Strong Demand and Increasing Prices Continue for Austin Area Homes
AUSTIN, Texas – June 20, 2012 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, the competition for Austin properties is intensifying as May 2012 became the 12th straight month of sales volume increases and the fourth straight month of price increases for Austin-area homes compared to the same month of the prior year.
Specifically, 2,340 single-family homes were sold in the Austin area in May 2012, which is 25 percent more than May 2011. During the same time period, the median price for Austin-area homes was $215,000, or 10 percent more than the same month in 2011.
Leonard Guerrero, Chairman of the Austin Board of REALTORS®, commented, “The inventory of homes in the Austin area has been shrinking since this time last year while demand has remained strong, outpacing 2011 by double digits each month since last summer. As a result, prices are increasing as buyers compete more aggressively for available properties.”
In May 2012, the market featured 4.4 months of inventory, which was 2.4 months less than May 2011. In addition, the market featured eight percent more new listings, 23 percent fewer active listings and 20 percent more pending sales in May 2012 compared to the prior year. On average, homes spent 62 days on the market in May 2012, which is 19 days less than May 2011.