November 2012 sales totals surge upward in Austin, becoming the best November since the recession. The historically expected Thanksgiving slowdown in Austin housing sales did not materialize as the total dollar volume of single family homes sold jumped 35% over the same month in 2011.
According to the Austin Board of REALTORS, there were 1,671 single-family homes sold in the Austin area in November 2012 – that’s 23% more than November 2011.
Powerful Trend Building
November’s rise became the 18th straight month of sales volume increases and the most home sales in November since 2007.
Austin Median Home Price Increases
The median price for Austin homes also increased to $200,000, which is 7% higher than the same month in 2011.
Austin Housing Inventory Shortage
In addition, the Austin housing market is experiencing an inventory shortfall as buyers gobble up available homes for sale. Comparing the current rate of sale with the number of homes offered for sale, Austin has only a 3-month supply of inventory in November 2012, which is 1.5 months less than November 2011. This is the lowest inventory figure seen in Austin in the last decade. Even with 8% more new listings, 20% fewer active listings and 19% more pending sales in November 2012 compared to the prior year.
As a point of reference: The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Austin Days on Market Dwindles
On average, homes spent 67 days on the market, which is 16 days less than the November 2011 statistics show. Historically, days on market have been highly indicative of the strength of market demand. Fewer days on market (DOM) equates with stronger demand – more buyers actively purchasing.
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