Austin-area home sales hit six-year high for December; 2012 ends with increased sales volume, stable prices and strong demand

Austin Board of REALTORS® releases real estate statistics for December 2012 and 2012 year-end totals

AUSTIN, TX – January 21, 2012 – (RealEstateRama) — According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, the volume of Austin-area home sales continues to rise as December became the 19th straight month of sales volume increases—the most home sales in December since 2006—and year-end figures show momentum in Austin real estate coursing steadily into 2013.

According to the report, 1,828 single-family homes were sold in the Austin area in December 2012, which is 17 percent more than December 2011, and the total dollar volume of single-family properties sold was $513,028,200, or 35 percent higher than the same month last year.

Cathy Coneway, 2013 Chairman of the Austin Board of REALTORS®, explained, “This is the strongest year for the Austin housing market we’ve seen since the recession. Each month brought double-digit increases in home sales volume and double-digit decreases in active listings.”

In December 2012, the median price for Austin-area homes also increased to $210,000, which is 11 percent more than the same month in 2011. Additionally, the market featured 2.7 months of inventory in December 2012, which is 1.4 months less than December 2011 and the lowest inventory figure seen in Austin in the last decade.

The market also featured one percent fewer new listings, 22 percent fewer active listings and 24 percent more pending sales in December 2012 compared to the prior year. On average, homes spent 71 days on the market, which is a decrease of 18 days from one year prior.

Chairman Coneway continued, “With accelerating prices, stronger sales volume and more pending sales this month compared to December 2011, we’re encouraged that this steady momentum will continue into January 2013.”

The report also included figures for all of 2012, during which 22,946 Austin-area single-family homes were sold, which is 19 percent more than 2011. Over the course of the year, the median price of homes in the Austin area increased six percent to $205,000 and homes spent an average of 69 days on the market, 15 days fewer than 2011. At the same time, the 2012 Austin real estate market featured three percent more new listings, 20 percent fewer active listings and 19 percent more pending sales than 2011.

Chairman Coneway concluded, “We are pleased to see another year end on a positive note for Austin’s real estate market. We’re confident that with the surge in sales volume over the second half of 2012 and the strong demand evident in December, the 2013 housing market will be as healthy as last year’s.”

December 2012 Statistics

• 1,828 – Single-family homes sold, 17 percent more than December 2011.

• $210,000 – Median price for single-family homes, 11 percent more than December 2011.

• 71 – Average number of days single-family homes spent on the market, 18 days fewer than December 2011.

• 1,367 – New single-family home listings on the market, one percent fewer than December 2011.

• 5,129 – Active single-family home listings on the market, 22 percent fewer than December 2011.

• 1,519 – Pending sales for single-family homes, 24 percent more than December 2011.

• 2.7 – Months of inventory* of single-family homes, 1.4 months less than December 2011.

• $513,028,200 – Total dollar volume of single-family properties sold, 35 percent more than December 2011.

2012 Year-End Totals

• 22,946 – Single-family homes sold, 19 percent more than 2011.

• $205,000 – Median price for single-family homes, six percent more than 2011.

• 69 – Average number of days that single-family homes spent on the market, 15 days fewer than 2011.

• 31,441 – New single-family home listings on the market, three percent more than 2011.

• 6,853 – Active single-family home listings on the market, 20 percent fewer than 2011.

• 24,941 – Pending sales for single-family homes, 19 percent more than 2011.

• $6,204,024,237 – Total dollar volume of single-family properties sold, 26 percent more than 2011.

The following sections describe trends in other sectors of the Austin real estate market.

Townhouses & Condominiums

The volume of townhouses and condominiums (condos) purchased in the Austin area in December 2012 was 181, which is 13 percent more than December 2011. In the same time period, the median price for condos was $209,000, which is 17 percent more than the same month of the prior year. When compared to December 2011, these properties spent 23 percent less time on the market, or an average of 70 days.

Over the course of 2012, 2,520 Austin condos were sold, which is 28 percent more than 2011; the median price was $181,000, or eight percent more than 2011; and condos spent an average of 74 days on the market, 20 days fewer than 2011.

Leasing

In December 2012, a total of 975 properties were leased in Austin, which is five percent fewer than December 2011. The median price for Austin-area leases was $1,300, which is four percent more than the same month of the prior year. In all of 2012, a total of 15,842 properties were leased in Austin, which is one percent fewer than 2011, and the median lease price was $1,320, or six percent more than 2011.

The Austin Board of REALTORS®(ABoR) is a non-profit, voluntary organization representing nearly 9,000 licensed REALTORS® in Central Texas. As the primary source for accurate and comprehensive property listing information for REALTORS® in greater Austin, ABoR works to advance the REALTOR® mission and protect homeowner rights. For more information, please contact the ABoR Marketing Department at marketing (at) abor (dot) com or 512-454-7636. Visit AustinHomeSearch.com, a public resource on Austin real estate, for the latest news on the local housing market.

* 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.