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Austin Home Market Strongest In 5 Years

by admin on August 10, 2012

What an exciting time in the Austin home market!

As GoodLife Team predicted last year, the bottom of the market has run its course, and for more than a year now, prices and the sale of homes has been steadily rising. As of June 2012, the median price for Austin-area homes had an increase of eight percent from the same month in 2011.

Whether you’re buying or selling, there’s no wrong move. Buyers can still take advantage of low interest rates, while sellers can get better prices and sell faster at a time with little competition, because the number of homes for sale in Austin is at a 10-year low.

Specifically, 2,593 single-family homes were sold in the Austin area in June 2012, which is 23 percent more than June 2011.

People are moving to Austin every day and demand for single-family homes is on the rise. Austin has seen its market have a six percent increase in new listings and 20 percent fewer active listings.

In June 2012, the Austin market featured 4.4 months of inventory and a 2.3-month decrease from June 2011. On average, homes spent 58 days on the market in June 2012, a decrease of 17 days from a year prior. As of June 2012, 2,424 homes in Austin were pending sales for single-family homes, a 15 percent increase since June 2011.

Single Family Homes Statistics June 2012 Difference Since 2011
Homes Sold 2,593 23% increase
Average Price $218,350 8% increase
Average number of days spent on the market 58 17 days decrease
New listings on the market 3,334 6% increase
Active listings on the market 7,738 20% decrease
Pending Sales 2,424 15% increase
Months of inventory 4.4 2.3 month decrease
Total dollar volume of properties sold $437,060,250 29% increase

Other Great News in the Austin Real Estate Market:

Townhouses & Condominiums In June 2012, the median price for condos was $190,000, a 12 percent increase compared to the same month of the prior year. 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, spending 31 percent less time on the market, or an average of 61 days. Leasing Leasing prices in the Austin area have also seen an eight percent increase in a year’s time. The median price for Austin-area leases being $1,400 in June 2012, a total of 1,655 properties, which is three percent less than June 2011.

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