Market Update: Austin Homes Spend 26% Less Time on the Market in March, Sales up 16%

Searching for an Austin home for sale? The volume of home sales this year is significantly outdistancing 2012, while time on the Austin market has decreased by an eye-popping 26%. According to the most recent Multiple Listing Service (MLS) report released by the Austin Board of REALTORS®, the median price for Austin-area homes increased to $220,000: a ten percent jump from the same month in 2012. Additionally, the market showed 2.6 months of inventory in March 2013: 1.8 months less than March 2012!

Austin-area homes, from Tarrytown to Barton Creek West, featured two percent fewer listings, 28 percent fewer active listings, and 18 percent more pending sales in March 2013 compared to last year. On average, homes spent 64 days on the market — a decrease of 20 days from one year prior.

“Austin’s housing inventory continues to be one of the lowest in Texas,” said Cathy Coneway, 2013 Chairman of the Austin Board of REALTORS®. “Buyers should prepare to act fast on a home they want and to possibly offer over list price, as 97.4 percent of homes are selling to list price.”

In March 2013, 2,166 single-family homes were sold in the Austin area. That’s 16 percent more than last March. From Senna Hills to Lost Creek, homes sold in higher numbers. The total dollar volume of single-family properties sold was $616,354,794, or 28 percent higher than the same month last year!

(For more information, read Regent Property Group’s previous report on rising home prices in Austin.)

Looking for a home in central Austin? The founder of Regent Property Group, REALTOR® Brian Talley, is a personal top producer, closing multi-million dollars of transactions for luxury homes all over Austin. Brian Talley is ranked among the top 1% of selling agents among Austin Board of REALTORS® members. Contact him today at 512.215.0565.