Austin Housing UPDATE Summer 2012
Austin Housing UPDATE - According to the Multiple Listing Service (MLS) report released last week by the Austin Board of REALTORS®, the competition for Austin properties continues to increase as June 2012 became the 13th straight month of sales volume increases and the fifth straight month of price increases for Austin-area homes compared to the same month of the prior year.
Specifically, 2,593 single-family homes were sold in the Austin area in June 2012, which is 23 percent more than June 2011. During the same time period, the median price for Austin-area homes was $218,350, an eight percent increase from the same month in 2011.
In June 2012, the market featured 4.4 months of inventory, which is 2.3 months less than June 2011. In addition, the market featured six percent more new listings, 20 percent fewer active listings and 15 percent more pending sales compared to the prior year. On average, homes spent 58 days on the market in June 2012, a decrease of 17 days from a year prior.
June 2012 Statistics
- 2,593 – Single-family homes sold, 23 percent more than June 2011.
- $218,350 – Median price for single-family homes, eight percent more than June 2011.
- 58 – Average number of days that single-family homes spent on the market, 17 days less than June 2011.
- 3,334 – New single-family home listings on the market, six percent more than June 2011.
- 7,738– Active single-family home listings on the market, 20 percent less than June 2011.
- 2,424 – Pending sales for single-family homes, 15 percent more than June 2011.
- 4.4 – Months of inventory* of single-family homes, 2.4 months less than May 2011.
- $652,520,700 – Total dollar volume of single-family properties sold, 29 percent more than June 2011.
The following sections describe trends in other sectors of the Austin-area real estate market.
Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in June 2012 was 264, which is 19 percent more than June 2011. In the same time period, the median price for condos was $190,000, or 12 percent more than the same month of the prior year. When compared to June 2011, these properties spent 31 percent less time on the market, or an average of 61 days.
In June 2012, a total of 1,655 properties were leased in Austin, which is three percent less than June 2011. The median price for Austin-area leases was $1,400, or eight percent higher than the same month of the prior year.
Summary: 2012 is on pace to be the Austin housing market's strongest summer since the recession. A healthy housing inventory, a continued increase in home sales and a 23 percent decrease in homes' days on the market indicate that Austin has emerged as a seller's market.
Source: Austin Board of Realtors -Housing Supply Overview: https://www.abor.com/news_media/statistics/reports/MonthlyIndicators/2012/HousingSupply/Jun12.pdf
* 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.