As the latest numbers from the Austin Board of Realtors roll in, the Austin real estate market proves its reputation as one of the fastest growing markets in the country. April 2013 saw more home sales than it has in nine years, and continues a 23-month streak of growing home sales for the Austin real estate market. Home sales top at 2,563 for single family homes, which is a 32% increase from the previous April. Moreover, homes are spending less time on the market, lasting only 50 days, 19 less than the previous year. This fast pace yields higher sales totals for Austin homes, with a total dollar amount of $794,158,365, up 52% from the prior year. Furthermore, the market showed a 10% increase in new home listings and 25% fewer active home listings. Austin homes are selling fast! Here’s a breakdown of the report from the Austin Board of Realtors.
April 2013 Austin Area Market Statistics:
- A 32% increase of single family homes sold compared to April 2012, with 2,563 total homes.
- The median price for single family homes is $227,250, up 8% from the previous April.
- 10% more new single family homes than April 2012. April 2013 saw 3,561 new homes listed.
- 25% decrease in active single family home listings since April 2012. April 2013 had 5,488.
- 2,976 pending sales for single family homes in April 2013, which is 20% more than the April 2012.
- 2.7 months of inventory of single family homes, 1.3 months less than April 2012.
- Total dollar value of single family properties sold: $794,158,365. This is a 52% increase compared to April 2012.
So what do all these statistics mean for homebuyers and sellers? With a turnover of only 50 days for a home on the market, homebuyers should be ready to move quickly once they have found a home they love and be prepared to pay over asking price in some areas. With such a hot market, buyers should be sure to have a strong agent on their side - we have buying experts ready to assist! For sellers, now is a great time to list their homes. An increase in home sales coupled with less time spent on the market means the demand for new home listings is higher than ever. If you’re thinking about selling your home, don’t wait to become one of the homes in demand in Austin, start the process of listing your home with us as soon as you’re ready. For more information on the Austin real estate market, contact us today!