September 2013 Housing Market Update - Austin, TX

Posted by Karli Jaenike on Wednesday, September 25th, 2013 at 9:01am.

As the Autumn season approaches, we continue to see a seller's market in the Austin, TX area. August saw the highest sale volume ever recorded for that month, and housing inventory continues to fall. This supply and demand issue is due to the massive amount of people moving to Austin within the last few years. As builders struggle to keep up with the rising amount of people, potential homeowners (and renters) are forced to compete for the most desirable housing. Homes for sale in Westlake, Round Rock, and Central Austin continue to sell extremely fast, and usually with multiple offers.

According to the Multiple Listing Service (MLS) report released by the Austin Board of REALTORS (ABoR), this August  Austin's year over year housing inventory fell to 2.8 months, a decrease of 1.2 months from 2012. August also set a record this year with 3,082 single-family homes sold in the area… that volume is 30 percent more than August 2012. It's interesting to note that the sales volume in Austin is more than double the size it was just three years ago in August 2010… we're growing fast, and everyone can feel it!

On average, homes spent 43 days on the market, which is a decrease of 19 days from one year prior, and the median price for Austin-area homes increased to $224,200. That is six percent more than the same month in 2012! The number of single-family homes on the market was 6,075… which is 16 percent fewer than August last year. The market also featured 16 percent more new listings, and 9 percent more pending sales in August 2013 compared to the prior year.

While the growth of the Austin housing market is great for our city, it does raise concerns about issues such as housing affordability and supply. As long as city officials continue to be aware of these concerns, we should experience a continued success in the community.

Check out our housing market video, featuring our Broker, Seth Thompson.

Transcript:

Hi, I'm Seth Thompson, broker for HomeCity Real Estate, here with the market update for Austin, Texas September 2013. Well here we are, finally in the fall season and experiencing some beautiful weather outside. On the real estate side of things, we continue to see a sellers market as we experience the highest total sales volume ever recorded in August. Let's take a second to look at some recent data released by the Austin Board of Realtors.

Austin's year-over-year housing inventory fell to 2.8 months in August, a decrease of 1.2 months from August 2012.

Austin set a record for the month with just under 3,100 single family homes sold in the area. That volume is 30% more than August last year.

It's interesting to note the sales volume was more than double it was just three years ago back in August 2010.

On average, homes spent 43 days on the market, which is a decrease of 19 days from one year prior.

The median price for Austin area homes increased to just under $225,000 which is 6% more than the same month in 2012.

The number of single-family homes on the market was just over 6,000 which is 16% fewer than August 2012.

Thank you for watching this Austin real estate market update. You can visit us as www.homecity.com. And please like our YouTube channel for future updates. Have a great day.

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