Austin-area home sales volume up 10 percent in January compared to 2011
Austin Board of REALTORS® releases real estate statistics for January
AUSTIN, Texas – February 21, 2012 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,051 single-family homes were sold in the Austin area in January 2012, which is 10 percent more than January 2011. During the same time period, the median price for Austin-area homes was $176,550, seven percent less than the same month of the prior year.
Leonard Guerrero, Chairman of the Austin Board of REALTORS®, commented, “It is encouraging to see last year’s momentum continue into the New Year. January marks the eighth straight month in which the volume of home sales in Austin has outpaced the previous year and the inventory of homes has decreased.”
Austin-area homes spent an average of 85 days on the market in January 2012, eight days less than the same month of the prior year. Compared to January 2011, the Austin market also featured six percent fewer new listings, 19 percent fewer active listings and 16 percent more pending sales in January 2012.
The Austin market had 4.1 months of inventory in January 2012, or 1.4 months less than January 2011. The figure, unchanged from December 2011, marks the lowest inventory level the Austin market has seen since the organization began tracking the statistic in January 2009.
January 2012 Statistics
- 1,051 – Single-family homes sold, 10 percent more than January 2011.
- $176,550 – Median price for single-family homes, seven percent less than January 2011.
- 85 – Average number of days that single-family homes spent on the market, eight days less than January 2011.
- 2,266 – New single-family home listings on the market, six percent less than January 2011.
- 6,557 – Active single-family home listings on the market, 19 percent less than January 2011.
- 1,638 – Pending sales for single-family homes, 16 percent more than January 2011.
- 4.1 – Months of inventory* of single-family homes, 1.4 months less than January 2011.
- $236,043,039 – Total dollar volume of single-family properties sold, one percent less than January 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 January 2012 was 121, which is 27 percent more than January 2011. In the same time period, the median price for condos was $159,500, four percent more than January 2011. When compared to the same month of the prior year, these properties spent seven percent longer on the market, or an average of 107 days, in January 2012.
Leasing
In January 2012, 1,129 properties were leased in the Austin area, which is five percent less than January 2011. During the same time period, the median price for Austin-area leases was $1,250, nine percent higher than the same month of the prior year.
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The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,500 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.
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* 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.
Wrapping up the leasing season for 2011 proved to be an incredibly lucrative year for rental investors and home owners. Rentals rates surged in 2011 as compared to 2010. Price per square foot peaked in the 3rd quarter of 2011 at $0.98, representing a $0.07 increase from the same quarter 2010. Rental velocity increased by over 450 residences from 2010 to 2011. It will be interesting to see if leasing velocity continues to rise over 2012. All signs are pointing to prove the rental market in 2012 will continue much as it did in 2011. The interesting factor here will be if rental renewals are strong. With the mortgage rates at an unprecedented low more and more renters are considering it a great chance to buy a home at a low rate.
