Austin is hot and I’m not just talking about the weather, though we did have the nation’s high temperature last week with 92 degrees! Residential houses in the greater Austin area saw an increased volume of sales, with an increase of 10 percent in January compared to 2011. According to the Austin Board of REALTORS®, the average time a home remained on the market was 85 days in January, which is eight days less than the same month in 2011. As I have mentioned inventory is low. How low? There were 6 percent less new listings added in January 2012, than in January of 2011. January of 2012 also saw 19 percent fewer active homes for sale and 16 percent more home listings pending.
Austin Real Estate Market Data
The Austin Real Estate Market had 4.1 months of homes for sale in inventory in January 2012, which is 1.4 months less than the same month one year ago. According to the Austin Board of Realtors, this is the lowest inventory the Austin real estate market has seen since they began tracking months of inventory in 2009.
Austin Real Estate Condo Market Data
Austin area estate sale of condominiums and townhomes are up as well, by 27 percent. According to the Austin Board of Realtors, the median price for a condo in January 2012 was $159,500, which is 4 percent higher than the same month last year. Active days on the market were 7 percent longer this year, but 121 condos were sold in January 2012, which is 27% more than January of last year.