October 2013 Austin Market Report

Posted on Friday, November 22nd, 2013 at 3:31am.

While most real estate markets typically experience a lull in the winter months of the year, Austin’s market has remained active. 2,145 single-family homes were sold in October, which is a 9% increase over the same month last year. The market also saw 12% fewer active listings with 5,540 listings as well as 2,559 new listings, up 14% from October 2012. Pending sales also rose 8% to a total of 2,069. Austin home buyers and sellers certainly haven’t let the coming holiday season slow them down. Homes spent an average of 48 days on the market last month, or 20 days fewer than October 2012. The inventory of homes in October also dropped to 2.5 months, a number that hasn’t been seen since the beginning of 2013. This is one month fewer than October 2012 and a historical low for the Austin market. Finally, the average price for an Austin home rose 9% to $217,000. This number resulted in an 11% increase in total sales volume for October at $600,548,520. October was definitely another great month for Austin real estate. Check out the latest statistics from the Austin Board of Realtors for October 2013:

  • 2,145 single-family homes sold in October 2013, or 9% more than October 2012
  • 9% increase in the median price of a home from the previous year at $217,000
  • 11% rise in total dollar volume of single-family homes sold to equal $600,548,520 in 2013
  • Homes spent an average of 48 days on the market this year which is 20 days fewer than last year
  • 2.5 months of inventory available in October 2013, or 1 month less than the previous year
  • 12% fewer active listings than 2012 with 5,540 listings in 2013
  • 2,559 new listings for October 2013- a 14% increase over October 2012
  • 8% more pending sales in 2013 for a total of 2,069
With just 2.5 months of inventory available, it’s clear that the demand for Austin homes has continued through October. Experts estimate that 150 people on average are choosing to call Austin home every day. 14% more new listings were seen on the market this year than last year, but it doesn’t seem to be enough to meet the growing demand. Sellers shouldn’t hesitate to put their home on the market and take advantage of the high demand for area homes. The Austin market also saw 12% fewer active listings and 8% more pending sales this year compared to last year. For buyers, that means a home could be on the market one day and gone the next. Buyers should be prepared to move quickly before they miss out on their dream home. Whether you’re buying or selling a home, it’s always a good idea to have a strong Realtor on your side, and our agents are the experts in Austin real estate. For more information about buying or selling a home in Austin, contact us today.

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