Austin, Texas Real Estate Market Update and Statistics March 2013

Times are ripe for Austin real estate! Americans are continuing to buy homes at an increasing pace – especially in Austin. So far during 2013, there were 18% more homes sold in Austin and a 4.82% increase in sold prices per square foot when comparing February 2013 to February 2012. There are 37.38% less homes for sale, a 29.17% increase in homes pending sale, a 28% decrease in homes withdrawn from the market, and it is taking 29.39% less time to sell a home.

* Interest rates are low, averaging 3.63% for a 30 year conventional loan today with 0.8 fees/points down per freddiemac.com. The Austin unemployment rate (Austin-Round Rock-San Marcos) during December 2012 showed a slight increase from the previous month at 4.9% in November 2012 compared to 5.0% in December 2012.

Market Snapshot (Year-to-date compared to same time period during 2012)
• 10.87% increase in homes sold
• 8.79% increase in sold prices (total dollars)
• 26.39% decrease in days on market

February 2013 compared to February 2012
• 37.38% decrease in homes actively for sale compared to 3/11/12
• 16.18% increase in homes pending sale compared to 3/11/12
• 18% increase in the number of single-family homes sold
• 4.82% increase in median single-family sold price per square foot
• 8.17% increase in median sold price (total dollars)
• 26.39% decrease in the time it is taking to sell a home
• 8.62% increase in number of homes for lease compared to 3/11/12
• 8.53% decrease in the number of homes leased
• 7.78% increase in lease price per square foot
• 11.11% decrease in the time it is taking to lease a home

Between January 1st and March 14, 2013 there were 1479 single-family homes sold within the Austin city limits with a median sold price of $127.89 per square foot ($260,000) and averaging 53 days on the market. During the same time period in 2012 there were 1334 homes sold with a median sold price of $120.21 per square foot ($239,000) and averaging 72 days on the market. This is a 10.87% increase in the number of homes sold, a 6.40% increase in the median sold price per square foot, a 8.79% increase in sold prices (total dollars), and a 26.39% decrease in the days on market compared to the same time period in 2012.

Austin Real Estate Market Summary for March 2013:

Sold: As of 03/14/2013 there were 665 homes sold in Austin, Texas during February 2013, compared to 598 during the same period of time in 2012 (18% increase). Overall home prices (per square foot) have increased 4.82%, and the total dollar sales prices have increased by 8.17% during February 2013 compared to February 2012, with a median sold price of $127.34 per square foot ($259,000) in February 2013 compared to $121.49 per square foot ($239,450) in February 2012. In February 2013, these sold homes have averaged 53 days on the market compared to 72 days on the market in February 2012, which shows there was 26.39% decrease in the time it is taking to sell a home this February 2013 compared to last February 2012.

Active: There are 1,476 single-family homes actively for sale within the city limits of Austin Texas as of 3/14/13, averaging 89 days on the market with a median list price of $166.55 per square foot ($450,000). This is a 3.58% increase from the 1,425 single-family homes for sale last month on 2/11/13 and a 37.38% decrease in homes actively for sale from the 2,357 single-family homes that were actively for sale within the city limits of Austin, Texas on 03/11/12.

Pending Sale: There are 1,551 houses pending sale in Austin as of 3/14/13 averaging 46 days on the market with a median price of $134.58 per square foot ($277,745). This is a 16.18% increase from the 1,335 single-family homes pending sale last month on 2/11/13 and a 20.79% increase from the 1,284 homes that were pending sale on 3/11/12.

Withdrawn: There were 77 single-family homes withdrawn from the Austin Texas real estate market during February 2013 compared to 150 homes during the same period of time during February 2012, which is a 48.67% decrease in withdrawals. The homes withdrawn in February 2013 averaged 100 days on the market and were listed for sale with a median price of $137.41 per square foot ($350,000). This compares to an average of 126 days on the market with a median price of $125.46 per square foot ($253,439) for homes withdrawn from the market during February 2012.

Austin Leases: As of 3/14/13 there are 668 homes (all types) for lease within the City of Austin with a median lease price of $1.07 per square foot per month ($1,595 per month) and averaging 33 days on the market. This compares to 3/11/12 when there were 615 homes (all types) for lease within the City of Austin with a median lease price of $1.00 per square foot per month ($1,695 per month) and averaging 34 days on the market. During February 2013 there were 611 homes (all types) leased in Austin compared to 669 leased in February 2012, which is an 8.53% decrease. In February 2013 the median leased price per square foot was $0.97 per square foot per month ($1,375/mo) and averaging 24 days on the market compared to $0.90 per square foot per month ($1,295/mo) and averaging 27 days on the market in February 2012, which shows a 7.78% increase in the lease price per square foot and a 11.11% decrease in days on the market.