Team Price > Search > Market Statistics > October 2013

Market Report October 2013

Published November 21, 2013 / Team Price Real Estate

This year has been spectacular for residential real estate. Robust gains in sales and prices were felt in many markets. More homes sold in less time for closer to asking price. While consumers have felt empowered by low prices and interest rates, sellers are starting to regain their footing. Seller confidence is crucial to refilled inventory bins – which are still relatively sparse.

  • New Austin Listings increased 14.0 percent to 2,893
  • Pending Sales were up 21.7 percent to 2,472
  • Inventory levels shrank 18.8 percent to 6,763 units
  • Median Sales Price increased 10.3 percent to $215,000
  • Days on Market was down 29.7 percent to 45 days
  • Months Supply of Inventory was down 32.7 percent to 2.6 months

Detailed Market Statistics Report

Townhouses & Condominiums: The number of townhouses and condominiums (condos) purchased in the Austin area in October 2013 was 288, which is 40 percent more than October 2012. In the same time period, the median price for condos was $209,000, which is 14 percent more than the same month of the prior year. These properties spent an average of 47 days on the market, or 27 percent less time compared to October 2012.

Leasing: In October 2013, a total of 1,281 properties were leased in Austin, which is eight percent more than October 2012. The median price for Austin-area leases was $1,400, which is eight percent more than the same month of the prior year.

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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