19 Months of Home Sales Increases in Austin

December 2012 was the 19th straight month of existing home sales volume increases, according to a recent report released by the Austin Board of Realtors®. The report indicated total dollar volume of sold single-family properties was $513 million, 35 percent higher than December 2011.

According to ABoR, 1,828 single-family area homes were sold in December 2012, an increase of 17 percent from December 2011 – and, noticeably – the most home sales in December since 2006. The report speculated that Austin real estate momentum will continue in 2013.

“What I found particularly remarkable is that Austin’s real estate inventory is now the lowest in a decade,” said Regent Property Group Founder Brian Talley. “With only 2.7 months’ worth of homes available, we can anticipate prices to increase even more in the near future.”

And, indeed, prices are swinging upward: the median price for December 2012 increased 11 percent over 2011, to a price of $210,000. The market also had 1 percent fewer new listings, 22 percent fewer active listings, and 24 percent more pending sales in December 2012 compared to December 2011.

2013 Chairman of the Austin Board of Realtors® Cathy Coneway said, “This is the strongest year for the Austin housing market we’ve seen since the recession. Each month brought double-digit increases in home sales volume and double-digit decreases in active listings.”

How did the numbers stack up for the year? Here are the 2012 Year-End Totals:

22,946 single-family homes sold, up 19 percent from 2011

$205,000 – Median price for single-family homes, up 6 percent from 2011

69 – Average days single-family homes spent on the market, down 15 days from 2011

6,853 active single-family home listings on the market, down 20 percent from 2011

24,941 pending sales for single-family homes, up 19 percent from 2011

$6,204,024,237 – Total dollar volume of single-family properties sold, up 26 percent from 2011

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