August 2013 Austin Market Report

Posted on Thursday, September 19th, 2013 at 12:36pm.

2013 has been an exciting year for Austin real estate, and the market statistics for August are here to prove it. Last month was another record-breaker as we saw the most homes sold in August to date (with a 30% increase in sales compared to August 2012)! Need more evidence of how hot the Austin real estate market is? Consider the mere 1,490 homes sold in August 2010. The 3,082 single-family homes sold in August 2013 more than double the numbers from three years ago. In addition, there were only 6,075 active listings on the market, with the average home staying on the market for only 43 days. That's 16% less available listings and 19 days fewer than the same month last year. Austin's housing inventory remained low in August, with only 2.8 months available - down 1.2 months from August 2012. The median home price also rose 6% to $224,000 and total sales volume reached over $883 million. Last month was a great time to buy or sell a home. Here’s the latest statistics from the Austin Board of Realtors for August 2013:

  • 3,082 single-family homes sold in August 2013 - a 30% increase from the previous year
  • Median home prices rose 6% from the previous year to $224,000
  • $883,147,100 in total sales volume for August 2013, a 36% increase than the same month in 2012
  • Homes last month spent 19 less days on the market than the year before, for an average of only 43 days
  • 2.8 months of inventory in August 2013 - 1.2 months less than last August
  • 16% decrease in active listings for August 2013 for a total of 6,075 listings
  • 3,174 new listings on the market - down 16% from the previous year
  • 9% more pending sales than August 2012, with 2,399 sales in August 2013

Based on these stats, Austin is well on its way to making 2013 its best year yet for real estate. August home sales were the highest they’ve ever been and have more than doubled since 2010. Buyers who find their dream home aren’t waiting to make a purchase, because chances are it might be gone tomorrow!  If you’re a buyer, it’s a good idea to make a reasonable offer sooner rather than later as home prices show no sign of declining in the near future. As for sellers, 2.8 months of inventory means that the Austin housing supply is falling short of the high demand for area properties. If you’re looking to sell your home, you shouldn’t hesitate to add your property to the dwindling inventory. As always, it’s a good idea to have a great Realtor on your side whether you’re buying or selling a home, and we’ve got the experts to help you every step of the way. Contact us today for more information about buying or selling a home in Austin.

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