|AUSTIN, Texas – January 18, 2013 – 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.”