Austin, Texas Real Estate Market Update and Statistics May 2013

Your Austin home search just got a little more competitive and a little more expensive! Following last month’s indications that Austin real estate prices have risen 10% in the last year, April 2013 statistics are revealing more of this trend.

“There has been no slowing down with the quickened home sales pace we are seeing this year,” said Regent Property Group Broker Brian Talley. “If anything, it is becoming even more competitive among buyers. Lower inventory, low interest rates, and increased demand keep cranking up the volume on sales.”

Lower Inventory, Higher Prices

Comparing this year and last, April 2013’s average sold price of $412,124 is about $74k higher than in April 2012. The median sold price of $299,000 is $49k higher. Looking year to date both years, the average sold price is about $48k higher, and the median sold price is $25k higher. This puts median home prices right on track for a continued 10% increase compared to last year.

It’s also worth noting that already this year, about 450 more homes have sold than at this time last year, a 15% increase. Additionally, an average list price of homes for sale of about $857k and a median list price of about $484k might indicate sales prices will continue to rise, as those are well above the average and median sales prices Austin has seen thus far.  

Let’s take a look at the numbers:

Sold April 2013

• 1,075 homes sold
• High sold price of $5,860,000 ($702.64 per square foot)
• Average sold price of $412,124 ($164.43 per square foot)
• Median sold price of $299,000 ($136.30 per square foot)

Sold Year to Date* 2013

• 3,472 homes sold
• High sold price of $5,860,000 million ($755.12 per square foot)
• Average sold price of $368,248 ($155.67 per square foot)
• Median sold price of $275,000 ($132.02 per square foot)

Active Homes

• 1,624 homes for sale
• High list price of $15 million ($8,681.91 per square foot)
• Average list price of $856,825 ($226.93 per square foot)
• Median list price of $484,049 ($177.30 per square foot)

Pending Homes

• 1,823 homes under contract
• High list price of $3,995,000 ($720 per square foot)
• Average list price of $386,478 ($159.75 per square foot)
• Median list price of $290,940 ($136.95 per square foot)

Sold April 2012

• 899 homes sold
• High sold price of $6,541,689  ($1,418.71 per square foot)
• Average sold price of $338,174 ($144.05 per square foot)
• Median sold price of $266,000 ($122.86 per square foot)

Sold Year to Date 2012

• 3,018 homes sold
• High sold price of $6,541,689 ($1418.71 per square foot)
• Average sold price of $319,940 ($139.90 per square foot)
• Median sold price of $250,000 ($121.58 per square foot)

What are your thoughts on the Austin real estate market? Are you ready to take advantage of prices before they go even higher? Are you excited it’s finally a good market to sell your home? Call Regent Property Group today at 512.215.0565 to discuss your best options – or if you’re not quite ready, perform an Austin Home Search to peruse available inventory.

*All 2013 year to date figures are based on May 10, 2013.