Team Price > MLS Search > Market Statistics > November 2012

Published December 27, 2012 / Team Price Real Estate

This November, there was a lot to be thankful for. Home buyers were thankful for historically low mortgage rates and still-affordable prices. Sellers were thankful for increased sales, less competition and faster market times. Both parties can be thankful for the slow yet steady economic recovery. Challenges persist, to be sure, going into 2013, but there's more reason for optimism than pessimism.

New Listings in the Austin region increased 8.1 percent to 2,218. Pending Sales were up 35.8 percent to 1,988. Inventory levels shrank 23.6 percent to 7,207 units.

November 2012 Detailed Market Report (pdf)

Prices moved higher again. The Median Sales Price posted an impressive increase of 7.3 percent to $197,500. Days on Market was down 21.0 percent to 63 days - homes are selling with many receiving multiple offers. Absorption rates improved as Months Supply of Inventory was down 37.5 percent to 3.3 months - the lowest inventory recorded in over 10 years. Buyers are having a hard time finding the "perfect" home and when it comes on the market, you can expect to see multiple offers.

There are three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many communities are enjoying better fundamentals, such as higher demand and less supply. But many areas are also experiencing a lower overall share of distressed sales activity. In the month ahead, continue to watch hiring and unemployment trends.

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