Austin, Texas Real Estate Market Update and Statistics August 2013

Austin’s real estate market so far this year is strides ahead of 2012. Over 700 more homes have sold compared to this time period in 2012, and median year to date prices are over $28,000 higher. This rise in prices is significant because it means most buyers will pay over ten percent more for comparable homes in the span of just one year.

Market Snapshot

• 25.6% decrease in homes actively for sale compared to 8/06/12
• 2.76% increase in homes pending sale compared to 8/06/12
• 10.91% increase in the number of single-family homes sold
• 10.89% increase in median sold price (total dollars)
• 32% decrease in the time it is taking to sell a home

A little tougher for buyers: Low interest rates have buffered the cost of buying a home so far, but as rates begin to creep up, the actual cost of buying homes will expand and perhaps make it more difficult for some buyers. Compounding factors have included a low amount of inventory compared to the increase in demand, from locals and from people moving into Austin every day. New construction numbers are up 32 percent, and this may help ease the crunch in inventory, given some time.

Great news for sellers: After seeing moderate increases in prices for the past few years, homeowners have experienced a bump, and it appears by the current number of listings that more sellers are hopping into the market to take advantage of these ripe conditions. It remains to be seen how these additional resale listings plus the new construction listings will balance with all the factors combined, but for now, the market is favorable for sellers.

Take a look at the current statistics below, and also view our real estate statistics from recent months and our luxury home real estate statistics from recent months.

Year to Year Statistics

2013 Year to Date (January 1 to August 8, 2013) Sold Homes

• Number of sold homes: 7,064
• High sold price: $5,860,000 ($2,358.33 per square foot)
• Average sold price: $375,942 ($159.38 per square foot)
• Median sold price: $290,000 ($135.96 per square foot)

2012 Year to Date (January 1 to August 8, 2012) Sold Homes

• Number of sold homes: 6,363
• High sold price: $7,750,000 ($1,418.71 per square foot)
• Average sold price: $340,268 ($144.91 per square foot)
• Median sold price: $261,900 ($125.12 per square foot)

Between January 1 and August 15, 2013, there were 7,309 single-family homes sold in Austin with a median sold price of $135.86 per square foot ($290,000) and averaging 36 days on the market. During the same time period in 2012, there were 6,590 homes sold with a median sold price of $125.21 per square foot ($261,500) and averaging 53 days on the market. This is a 10.9% increase in the number of homes sold, an 8.5% increase in the median sold price per square foot, a 10.9% increase in sold prices (total dollars), and a 32% decrease in the days on market compared to the same time period in 2012.  

Month to Month Comparison

July 2013 Sold Homes

• Number of sold homes: 1,215
• High sold price: $4,250,000 ($2,358.33 per square foot)
• Average sold price: $380,951 ($167.24 per square foot)
• Median sold price: $300,500 ($141.09 per square foot)

July 2012 Sold Homes

• Number of sold homes: 1,054
• High sold price: $7,750,000 ($806.45 per square foot)
• Average sold price: $359,494 ($148.75 per square foot)
• Median sold price: $262,000 ($126.95 per square foot)

Active Home Listings

Active: There were 1,986 single-family homes actively for sale within the city limits of Austin Texas as of 8/15/13 averaging 67 days on the market. This is a 25.6% decrease from the 2,670 single-family homes for sale year on 8/06/12.

The median list price of active homes as of August 8, 2013 was about $443K and about $168 per square foot.

The average list price of active homes as of August 8, 2013 was about $768K and about $213 per square foot.

Pending Sale: There were 1,588 houses pending sale in Austin as of 8/8/13, averaging 30 days on the market (with a median of only 12 days!) The median list price of pending homes as of August 8, 2012 was about $283K and about $137 per square foot. The average list price of pending homes as of August 8, 2013 was about $383k and about $162 per square foot.

There were 1,524 houses pending sale in Austin as of 8/15/13, averaging 30 days on the market. This is a 2.76% increase from the 1,483 homes that were pending sale on 8/06/12.

Call 512.215.0565 to reach Regent Property Group to learn more about your best options for buying and selling Austin real estate. Or, perform an Austin Home Search to view available inventory!