Austin Has Never Been Hotter

Posted on Tuesday, August 20th, 2013 at 10:45am.

Just like the Texas summer heat, the Austin real estate market is sizzling!  According to the most recent market report released by the Austin Board of Realtors, July 2013 set the record for the most home sales per month in the history of ABoR's market reports, which date back to the 1960s. 3,135 homes were sold last month - a 35% increase from July 2012. July 2013 also saw 6,104 active listings, a decrease of 20% from the same month last year. The report also showed that there is only 2.8 months of inventory, which is 1.5 less than July 2012. Additionally, homes spent 23 days less on the market than last July. These numbers reflect the high level of demand for Austin homes, which has pushed prices 8% higher than the previous year, for an average of $228,250. Despite rising home prices, July 2013 saw a total sales volume of $933,242,475, a 43% increase from July 2012! Buyers and sellers definitely took advantage of Austin’s hot market last month. Here’s the breakdown of the latest numbers from the Austin Board of Realtors:

  • 3,135 single-family homes were sold this July - 35% more than July 2012
  • The average price of a home increased 8% since last July to $228,250
  • Total dollar volume of single-family properties sold was $933,242,475 for July 2013, up 43% from last year
  • 1.5 fewer months of inventory than July 2012, settling at 2.8 months in July 2013
  • 41 days spent on the market in July 2013 compared to 64 days the previous year
  • 6,104 active listings during July 2013 - down 20% from July 2012
  • 22% increase in new listings for July 2013 for a total of 3,523 listings
  • 20% more pending sales than July 2012 with 2,773 in July 2013

The Austin real estate market can attribute its success to the continued growth of the city’s economy and comparably low cost of living - two factors that are making Austin one of the most popular cities in the country. 20% fewer active listings are available to buyers compared to this time last year and homes are spending only 41 days on the market, which means Austin homes are selling fast. With only 2.8 months of inventory available, buyers can expect a rise in prices as demand for homes continues to outweigh supply. High demand plus limited availability often causes sellers to mis-price their homes and buyers to make unreasonable offers to avoid losing a prospective listing. In a situation like this, both buyers and sellers should make sure they are receiving a good price. It’s always a good idea to have an experienced Realtor on your side during this process, and we have 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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