The Austin Board of REALTORS recently released the housing market’s final statistics for 2013. The trend of strong growth continued last year with improvements in every key area of measurement. The number of homes sold in 2013 grew +19% over 2012, to 30,710 homes with an average sales price of $284,614 – 7.6% higher than last year. Two of the most significant metrics are average price per square foot – a better measurement of property appreciation than average sales price – and average day on market – the average amount of time homes sold for in Austin. The average price per square foot of homes sold in Austin in 2013 grew 9.4% versus 2012 to $133/sq.ft. Also, homes in Austin sold in 2013 in an average of 47 days, down 27% from 2012 the average time to sell was 65 days.
The strong 2013 housing market should see continued growth in 2014 as the demand for homes continues to rise while inventory of homes available for purchase struggles to catch up. These numbers are reflective of
the Austin area housing market as a whole and certain neighborhoods saw slightly stronger or weaker growth than the average. For specific information on your neighborhood, drop me a note and I’ll be happy to help! Considering selling this year? Check back for my upcoming post on knowing the BEST time to sell in 2014 (Can’t wait? Just give me a call…).
The Kyle Pfaffe Real Estate Team