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Market Report December 2013

Published January 24, 2014 / Team Price Real Estate

In its entirety, 2013 proved to be a good year for housing. Home sales and prices were broadly higher across the nation, while foreclosure loads, the number of homes for sale and the number of days it took to sell a home were all much lower. Multiple-offer situations became commonplace again and prices in many areas rallied to multi-year highs. This, of course, varied by location and segment, but the proverbial glass appeared to be more than half full throughout the year.

  • New Austin Listings decreased 2.0 percent to 1,600
  • Pending Sales were up 5 percent to 1,698
  • Inventory levels shrank 18.7 percent to 5,427
  • Median Sales Price increased 8.1 percent to $224,700
  • Days on Market was down 24.5 percent to 50 days
  • Months Supply of Inventory was down 30.9 percent to 2.1 months

Detailed Market Statistics Report

Townhouses & Condominiums: The volume of townhouses and condominiums (condos) purchased in the Austin area in December 2013 was 217, which is 11 percent more than December 2012. In the same time period, the median price for condos was $221,000, which is five percent more than the same month of the prior year. When compared to December 2012, these properties spent 32 percent less time on the market, or an average of 50 days.

Over the course of 2013, 3,162 Austin condos were sold, which is 24 percent more than 2012; the median price was $195,840, or eight percent more than 2012; and condos spent an average of 52 days on the market, 22 days fewer than 2012.

Leasing: In December 2013, a total of 1,086 properties were leased in Austin, which is 12 percent more than December 2012. The median price for Austin-area leases was $1,380, which is six percent more than the same month of the prior year. In all of 2013, a total of 16,371 properties were leased in Austin, which is three percent more than 2012, and the median lease price was $1,400, or six percent more than 2012.

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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