Austin Real Estate Market Update and Consumption Report--Sept. 2013

It feels like part of the market may be a little less crazy than it was 2 months ago. That is not to say that it is really slowing down. But I do think that we are one step outside of the danger zone. Instead of houses selling the same day they hit the market (which some still are), more houses seem to be selling during the first week, not the first day, in many communities. It's not a big step, but it does feel like the mad dash of buyers has a few less buyers, but inventory is lower as well. Inventory levels are nearly identical to last month as are over all Days on Market. We are still on pace for the biggest year we have seen in Austin Real Estate by my calculations and the Q4 pace may be the most aggressive Q4 we have ever seen in Greater Austin Real Estate.

Casting of the numbers:

Homes sold YTD in 2013--including single family, condos and townhouses to Sept. 30, 2013:

  • 23,562 homes sold and closed!
  • Median sold price: $221,500
  • Median price to list price: 99% of list price
  • Median days on market: 18 days
  • This is a substantial increase in closings over last month YTD number of 19,350
  • This is still higher than the highest year during the past decade: 22,998 (2006)

Median Sold price by select cities for Single Family Homes in Sept:
  • Austin: $286,000 in 13 days
  • Round Rock: $200,000 in 21 days
  • Cedar Park: $237,000 in 17 days
  • Leander: $182,350 in 24 days
  • Lakeway/Bee Caves: $409,625 in 34 days
  • Georgetown: $220,000 in 35 days

Current Market Conditions and Inventory Levels:
  • 5,893 homes are currently on the market (single family homes)
  • 2,875 homes are currently under contract to close
  • 8,159 homes closed during the past 3 months
  • 2,719 homes per month consumption rate
  • Currently we have 2.17 months of available inventory
  • It is safe to say that we are in a "Seller's Market"

Would you like to know what is happening in your community? What your home is worth in today's market? Want to start looking for your next home in the Austin area? Let's talk.


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