Strong demand, increasing prices continue for Austin-area homes in July

Aug. 20, 2012 - PRLog -- According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, the volume of home sales and the price of Austin-area homes is continuing to rise, making July the 14th straight month of sales volume increases and sixth month of median price increases in the Austin area.

According to the report, 2,344 single-family homes were sold in the Austin area in July 2012, which is 20 percent more than July 2011. During the same time period, the median price for Austin-area homes was $214,000, a nine percent increase from the same month in 2011.

Leonard Guerrero, Chairman of the Austin Board of REALTORS®, commented, “These results show that Austin’s summer selling season continues to be strong this year. In terms of sales volume, this has been the strongest July the Austin market has seen since 2007, and it’s the second-highest median price seen in July during the last decade.”

In July 2012, the market featured 4.3 months of inventory, which is two months less than July 2011. In addition, the market featured three percent more new listings, 18 percent fewer active listings and 16 percent more pending sales compared to the prior year. On average, homes spent 63 days on the market in July 2012, a decrease of 14 days from one year prior.

July 2012 Statistics
•   2,344 – Single-family homes sold, 20 percent more than July 2011.
•   $214,000 – Median price for single-family homes, nine percent more than July 2011.
•   63 – Average number of days that single-family homes spent on the market, 14 days less than July 2011.
•   2,899 – New single-family home listings on the market, three percent more than July 2011.
•   7,662 – Active single-family home listings on the market, 18 percent less than July 2011.
•   2,310 – Pending sales for single-family homes, 16 percent more than July 2011.
•   4.3 – Months of inventory* of single-family homes, two months less than July 2011.
•   $660,450,128 – Total dollar volume of single-family properties sold, 28 percent more than July 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 July 2012 was 272, which is 28 percent more than July 2011. In the same time period, the median price for condos was $187,500, or 11 percent more than the same month of the prior year. When compared to July 2011, these properties spent 31 percent less time on the market, or an average of 58 days.

Leasing
In July 2012, a total of 1,908 properties were leased in Austin, which is one percent more than July 2011. The median price for Austin-area leases was $1,350, or 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.