Team Price > Search > Market Statistics > August 2013

Published September 26, 2013 / Team Price Real Estate

Strong demand for a limited supply of homes for sale has seemingly outweighed higher mortgage rates, at least for the time being. The idea that mortgage rates may rise further is likely spurring some of this demand. The dream of homeownership is very much intact, but buyers should be prepared with competitive offers, since every measure of market health is pointing upwards.

Prices got a lift. The Median Sales Price increased 6.4 percent to $217,000. Days on Market was down 32.6 percent to 39 days. Absorption rates improved as Months Supply of Inventory was down 36.8 percent to 2.9 months.

Townhouses & Condominiums
The number of townhouses and condominiums (condos) purchased in the Austin area in August 2013 was 361, which is 32 percent more than August 2012. In the same time period, the median price for condos was $193,700, which is 14 percent more than the same month of the prior year. When compared to August 2012, these properties spent 37 percent less time on the market, or an average of 40 days.

Leasing
In August 2013, a total of 2,149 properties were leased in Austin, which is 10 percent more than August 2012. The median price for Austin-area leases was $1,400, which is four percent more than the same month of the prior year.

Detailed Market Statistics Report

 

Home sales statistics are released on a monthly basis. For more information, please contact Team Price Real Estate at 512-213-0213. The inventory of homes for a market is 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.

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