and Investment Specialists. 

             

Home sales in the Austin area continued to rise in September, with the highest number of single family homes sold since 2005.  2,391 single-family homes were sold in the Austin area, which is 34 percent more than September 2012. On average, homes spent 44 days on the market, which is a decrease of 22 days from one year prior.

 

These numbers are even more dramatic when you review them based on geographic area.  For example, we can rate an area based on “Hottness” which is the number of pending sales as a percentage of active listings.  Based on this, the second hottest area in Austin this September was the area that is bordered by William Cannon Drive, I-35, Slaughter Lane, and MoPac.  In this area, which includes neighborhoods such as Cherry Creek, Tanglewood Forest, Parkwood and Maple Run, the estimated length of time a home will spend on the market is just 17 days! 

 

Visit our Facebook Page and post your guess as to what the HOTTEST area in Austin was this September, based on the number of pending sales as a percentage of active listings.  The winner will receive a gift certificate to one of our favorite Austin spots!

September 2013 Statistics

• 2,391 – Single-family homes sold, 34 percent more than September 2012.
• $223,000 – Median price for single-family homes, 13 percent more than a year ago
• 44 – Average number of days single-family homes spent on the market, 22 days fewer than September 2012.
• 2,487– New single-family home listings on the market, 17 percent more than September 2012.
• 5,965 – Active single-family home listings on the market, 12 percent fewer than September 2012.
• 1,978 – Pending sales for single-family homes, 6 percent more than September 2012.
• 2.7 – Months of inventory of single-family homes, 1 month less than last year
• $688,347,381 – Total dollar volume of single-family properties sold, 47 percent more than September 2012.

Keep Austin Weird Homes

Theresa Bastian and Rodney Campbell run an Austin, TX real estate brokerage established with the intention of doing good business with good people.  As Austin real estate market experts, Theresa and Rodney can help you buy, sell, lease or invest in real estate in and around Austin, TX.

HOW CAN WE HELP YOU TODAY?

I want to sell my Austin, TX property

I’d like to Search for Austin Real Estate

I’d like to speak to someone from Keep Austin Weird Homes

Austin Real Estate – A Long HOT Summer

July market statistics affirm what we as Austin real estate brokers have felt throughout this month – prices and number of home sales, like Austin’s temperatures, continue to climb. 

The median home price is now at $228,250, which is 8% more than this time last year.  There were 35% more single family homes sold in 2013 than 2012.  This was the busiest month for home sales in history!!  The 3.5 job growth rate and the vibrant economy in Austin and Central Texas are behind this strong real estate market. 

The market shows no signs of cooling off – even with 22% more new properties on the market in July 2013 than the same period last year homes are selling more quickly than they did a year ago. There’s no relief from this hot market if you are a renter – there were 9% more properties leased in July 2013 Than July 2012.  Rentals are also moving extremely quickly and spending 20% less time on the market than a year ago.

The average number of days an Austin home spends on the market this year is a mere 41, which is almost HALF the number of days it took to sell a home in July 2012, when it took 64 days.

 

Bottom line: whether you are buying or selling…or leasing…in Austin, be ready to make a quick decision, because – much like ice in your glass of Deep Eddy Sweet Tea - the properties available to choose from don’t last long this summer! 

Keep Austin Weird Homes

Theresa Bastian and Rodney Campbell run an Austin, TXreal estate brokerage established with the intention of doing good business with good people.  As Austinreal estate market experts, Theresa and Rodney can help you buy, sell, lease or invest in real estate in and aroundAustin,TX.

HOW CAN WE HELP YOU TODAY?

I want to sell my Austin, TX property

I’d like to Search for Austin Real Estate

I’d like to speak to someone from Keep Austin Weird Homes

Still Going Strong! Austin's June 2013 Housing Statistics

512-740-6486 – http://KeepAustinWeirdHomes.com – Austin, TX Real Estate and Investment Specialists. 

  June’s statistics for the Austin real estate market show continued strong demand for housing.  Although the frenzied pace of May’s multiple offer “flash” market has eased just a bit, the Austin real estate market is still fast moving and shows year over year increases in every measurable statistic. In fact, June 2013 showed the highest level of home sales for June since 2007. 

  The number of homes available to purchase continues to plummet, with only 2.9 months of inventory available.  The average number of days a home spent on the market before selling was 43 in June.  On average, a home in the Austin real estate market cost $235,000 in June, 2013, an 8% increase from June of last year. 

  These increases carry over into the condominium sales for the Austin real estate market. In June 2013, 20% more condos were sold than in June 2012, and condo prices increased by 6% from last year as well.

June 2013 Statistics

• 2,767 – Single-family homes sold, eight percent more than June 2012.
• $235,000 – Median price for single-family homes, eight percent more than June 2012.
• 43 – Average number of days single-family homes spent on the market, 16 days fewer than June 2012.
• 3,613 – New single-family home listings on the market, eight percent more than June 2012.
• 6,046 – Active single-family home listings on the market, 22 percent fewer than June 2012.
• 2,812 – Pending sales for single-family homes, 16 percent more than June 2012.
• 2.9 – Months of inventory* of single-family homes, 1.5 months less than June 2012.
• $841,090,524 – Total dollar volume of single-family properties sold, 15 percent more than June 2012.

Keep Austin Weird Homes

Theresa Bastian and Rodney Campbell run an Austin, TXreal estate brokerage established with the intention of doing good business with good people.  As Austinreal estate market experts, Theresa and Rodney can help you buy, sell, lease or invest in real estate in and aroundAustin,TX.

HOW CAN WE HELP YOU TODAY?

I want to sell my Austin, TX property

I’d like to Search for Austin Real Estate

I’d like to speak to someone from Keep Austin Weird Homes

May's Market Update

The April real estate statistics reflect what virtually everyone connected with the Austin real estate market already knows: it is a fast moving sellers’ market in Austin this spring!   Sales of single family homes were up 32% and condos/townhomes were up 31% from April 2012 to April 2013.  

Prices, thankfully for buyers, have not increased at the same rate – the year over year price increase is 8% for homes and 17% for condos.  The median price for an Austin home is currently $227,250 and for a condo it’s $201,250.  We believe this will continue to rise.  The last 3 offers we have written for buyers were all above the asking price because inventory is so low in the areas our clients wanted to secure properties.

 

The average time a home spent on the market was 50 days in April 2013, however in many neighborhoods such as Circle C, Shady Hollow, and anywhere in 78704, we are seeing properties with multiple offers the first day they hit the market.  In fact, the average days on market for the Southwest Austin area as a whole was just 10 days, down from 26 days a year ago.

One category of Austin’s real estate market that actually declined from April 2012 to April 2013 is commercial leases – the number of commercial leases in Austin signed was down 6% year over year.  Since Keep Austin Weird Homes represents commercial and residential clients, my take on this slight decrease is that Austin currently has a shortage of commercial real estate lease space available, especially unique spaces in the most popular areas of town such as South Austin.  For example, a commercial property we listed recently in 78704 had 3 offers in the same week, and it ended up leasing for full price to a tenant who paid an entire year’s rent up front.  

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Current Market Statistics- March 2013

 2013 March Market Snapshot

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