The Austin real estate market is bustling and the latest figures from the Austin Board of Realtors prove it! While Austin has been arguably the hottest real estate market in the nation for roughly a year and a half, this March further solidified Austin’s reputation as one of the most wanted places to live in the country. For example, March 2013 marked the 22nd straight month of sales volume increases for the Austin real estate market. Furthermore, March 2013 was the best March for home sales since March 2007. So just how good was the market in March 2013? For starters, more than 2,160 single-family homes were sold last month, a 16% increase from the same month in 2012. Better still, the total dollar volume of single-family properties sold increased by 28% from last March, bringing the total dollar volume to $616,354,794. Austin is clearly a hot market. To give you a better idea of just how well our market is doing, here are the latest numbers from the Austin Board of Realtors.
March 2013 Austin Area Market Statistics:
- Median prices for single family homes rose 10% from March 2012 for an average price of $220,000 in March 2013.
- There were 3,283 new single family homes on the market, down 2% from March 2012.
- Average number of days single-family homes spent on the market: 64 (down 20 days from March 2012).
- 28% decrease in active single-family homes on the market from March 2012. March 2013 had only 5,218.
- 18% increase in pending sales for single-family homes from March 2012. March 2013 saw 2,754 pending sales.
- 2.6 Months of inventory of single-family homes- down from 4.4 months in March 2012
- Total dollar volume of single-family properties sold: $616,354,794.
- Single-family homes sold: 2,166
As we head into real estate’s busy season, it will be important for both home buyers and sellers to keep these figures in mind. With demand for Austin homes increasing and the level of inventory remaining very low; buyers should not hesitate to make a good offer on a home they are seriously considering. Keeping in mind that more than 97% of Austin homes are selling at list price, buyers should also steer away from low balling and might even consider putting in a higher offer. After all, many homes are now seeing multiple offers within days of listing. So if you have found a house you’re sold on, make a reasonable offer and do so quickly. For more information on the Austin real estate market, be sure to contact us, today!