Like the Texas summer heat, the Austin housing market just keeps getting hotter. May's numbers are in from the Austin Board of Realtors, and they further solidify Austin's status as one of the hottest markets in the country. The total number of home sales in May 2013 was just nine shy of 3,000, with a record number of 2,991 homes sold. May also marks two straight years of sales volume increase, a trend that is sure to continue for the rest of the summer. The median sale price for Austin homes sits at $231,500, which is eight percent more than the year before. This rise yielded a total dollar volume of $904,460,454 for single-family properties sold in Austin, a 40% increase over this month last year. Although the home prices may have risen, it didn't deter Austin homebuyers. This May, Austin homes spent an average of 44 days on the market, or 18 days less than May 2012. Moreover, the May 2013 Austin housing market saw 11% more new listings and 10% more pending sales, as well as 24% fewer active listings. The Austin Chamber of Commerce estimates that 150 people are moving to Austin every day, so it's no wonder the Austin real estate market it seeing these results. Here are the latest numbers from the Austin Board of Realtors.
May 2013 Austin Area Market Statistics
- 2,991 single-family homes sold in May 2013, or 29% more than last May
- Homes spent 18 less days on the market than 2012, with an average of 44 days
- The median sales price for single family homes was $231,500, up 8% since May 2012
- Total sales volume of $904,460,454 for single-family homes sold, which is a 40% increase from May 2012
- 11% increase in new listings of single family homes from the previous year with 3,735 homes
- 24% decrease in the number of active listings compared to May 2012, with 5,735 listings
- 2.7 months of inventory for May 2013, or 1.7 less than last May
For Austin homebuyers and sellers, these statistic show that 2013 is a great time to buy or sell a home. A decrease in active listings paired with only 44 days on the market means Austin homes are selling quickly. Sellers should take advantage of the high demand for Austin homes and seriously consider listing their home in this hot market. For buyers, an increase of new listings shows there are more homes on the market, but they aren't staying there for long. Homebuyers shouldn't hesitate to make a reasonable offer on their dream home before it disappears off the market. Whether you're buying or selling a home, we have the agents who can help you get the most out of this great time in the Austin housing market. Contact us today for more information on the Austin real estate market.