ABoR: March Facts & Figures - Inventory Down + Sales Volume Up = Tight Seller's Market

Austin-area Home Sales Volume and Median Price Up in March 2012 Austin Board of REALTORS® Releases March 2012 Real Estate Statistics AUSTIN, Texas – April 19, 2012 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,852 single-family homes were sold in the Austin area in March 2012, which is 15 percent more than March 2011. During the same time period, the median price for Austin-area homes was $200,000, or eight percent more than the same month of the prior year. Leonard Guerrero, Chairman of the Austin Board of REALTORS®, commented, “This marks the tenth month in a row Austin has seen year-over-year increases in sales volume. In addition, another healthy increase in the median price indicates competition is increasing among buyers as the inventory of homes continues to shrink.” In March 2012, the Austin market had 4.4 months of inventory, 1.8 months less than March 2011. In addition, the market featured four percent fewer new listings, 21 percent fewer active listings and 16 percent more pending sales in March 2012 compared to the prior year. On average, homes spent 84 days on the market in March 2012, or 12 days less than March 2011. March 2012 Statistics ·         1,852– Single-family homes sold, 15 percent more than March 2011. ·         $200,000– Median price for single-family homes, eight percent more than March 2011. ·         84 – Average number of days that single-family homes spent on the market, 12 days less than March 2011. ·         3,350– New single-family home listings on the market, four percent less than March 2011. ·         7,274– Active single-family home listings on the market, 21 percent less than March 2011. ·         2,331– Pending sales for single-family homes, 16 percent more than March 2011. ·         4.4 – Months of inventory* of single-family homes, 1.8 months less than March 2011. ·         $480,471,768– Total dollar volume of single-family properties sold, 22 percent more than March 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 March 2012 was 212, which is 37 percent more than March 2011. In the same time period, the median price for condos was $189,450, or 15 percent more than March 2011. When compared to the same month of the prior year, these properties spent 28 percent less time on the market, or an average of 89 days. Leasing In March 2012, a total of 1,115 properties were leased in Austin, which is four percent less than March 2011. The median price for Austin-area leases was $1,300, or eight percent higher than the same month of the prior year. Thank you ABoR for providing monthly market recaps!

Positive signs for 2012!

I've spent over a week pulling reports and analyzing statistics and now have a nicely compiled little Market Survey summarizing what all those #1 Articles keep saying... ...Austin is where it's at for prime real estate investments! 

I just posted the Market survey under the Weblinks tab. For quick reference go here!

April Events Posted!

Spring has sprung and that means it is time to get out and enjoy what the city has to offer! Check out the Austin Events tab for events in the Greater Austin Area!

This article just came over from the Realtormag.realtor.org. Its a great read for any home owner looking to spruce up their homes in 2012. Just remember, dont over-upgrade your home and out price your upgrades! If you have ideas of remodeling or updating your home I'd be happy to offer some price comparisons for your neighborhood to insure you dont over-update/over price your home improvement value!

~Molly

2011-12 Cost vs. Value: Big-Bang Remodeling Projects

Find out which remodeling projects will provide the biggest bang for your buck this year, according to Remodeling magazine.

MARCH 2012 | BY ERICA CHRISTOFFER

Optimizing the use of space in a home will not only attract buyers but also give sellers more bang for their buck, according to Remodeling’s “2011–12 Cost vs. Value Report,” conducted in cooperation with REALTOR® Magazine and NAR’s HouseLogic.com.

An attic bedroom addition costing $50,148 was expected to recoup 72.5 percent of the cost nationally—inching up 0.3 percent from the 2010–11 report. The minor kitchen remodel also fared well, returning an estimated 72.1 percent of the nearly $20,000 job cost.

The report looks at the estimated cost and expected resale return of 35 midrange and upscale remodeling projects in 80 markets.  The estimated costs and returns were derived from a survey of more than 3,000 REALTORS® conducted last summer. As in past years, REALTORS® picked exterior projects to recoup the most at resale. Among those, new fiber-cement siding was expected to provide the highest return, recouping an estimated 78 percent of the $13,461 cost.

Top 6 Returns

Siding Replacement (upscale) - fiber-cement      
Job Cost: $13,461
Resale Value: $10,493
Cost Recouped: 78%

Entry Door Replacement - steel     
Job Cost: $1,238
Resale Value: $903
Cost Recouped: 73%

Attic Bedroom Addition             
Job Cost: $50,148
Resale Value: $36,346
Cost Recouped: 72.5%

Kitchen: Minor Remodel              
Job Cost: $19,588
Resale Value: $14,120
Cost Recouped: 72.1%

Garage Door Replacement             
Job Cost: $1,512
Resale Value: $1,087
Cost Recouped: 71.9%

Garage Door Replacement (upscale)                
Job Cost: $2,994
Resale Value: $2,129
Cost Recouped: 71.1%

Remodeling’s2011-12 Cost vs. Value Report ©2011 by Hanley Wood, LLC. Republication or redissemination of the Report is expressly prohibited without written permission of Hanley Wood, LLC.“Cost vs. Value” is a registered trademark of Hanley Wood, LLC.Visit www.costvsvalue.com for information on all 35 projects. There, you can also download a free PDF providing information on average cost and resale value nationally, regionally, and in a specific market. Estimates for construction costs were compiled by HomeTech Publishing.

Visit HouseLogic.com for great remodeling and home maintenance advice.