Austin Home Values Climb Higher and Inventory Shrinks in First Quarter

 

The Austin Board of Realtors recently released the finalized statistics for March 2013 which now gives us a complete look at the Austin real estate market for the first quarter (Q1, January – March). This is a quick look at how Q1 compares to the same time period last year and an update on the Austin market as a whole.

In Q1 of 2013, 2736 homes sold within the Austin city limits. This represents a 20.3% increase versus Q1 of 2012, when only 2275 homes were sold. The average sales price in Austin also grew 8.6% to $321,912 and the average price per square foot rose 10% to $159.50. While prices rose, the average time it took a house to sell in Austin declined 28.8%. The average home in Austin sold in 52 days, 21 days less than during the same time period in 2012.

While the data from home sales give a clear picture of the strength of the Austin market, the number of active listings shows that these trends will likely continue for the foreseeable future. The number of homes for sale in Austin was only 5355 in March. This is a 29.5% decrease versus 2012. With over 1200 people moving to Austin every week, demand continues to strengthen and is driving prices even higher as available inventory continues to shrink. This graph is shows the long term trend in Austin.

Historic Count of Active Listings

Though the overall market is very strong, home values and market activity can change from subdivision to subdivision or even street to street. If you are considering selling your home this year, drop me a note and we can discuss the value of your home and how I can help you get the most equity possible as you look to move out or move up to another home.

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

 

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

Northwest Austin Real Estate Update – June 2012

The Austin Board of Realtors recently released the statistics for the month of June for Austin. This report is going to focus on the recent activity in northwest Austin (NW) which includes but is not limited to the neighborhoods of Milwood, Rattan Creek, Anderson Mill, Jollyville and Balcones.

In June, there was one less sold listing in NW (89 vs. 90) but the average sold price increased 7.3% to $263,812.  The average days on market for a home sold in June in the northwest were 43 compared to 51 in 2011. Also, homes are selling for 98.3% of their list price, an increase from 97.4% in 2011. In summary, while about the same number of homes sold in 2012 as 2011, those home are selling on average for a higher price and more quickly than they did in 2011. The higher sale prices drove the total volume up 6% in 2012 to $23.5 million.

Year-to-date, 10% more homes have sold in the NW with over $93.2 million in real estate transactions being finalized. Austin’s market is HOT! 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®
Keller Williams Realty
m: 512-636-9707
w: AustinHomes4You.com

Crestview Real Estate Market Report, 2002-2011

Crestview Market Report (78757)

Real estate in the Crestview neighborhood of Austin, TX (within 78757), has seen phenomenal growth and changes in the last 10 years. Looking at only homes, condos and townhomes in Crestview, there were numerous changes in significant real estate metrics, including units sold, average and median sales prices, average and median prices per sqft., days on the market (DOM) and the average percent for sold-to-list price. Please call or email me for information on your particular home or on opportunities to buy or sell property in Crestview.

Sales Prices
In 2002, the the average sales price in Crestview was $159,702. At the Austin real estate market’s peak in 2006, when the most units were sold, the average price was $220,506. While total units sold dropped to only 122 in 2008, the average price still climbed to $263,876, a 65% increase vs. 2002! There has been some contraction since 2008, but prices have recently rebounded to be only -3% down from the peak, still +62%!

Units Sold & Days on Market
Number of units sold increased from 173 in 2002 to 246  in 2006, but then dropped sharply to only 122 in 2008. The average Crestview home sold in only 35 days in 2006, but that period grew to 63 days in 2010. The DOM remained constant in 2011 despite the +35% increase in units sold from 2010 to 2011.

Price Per Sqft. & Average Sold/List Price Percentage
The average price per sqft. grew from $142.69 in 2002 to $188.54 last year, a +32% increase. At its highest point in 2008, the avg. price per sqft. was $207.35. In 2011, the average sale price was only 96.45% of list price vs. 97.69% in 2002. The only time it was lower was in 2010 at 95.15%.

*Data Source: Austin MLS, 3/2/2012;  information is believed to be accurate but not guaranteed.

Kyle Pfaffe, REALTOR®
Keller Williams Realty
m: 512-636-9707
e: KylePfaffe@KW.com
w: AustinHomes4You.com