Austin Area Home Sales Increase 34 Percent in September

The Austin area housing market continued to dominate in September, according to a report published by the Austin Board of REALTORS® yesterday. Once again the local market saw home sales rise, hitting numbers that haven’t been seen in the month of September since 2005. In total, 2,391 single-family homes sold in the Austin area last month, an increase of 34 percent compared to September 2012.

Cathy Coneway, 2013 President of the Austin Board of REALTORS® said, “With such explosive growth in the Austin housing market, we have to plan for our community’s future needs. Proposition 1’s funding of affordable housing in Austin and Proposition 6’s funding of the state water plan are critical to maintaining the success of Austin’s housing market and our economy.”

Even though September is usually the start of the off-season, homes are still flying off the market with sold homes selling after an average of 44 days on market, 22 days less than the same time period in 2012. Inventory remains low at 2.7 months, which is 1 month less compared to last year despite an increase of 17 percent in the number of new listings coming to market.

Median home price also continued to creep up, hitting $223,000 in the Austin area, and total dollars sold rose 47 percent compared to September 2012 to $688,347,381. No wonder we’re so busy!

Graphic courtesy of the Austin Board of REALTORS®

September 2013 Statistics

• 2,391 – Single-family homes sold, 34 percent more than September 2012.
• $223,000 – Median price for single-family homes, 13 percent more than September 2012.
• 44 – Average number of days single-family homes spent on the market, 22 days fewer than September 2012.
• 2,487– New single-family home listings on the market, 17 percent more than September 2012.
• 5,965 – Active single-family home listings on the market, 12 percent fewer than September 2012.
• 1,978 – Pending sales for single-family homes, six percent more than September 2012.
• 2.7 – Months of inventory* of single-family homes, 1 month less than September 2012.
• $688,347,381 – Total dollar volume of single-family properties sold, 47 percent more than September 2012.

While it may no longer be the “busy season”, the number of buyers out there looking for a home is not shrinking much. Homes in many areas are still going under contract within days of listing and multiple offer situations are still very common, especially in the traditional starter-home bracket of homes. If you’re considering selling your home, now is still a great time to get on the market as more and more buyers start looking for their next home in order to take advantage of low interest rates before they go up more.

We have already closed on over 10 homes so far in October and have many others on the books set to close before the end of the month. Expect October numbers to continue reflecting this year-over-year growth as move up buyers reenter the market and relocating families continue to flood the area. If you’re interested in selling, call us at 512.703.7933 to learn more about the strategies that allow us to sell homes quickly and net our sellers the most money. If you’re interested in buying, selling or investing in real estate, our team is here to serve you!

Source: Austin Board of REALTORS®