Tuesday, January 8, 2013

2012 Austin Real Estate Market: End of Year Wrap Up and Market Update


2012 turned in a banner year in Austin! A 24% increase in homes sold in Greater Austin over last year! Looking at what happened throughout all of 2012 and knowing what is continuing to happen in Austin in the coming year--you don't have to have to have your MBA from UT to figure out that that 2013 is going to be another great year in Austin area Real Estate for home owners, buyers and investors.

Buyers and Sellers alike came out ahead in the fast moving market of 2012. Yes, it was tough on buyers, with so many multiple-offers playing out. Many buyers did not get the homes that they had hoped to purchase, either because they did not want to bid full market value for the home or maybe someone else just wanted it more and was willing to pay full list price (or more) for that same home. We saw this every day in 2012. But our Seller's Market has been gentle, compared to many Seller's Markets--taking it easy on most of our buyers. We have not seen a great deal of price ballooning and when we have seen sellers listing above market value, buyers have not supported the price increase until the sellers bring their homes in line with the market. I would consider it a pretty gracious market over all--but not without its challenges and learning curves for both buyers and sellers. 

Here are the numbers:

  • 5,842 homes for sale: Single Family, Condos, Townhouses--Inventory is very low
  • 2,489 homes under contract: Look at the % spread of these two numbers
  • 25,061 homes have closed -- ALMOST 5,000 more than sold in last year!
  • 20,256 sold YTD in 2011
  • 19,040 sold YTD in 2010
  • 19,935 sold YTD in 2009 
  • 21,491 sold YTD in 2008
  • 2007 was the last year that had sales volume higher than 2012, just after the peak of the building boom
  • We are having a banner year in Austin Real Estate  

Median Sold Home Stats for Single Family Homes:
  • Median price across Greater Austin: $207,500
  • 90% of homes sold in Greater Austin were Single Family homes
  • More than 1/2 of the homes were sold in Travis County
  • Almost 1/3 of the homes were sold in Williamson County
  • Median price as a percentage of asking price: 98%
  • Median days on market was very low: 34 days
  • Most expensive home sold on the MLS: $7.75M
  • Median SOLD in Travis County: $245,000
  • Median SOLD in Williamson County: $183,000

Q: So how fast are houses selling in Greater Austin area?
A: As of today, with more than 2,231 SFR homes with pending contracts, here are the rates at which homes are selling during the first 34 days on the market:
  • The first day on market: ~3% of these home
  • First 3 days on market: ~8% of these homes
  • First 7 days on market: ~16% of these homes
  • First 14 days on market: ~26% of these homes 
  • First 40 days on market: half of the available homes are sold

Whether you are Buying or Selling your home--give me a call and we can discuss what is happening in your community or the area where you are looking. I am Tim Thornton, your Austin Area Realtor.

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