Austin-area home sales volume up 10 percent in January compared to 2011

AUSTIN, Texas – According to the Multiple Listing Service (MLS) report released by the Austin Board of REALTORS®, 1,051 single-family homes were sold in the Austin area in January 2012, which is 10 percent more than January 2011. During the same time period, the median price for Austin-area homes was $176,550, seven percent less than the same month of the prior year. 

Austin-area homes spent an average of 85 days on the market in January 2012, eight days less than the same month of the prior year. Compared to January 2011, the Austin market also featured six percent fewer new listings, 19 percent fewer active listings and 16 percent more pending sales in January 2012. 

The Austin market had 4.1 months of inventory in January 2012, or 1.4 months less than January 2011. The figure, unchanged from December 2011, marks the lowest inventory level the Austin market has seen since the organization began tracking the statistic in January 2009. 

January 2012 Statistics

• 1,051 – Single-family homes sold, 10 percent more than January 2011.

• $176,550 – Median price for single-family homes, seven percent less than January 2011.

• 85 – Average number of days that single-family homes spent on the market, eight days less than January 2011.

• 2,266 – New single-family home listings on the market, six percent less than January 2011.

• 6,557 – Active single-family home listings on the market, 19 percent less than January 2011.

• 1,638 – Pending sales for single-family homes, 16 percent more than January 2011.

• 4.1 – Months of inventory* of single-family homes, 1.4 months less than January 2011.

• $236,043,039 – Total dollar volume of single-family properties sold, one percent less than January 2011.

The following sections describe trends in other sectors of the Austin real estate market. 

Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in January 2012 was 121, which is 27 percent more than January 2011. In the same time period, the median price for condos was $159,500, four percent more than January 2011. When compared to the same month of the prior year, these properties spent seven percent longer on the market, or an average of 107 days, in January 2012. 

Leasing
In January 2012, 1,129 properties were leased in the Austin area, which is five percent less than January 2011. During the same time period, the median price for Austin-area leases was $1,250, nine percent higher than the same month of the prior year.