Austin, Texas Real Estate Market Update and Statistics February 2013

The Austin real estate market is off with a bang for the beginning of 2013. Comparing it to January 2012, Austin experienced a 21.25% increase in homes sold, a 14.54% increase in median sold prices, and a 29.33% decrease in days on the market. Compared to February 2012, we see a 35% decrease in homes for sale and a 30.12% increase in homes pending sale. We’re also seeing fewer homes pulled from the market, with a 33.76% decrease in withdrawn homes compared to January 2012.

Snapshot: February 11, 2013

1,425 single-family homes for sale – average 102 days on the market – $415,802 median price ($154.81 per sq. ft.)

What’s driving this tightening market?

• Low inventory due to a heavy demand for existing homes
• Austin’s desirability for quality jobs and quality of life
• Austin’s perceived “coolness” aka its history and culture

An upward trend in Austin luxury homes also is at play, as are interest rates, which have decreased to an average of 3.53% for a 30-year conventional loan today with 0.8 fees/points down (per freddiemac.com.)

Are you ready to buy into the Austin real estate market while it’s still affordable? Take a look at our Austin Home Search page, where you can view properties that are tailored to your specific preferences, such as area, price range, schools, and more.

Are you looking to sell your Austin home? Review these sold homes statistics and other data that may be relevant to your home sale. Then, contact a Regent Property Group agent for a comparative market analysis and thorough support to help you maximize your investment return. 

Pending Sale: There are 1,335 houses pending sale in Austin as of 2/11/13, averaging 56 days on the market with a median price of $128.92 per square foot ($259,500). This is a 40.53% increase from the 950 single-family homes pending sale last month on 1/15/13 and a 30.12% increase from the 1,026 homes that were pending sale on 2/9/12.

Withdrawn: There were 104 single-family homes withdrawn from the Austin Texas real estate market during January 2013, compared to 157 homes during January 2012, which is a 33.76% decrease. The homes withdrawn in January 2013 averaged 100 days on the market and were listed for sale with a median price of $144.90 per square foot ($347,000). This compares to an average of 114 days on the market with a median price of $131.57 per square foot ($289,900) for homes withdrawn from the market during January 2012.

Austin Leases: As of 2/11/13, there were 705 homes (all types) for lease within the City of Austin with a median lease price of $1.06 per square foot per month ($1,595 per month) and averaging 33 days on the market. This compares to 2/09/12 when there were 642 homes (all types) for lease within the City of Austin with a median lease price of $1.00 per square foot  ($1,600 per month) and averaging 38 days on the market.  This shows a 0.31% decrease in lease prices (total dollars). During January 2013 there were 643 homes (all types) leased in Austin compared to 618 leased in January 2012, which is a 4.05% increase. In January 2013, the median leased price per square foot was $1.00 per square foot ($1,295/mo) and averaging 27 days on the market, compared to $0.89 per square foot per month ($1,285/mo) and averaging 28 days on the market in January 2012, which shows the lease price per square foot has increased by 0.78% with a 3.57% decrease in days on the market.

Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by home search Austin expert and luxury REALTOR Austin® Brian Talley of Regent Property Group. The information contained herein is subject to errors, omissions and changes without notice. Any information, statistics, analytics, recommendations or opinions provided in this report are subject to errors and/or omissions and are not in any way guaranteed as accurate or reliable by Brian Talley or by Regent Property Group LLC. Statistics in this report may be updated as more information is added or changed from the source of this information.