2012 Real Estate Market Report for Austin, TX

How was the Real Estate Market in Austin for 2012?

The real estate market in Austin, TX saw incredible growth in 2012. After an extremely busing January, I finally had time to put this information together and wanted to get it out as soon as I could with it being late already. The graph below gives a good summary of most of the information I have put together.Austin 2012

In 2012, the number of homes sold increased 19% to 10,406 from only 8738 in 2011. The average sales price increase was equally as impressive – in 2012 the average sale price was $342,206 versus $320,868 in 2011, a 6.7% increase. In 2012, the average price per square foot grew to $145.72, a 5.9% increase from the $137.58 average price per square foot from 2011. While each of these numbers illustrate the rapid change in the Austin real estate market in 2012, none are quite as significant as the average time a home was on the market before it sold. The average days on market shrunk to only 52 days in 2012, a 27% decrease from the average 71 days in 2011.

What do these numbers mean for you if you are looking to buy or sell a home in Austin in 2013? If you are looking to buy a home, home prices are rising and inventory is shrinking, meaning that you might pay more than in 2012 and have less options. Because homes are selling more quickly, you should also move fast to put a strong offer in once you have found a home you really like.

If you potentially looking to sell you home in Austin this year, your equity has likely grown and there is likely a strong demand for your home. You have chosen a great time to sell! Drop me a note to learn about how my progressive marketing plan can go to work for you!

by Kyle PfaffeREALTOR®      e: KylePfaffe@kw.com      m: 512-636-9707      w: AustinHomes4You.com

The Kyle Pfaffe Real Estate Team

2012 Milwood Market Report

How Was the Market in Milwood for 2012?

The real estate market in Milwood had some tremendous growth in 2012. After a crazy January month for me, I finally had time to sit down and look at how the market performed and wanted to share some number with you. All of this information is visibly represented in the graph below. Milwood 2012

First of all, the real estate market in Milwood was much more active – 229 homes sold in 2012 vs 194 in 2011, a 18% increase. While the number of homes sold grew remarkably, the average sales price increased only 1.3% to $181,764 vs $179,476 in 2011. The average price per square foot of homes sold in 2011 was $99.68 but grew to $105.59 in 2012, an increase of almost 6%. By far, the most significant change in the Milwood real estate market in 2012 was the average time a home was on the market before it sold. The average days on market shrunk from 58 days to 38 days, a decrease of 35%.

What do these numbers mean to you if you are looking to buy or sell a home in Milwood in 2013? If you are looking to buy a home in Milwood, you will likely be paying slightly more than you would have in 2012. You will also need to be decisive and move quickly once you find a house you like – the lower number of homes on the market and quicker selling times mean your competition (other buyers) might get a home first if you’re not careful. Drop me a note if I can help you find a great home in Milwood this year.

If you are considering selling your home in the Milwood area of Austin, you should definitely be able to walk away with more money this year. If you price your home too low, you might get multiple offers as soon as you go on the market. Marketing can have a lot do with getting your home sold quickly and for the highest net to you. Drop me a note to hear about how my progressive marketing plan can go to work for you!

by Kyle PfaffeREALTOR®      e: KylePfaffe@kw.com      m: 512-636-9707      w: AustinHomes4You.com

The Kyle Pfaffe Real Estate Team

The Obama Effect and the Austin Real Estate Market

A Four Year Review of How the Austin Real Estate Market has Performed During the Obama Presidency

Today is Inauguration Day, the 4 year anniversary of when Barak Obama was first sworn in as the 44th presided of the United States of America. On this day, I wanted to take a look at the real estate market in Austin and see how it had performed over the past four years. Whether you approve or disapprove of Obama as president, whether you agree with his policies or disagree, you cannot argue with RESULTS.

I have taken a simple look at how the real estate market in Austin has changed from the year prior to Obama taking office (2008) to last year (2012) and also looked at some of the market data for the years in between to give us a good picture of how the market has changed. While you cannot disagree with results, I am not contending that any change, good or bad, is a direct result of any Obama policies or directly correlates to the changes he has made. This just a look at how the Austin market has performed during his term.

Number of Homes Sold

The year prior to Obama taking office (2008), 8585 homes sold in Austin. In 2010, home sales in Austin dropped to only 801, their lowest point during Obama’s tenure, but grew to 10,356 in 2012. Austin home sales in 2012 represented a 21% versus 2008, a tremendous increase.

Homes Sold

Average Sales Price and Average Price Per Sqft.

In 2008, homes in Austin sold for an average sales price of $310,417 but the number dropped to only $300,226 in 2009. By 2012, the average sales price had rebounded to $342,517, the highest point in the past 5 years and a 10% increase over 2008. The average price per sqft. (PPS) had similar changes to average sales prices but not quite as much change. Homes in Austin sold for an average of $141.83 PPS in 2008, shrunk to $134.83 in 2009 and grew to $145.83 last year.

Obama Blog

Average Days on Market

In 2008, homes took 59 days on average to sell. That time period peaked at 69 days in 2009 but was down to only 52 days in 2012, a 12% reduction from 2008. While I have not included median vs average numbers for most of these statistics, for days on market it is definitely noteworthy because a few homes that sat on the market for an extended period of time can skew the average numbers. For median numbers, homes sold in Austin in an average of only 24 days, down 38% from 2008 (39 days) and down 47% from 2011 (45 days).

I hope that this information is insightful. If you have questions about your particular neighborhood and how your home’s value might have changed over the past few years, drop me a note or give me a call and I would be happy to discuss this with you and get this information to you. If you found this interesting, please Like My Page on Facebook!

By Kyle Pfaffe, REALTOR® e: KylePfaffe@kw.com m: 512-636-9707 w: AustinHomes4You.com

How is the Austin Real Estate Market Doing? The July Report…

The Austin Board of Realtors recently released its number for the month of July and they showed no indication of a slowdown in the local market. For the 7th consecutive month in 2012, July 2012 had more sold units versus the previous year, up almost 13% to 2462 units.

A few other numbers of interest…

  •  $277,186 – the average sales price in Central Texas, up 8.4%
  • 58 days – the average number of days a property takes to sell, down 21% from 73 days
  • 97.8% – the percent of list price that the average home sold for in July, up 1.1%
  • $125 – the average price per square foot a property sold for in July, up 5.2% from $119

These numbers all show a very strong market in Austin that is showing no signs of a slowdown! Please contact me if you are interested in receiving a free market analysis of your home or interested in buying a home. With historic interest rates available, now is a great time to buy a home!

Kyle Pfaffe, REALTOR®      e: KylePfaffe@kw.com      m: 512-636-9707      w: AustinHomes4You.com