The Austin Board of Realtors released it’s year end market update this month, and everyone can see that the Austin area experienced exponential growth in 2013.
27,298 Austin-area single family homes sold in 2013, which is 19% more than 2012. Over the course of the year, the median price of homes in the Austin area increased 9% to $223,890. With Austin’s population growing so rapidly, potential homeowners are having to compete for available homes. Many properties stay on the market for only a few days before an offer is put in. In 2013, homes spent an average of 50 days on the market, which is 19 days fewer than 2012. At the same time, the 2013 Austin real estate market featured 9% more new listings, 20% fewer active listings, and 12% more pending sales than 2012.
The townhouse and condominium segment of Austin’s real estate market saw 24% more units sell in 2013 compared to 2012. The median price rose 8%, and condos spent an average of 52 days on the market, 22 days fewer than last year.
Austin homebuyers and sellers can expect home prices to continue to rise as we move forward this year. If you are looking to sell, it’s a great time to put your home on the market. If you are looking to buy, then you should be prepared to act quickly when you find a home you are interested in.
In a hot market like this, it’s important to enlist the help of a Realtor. Click here to begin your home search with HomeCity!
Watch our market update video, featuring our Broker and Sales Director Seth Thompson, below!