AUSTIN-AREA HOME SALES ARE UP AGAIN

The Austin Board of REALTORS® released real estate statistics for March 2013 this week and according to Multiple Listing Service (MLS) statistics, the volume of Austin-area home sales continued to rise in March.  That’s the 22nd straight month of sales volume increase and the most home sales in March since 2007.

According to the report, 2,166 single-family homes were sold in the Austin area in March 2013, which is 16 percent more than March 2012. On average, homes spent 64 days on the market, which is a decrease of 20 days from one year prior.

In March 2013, the median price for Austin-area homes increased to $220,000, which is 10 percent more than the same month in 2012. Additionally, the market featured 2.6 months of inventory in March 2013, which is 1.8 months less than March 2012.

The total dollar volume of single-family properties sold was $616,354,794, or 28 percent higher than the same month last year. The market also featured two percent fewer new listings, 28 percent fewer active listings and 18 percent more pending sales in March 2013 compared to the prior year.

March 2013 Statistics

• 2,166 – Single-family homes sold, 16 percent more than March 2012.
• $220,000 – Median price for single-family homes, 10 percent more than March 2012.
• 64 – Average number of days single-family homes spent on the market, 20 days fewer than March 2012.
• 3,283 – New single-family home listings on the market, two percent fewer than March 2012.
• 5,218 – Active single-family home listings on the market, 28 percent fewer than March 2012.
• 2,754 – Pending sales for single-family homes, 18 percent more than March 2012.
• 2.6 – Months of inventory* of single-family homes, 1.8 months less than March 2012.
• $616,354,794 – Total dollar volume of single-family properties sold, 28 percent more than March 2012.

The report all listed other sections and trends of the Austin real estate market:

Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in March 2013 was 275, which is 27 percent more than March 2012. In the same time period, the median price for condos was $181,750, which is three percent less than the same month of the prior year. When compared to March 2012, these properties spent one percent less time on the market, or an average of 87 days.

Leasing
In March 2013, a total of 1,205 properties were leased in Austin, which is nine percent more than March 2012. The median price for Austin-area leases was $1,380, which is six percent more than the same month of the prior year.

** Home sales statistics are released by ABoR on a monthly basis.  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.

If you are looking to buy, sell or lease Austin properties, contact Texas Capital Properties today to get started.  Our team of professional real estate agents can help you with any of your Austin real estate needs!

Tips for Home Buying and Home Selling

TIPS FOR HOME BUYING AND HOME SELLING

Our experienced real estate team of agents have helped countless buyers and sellers throughout the Austin area and want to share their knowledge and tips of what works for home buying and selling with you.

Home Buyers Should be Prepared to Modify Their Lists – Right now, many home buyers in Austin are facing a challenge finding suitable properties.  Homes are receiving multiple offers and buyers are feeling frustrated at the lack of homes available.  Consider making adjustments to your wants and needs list.

Home Sellers Should Beware of Being Greedy – Often the first offer is the best offer but sellers tend to get greedy and think they should hold out for another buyer to come along.  After the first wave of excitement, buyers tend to lose interest and move on to the next property.  If your property doesn’t receive an offer in the first few weeks or month on the market, think about readjusting price or showing condition.

Home Buyers Need to Be Ready to Purchase – Sellers like offers from home buyers with their financing ready to go.  Be sure that you have your lender’s pre-qualification and pre-approval letter attached with all offers.  And the fewer conditions you have, the more attractive you will be to the seller.  Which leads us to the next tip….

Sell Your Home First if You Can – If you are a move-up buyer who needs to sell their current home to purchase a new one, then you’ll need to make a decision on whether or not to sell your home first.  Many times,  your home buying purchase will be contingent on selling your home.  If so, then you will want to make your home buying offer as attractive as possible.  If something does go south with your home sale it could jeopardize your home purchase.   Another option is to close on your current home and ask if you can lease back the property until you close on your new home purchase.

Experience Counts When It Comes to Your Real Estate Agent – Pick a real estate agent and brokerage that has experience and knowledge with the local market.  Ask friends, family and coworkers for referrals.   It’s also important that you feel comfortable with the agent you choose since you will need to trust them with one of the most important transactions of your life.

Whether you are looking for your first home or moving up to your dream home, our team of professional Austin real estate agents can assist you with your Austin home search and any of your realty needs.  Our team of professional agents are dedicated professionals who help buyers and investors locate properties that best suit their needs and price.

Our team helps sellers navigate through the home selling process through careful market analysis and staging of their homes.  No matter if you are buying or selling a residential single-family home, condo or town home, or acreage property, our experienced and knowledgeable Austin real estate agents will exceed your expectations.