Austin, Texas Real Estate Market Update and Statistics June 2013

Higher Prices, Lower Inventory

Austin continues to feel pressure on its real estate market, as home inventory and days on the market both have decreased 30% compared to this time last year. This has resulted in competition among home buyers, with homes in popular neighborhoods going under contract as soon as – if not before – they are listed.

This competition is helping along prices, which have been rising steadily. The median sold price for the year is $282,000 ($133.12 per square foot). The average list price stands at $827,205 ($220.83 per square foot,) and the median list price stands at $470,000 ($175 per square foot.)

Year to Year Statistics

Year to Date (January 1 to June 10, 2013) Sold Homes

• Number of sold homes: 4,660
• High sold price: $5,860,000 ($755.12 per square foot)
• Average sold price: $371,351 ($157.14 per square foot)
• Median sold price: $282,000 ($133.12 per square foot)

Between January 1 and June 11, 2013, there were 4,718 single-family homes sold within the Austin city limits with a median sold price of $133.13 per square foot ($282,100) and averaging 40 days on the market.

During the same time period in 2012, there were 4,200 homes sold with a median sold price of $123.91 per square foot ($259,000) and averaging 57 days on the market. This is a 12.33% increase in the number of homes sold, a 9.22% increase in the median sold price per square foot, a 8.91% increase in sold prices (total dollars), and a 29.82% decrease in the days on market compared to the same time period in 2012.  

Month to Month Comparison

May 2013 Sold Homes

• Number of sold homes: 1,232
• High sold price: $3,545,000 ($634.32 per square foot)
• Average sold price: $382,302 ($159.91 per square foot)
• Median sold price: $300,000 ($136.69 per square foot)

May 2012 Sold Homes

• Number of sold homes: 1,078
• High sold price: $3,864,000 ($795.46 per square foot)
• Average sold price: $348,735 ($148.61 per square foot)
• Median sold price: $277,750 ($128.37 per square foot)

Market Snapshot: May 2013 compared to May 2012

• 30% decrease in homes actively for sale compared to 6/05/12
• 0.43% decrease in homes pending sale compared to 6/05/12
• 12.33% increase in the number of single-family homes sold
• 9.22% increase in median sold price (total dollars)
• 29.82% decrease in the time it is taking to sell a home

Active Home Listings

Active: There were 1,739 single-family homes actively for sale within the city limits of Austin as of 6/10/13, averaging 50 days on the market. This is a 30% decrease from the 2,486 single-family homes for sale on 6/5/12.

Pending Sale: There were 1,826 houses pending sale in Austin as of 6/10/13, averaging 32 days on the market. This is a 0.43% decrease from the 1,818 homes that were pending sale on 6/05/12.

Call Regent Property Group today at 512.215.0565 to discuss your options for buying or selling Austin real estate. Or, get a head start by performing an Austin Home Search to peruse available inventory.