Austin-area Home Sales Rise 23 percent, Hit Five-year High for November
AUSTIN, Texas – December 20, 2012 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), the volume of Austin-area home sales continues to rise as November became the 18th straight month of sales volume increases and the most home sales in November since 2007.
According to the report, 1,671 single-family homes were sold in the Austin area in November 2012, which is 23 percent more than November 2011, and the total dollar volume of single-family properties sold was $455,959,086, or 35 percent higher than the same month last year.
Leonard Guerrero, Chairman of the Austin Board of REALTORS®, explained, “The typical lull of the Thanksgiving holiday did not slow down the Austin real estate market. This is the strongest November housing market we’ve seen since the recession.”
In November 2012, the median price for Austin-area homes also increased to $200,000, which is seven percent more than the same month in 2011. In addition, the market featured 3.0 months of inventory in November 2012, which is 1.5 months less than November 2011 and the lowest inventory figure seen in Austin in the last decade.
The market also featured eight percent more new listings, 20 percent fewer active listings and 19 percent more pending sales in November 2012 compared to the prior year. On average, homes spent 67 days on the market, which is a decrease of 16 days from one year prior.
November 2012 Statistics
•1,671 – Single-family homes sold, 23 percent more than November 2011.
• $200,000 – Median price for single-family homes, seven percent more than November 2011.
• 67 – Average number of days single-family homes spent on the market, 16 days fewer than November 2011.
• 1,970 – New single-family home listings on the market, eight percent more than November 2011.
•5,737 – Active single-family home listings on the market, 20 percent less than November 2011.
•1,730 – Pending sales for single-family homes, 19 percent more than November 2011.
•3.0 – Months of inventory* of single-family homes, 1.5 months less than November 2011.
• $455,959,086 – Total dollar volume of single-family properties sold, 35 percent more than November 2011.
The following sections describe trends in other sectors of the Austin real estate market.
Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in November 2012 was 157, which is 26 percent more than November 2011. In the same time period, the median price for condos was $180,000, which is 14 percent more than the same month of the prior year. When compared to November 2011, these properties spent 21 percent less time on the market, or an average of 89 days.
Leasing
In November 2012, a total of 1,095 properties were leased in Austin, which is 10 percent more than November 2011. The median price for Austin-area leases was $1,300, which is four percent higher than the same month of the prior year.
The Austin Board of REALTORS® (ABoR) is a non-profit, voluntary organization representing nearly 9,000 licensed REALTORS® in Central Texas. As the primary source for accurate and comprehensive property listing information for REALTORS® in Greater Austin, ABoR works to advance the REALTOR® mission and protect homeowner rights. For more information, please contact the ABoR Marketing Department at marketing@abor.com or 512-454-7636. Visit AustinHomeSearch.com, a public resource on Austin real estate, for the latest news on the local housing market.
* 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.
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