According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, the competition for Austin properties is intensifying as May 2012 became the 12th straight month of sales volume increases and the fourth straight month of price increases for Austin-area homes compared to the same month of the prior year.??Specifically, 2,340 single-family homes were sold in the Austin area in May 2012, which is 25 percent more than May 2011. During the same time period, the median price for Austin-area homes was $215,000, or 10 percent more than the same month in 2011.??Leonard Guerrero, Chairman of the Austin Board of REALTORS®, commented, "The inventory of homes in the Austin area has been shrinking since this time last year while demand has remained strong, outpacing 2011 by double digits each month since last summer. As a result, prices are increasing as buyers compete more aggressively for available properties."??In May 2012, the market featured 4.4 months of inventory, which was 2.4 months less than May 2011. In addition, the market featured eight percent more new listings, 23 percent fewer active listings and 20 percent more pending sales in May 2012 compared to the prior year. On average, homes spent 62 days on the market in May 2012, which is 19 days less than May 2011.?
May 2012 Statistics
The following sections describe trends in other sectors of the Austin-area real estate market.
Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in May 2012 was 278, which is 45 percent more than May 2011. In the same time period, the median price for condos was $190,000, or six percent more than May 2011. When compared to the same month of the prior year, these properties spent four percent more time on the market, or an average of 79 days.
1,376 properties were leased in May 2012 in the Austin area, which is nine percent more than May 2011. The median price for Austin-area leases was $1,350, or eight percent higher than the same month of the prior year.
The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,200 licensed REALTORS® in Central Texas. Visit AustinHomeSearch.com, a public resource on Austin real estate, for the latest news on the local housing market. For more information, please contact Angela Brutsché at 512-454-7636.
* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
San Antonio – July 11, 2012 – San Antonio home shoppers went on a buying spree in June, sending sales volume and pricing up accounting for the highest sales, average and median price in four years. Average and median prices broke records while volume of sales reached the highest level since June 2008. Sales of single-family homes increased 4 percent compared to the same month last year according to the June 2012 Multiple Listing Service report by the San Antonio Board of REALTORS® (SABOR).
"Both buyers and sellers are reaping the benefits of an extremely healthy and robust real estate climate in San Antonio, driven largely by continued job gains that have been responsible for drawing many new consumers to this market," said Liza Reyes, Chairman of the Board. "Buyers are able to take advantage of the lowest interest rates in history as they shop for homes, and we're also hearing accounts of sellers receiving the asking price for their homes and even multiple offers."
Strong sales activity among homes from $200,000 and up pushed average and median pricing. The June single-family home median price —the figure at which half of the homes sold for more and half sold for less —rose 8 percent year-over-year to $168,800, the highest level since 2007 in San Antonio. The average price rose 9 percent to $209,820, the highest since 2007.
The number of available properties, or active listings, at the end of June declined nearly 15 percent from June 2011. The inventory of single-family homes dipped to 6.9 months compared to 8.3 months one year earlier. That means that it would take nearly 7 months to sell all the single-family homes on the market based on sales activity over the past year. The figure is aligned with the national inventory of single-family homes of 6.6 months reported by the National Association of REALTORS® (NAR).
"We credit the strength of the housing market to San Antonio’s continued job growth, affordability and low interest rates" SABOR President and CEO Angela Shields said.
The San Antonio Board of REALTORS