Team Price > MLS Search > Market Statistics > May 2012

Published June 15, 2012 / Team Price Real Estate

Combined with reliable sales volumes, fewer active listings have translated into competing bids on existing inventory and modest price gains in select neighborhoods. Informed sellers have noticed some homes selling quicker and for closer to asking price. Home searches are turning up far fewer results than in recent years. National headlines mask regional variability. With fewer distressed properties selling, prices are effectively “melting up” due to less downward pressure. May looks pretty good all around.

New Listings in the Austin region increased 7.9 percent to 3,825. Pending Sales were up 30.7 percent to 2,948. Inventory levels shrank 26.4 percent to 8,895 units.

Prices moved higher. The Median Sales Price increased 9.4 percent to $210,000. Days on Market was down 20.6 percent to 60 days. The supplydemand balance stabilized as Months Supply of Inventory was down 40.4 percent to 4.4 months.

May 2012 Detailed Market Report

In economic news, May's jobs report was disappointing, and there's a growing concern about the pace of domestic growth. Last month was also unsettling for investors, prompting some to hunt for better returns in the housing market. This forces other consumers up the price ladder. In politics, the Senate approved a 60-day National Flood Insurance Program extension. But with campaign season upon us, major housing-related bills or policy shifts are unlikely.

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