Austin saw the highest percentage of job growth in the nation from the recession’s trough to the current quarter, according a release by Gov. Rick Perry‘s office.

Perry cites a Brookings Institute study that finds Texas led the nation in job creation from the fourth quarter 2009 to the current quarter with Austin, Houston, Dallas, San Antonio, Dallas and McAllen creating more jobs now than before the recession.

Gov. Perry’s statement can be found online here, and the Brookings Institute study here.

Source: Austin Business Journal.

The Austin real estate market continued to gain steam in February, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR). As cited in the report, the volume of home sales in Austin outpaced last year significantly and the price for Austin-area homes continued to rise.

According to the report, 1,626 single-family homes were sold in the Austin area in February 2013, which is 26 percent more than February 2012, and the total dollar volume of single-family properties sold was $430,324,152, or 32 percent higher than the same month last year.

Cathy Coneway, 2013 Chairman of the Austin Board of REALTORS®, explained, “Strong demand for Austin homes continues, but the number of listings on the market remains consistent. This has led to steady increases in price while keeping housing inventory at record lows.”

In February 2013, the median price for Austin-area homes increased to $208,500, which is seven percent more than the same month in 2012. Additionally, the market featured 2.6 months of inventory in February 2013, which is 1.6 months less than February 2012.

The market also featured one percent more new listings, 25 percent fewer active listings and 15 percent more pending sales in February 2013 compared to the prior year. On average, homes spent 71 days on the market, which is a decrease of 15 days from one year prior.

February 2013 Statistics

• 1,626 – Single-family homes sold, 26 percent more than February 2012.
• $208,500 – Median price for single-family homes, seven percent more than February 2012.
• 71 – Average number of days single-family homes spent on the market, 15 days fewer than February 2012.
• 2,574 – New single-family home listings on the market, one percent more than February 2012.
• 5,121 – Active single-family home listings on the market, 25 percent fewer than February 2012.
• 2,223 – Pending sales for single-family homes, 15 percent more than February 2012.
• 2.6 – Months of inventory* of single-family homes, 1.6 months less than February 2012
• $430,324,152 – Total dollar volume of single-family properties sold, 32 percent more than February 2012.

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 February 2013 was 169, which is 31 percent more than February 2012. In the same time period, the median price for condos was $187,000, which is nine percent more than the same month of the prior year. When compared to February 2012, these properties spent 27 percent less time on the market, or an average of 67 days.

Leasing
In February 2013, a total of 1,160 properties were leased in Austin, which is five percent more than February 2012. The median price for Austin-area leases was $1,320, which is six percent more than the same month of the prior year.

The Austin Board of REALTORS® (ABoR) is a non-profit, voluntary organization dedicated to educating and supporting Central Texas REALTORS®. ABoR proudly serves nearly 9,000 members, promotes private property rights, and provides accurate, comprehensive property listing information for the Greater Austin area. 

Home sales statistics are released by ABoR on a monthly basis. For more information, please contact the ABoR Marketing Department at marketing@abor.com or 512-454-7636. Visit AustinHomeSearch.com, a public resource on Austin real estate, for the latest news on the local housing market.

* The inventory of homes for a market is 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.

www.abor.com

Facts & Figures

• Price:$3,199,000
• Type:Multi-Family
• MLS#:5487972
• Area:UT
• Bedrooms:6
• Baths:8
• Living Areas:3
• Square Ft:7178
• School District:Austin
• Pool:Yes
• Garages:2 / Attached, Door-Multi, Door Opener, Entry-Front
• Year Built:2008
• Lot Size:.302

Home sellers in driver’s seat amid low supply, high demand

The Central Texas housing market is sizzling, experts and real estate agents say, and they predict the momentum from 2012 will continue throughout this year.

In its monthly report Wednesday, the Austin Board of Realtors said January home sales in Central Texas jumped 33 percent over the same month last year, hitting their highest January level in six years. The area’s median sales price also rose, climbing 10 percent, compared with January 2012, to $197,900 last month, the board reported.

The board said 1,402 single-family homes were sold in the Austin area in January, the most for a January since 2007. The increase marked the 20th month in a row of rising sales in a market where competition for properties is increasingly fierce and multiple offers are common in many areas and price ranges.

“The Austin real estate market showed steady growth in demand throughout 2012, and, if the first month of 2013 is any indication, this year looks to be continuing that momentum in a big way,” said Cathy Coneway, chair of the Austin Board of Realtors.

Housing demand is being driven by the region’s job and population growth coupled with historically low mortgage interest rates, experts say. Other factors include a local apartment market that is virtually fully occupied and marked by rising rents; a low supply of new and resale homes; and increased consumer confidence locally and nationally, stemming from rising home prices.

“All the statistics point to a very strong market this year with sellers in control,” said local real estate consultant Charles Heimsath, president of Capitol Market Research.

Inventory is extremely low, experts and agents say, and buyers who don’t act quickly will lose out.

The local market featured 2.5 months of supply in January 2013, the lowest inventory figure seen in the Austin area in the past decade, the board noted. There were 25 percent fewer listings than last January, and pending sales were up 25 percent.

“The local housing market is exploding right now,” said Dylan Everett, an agent with JB Goodwin Realtors. “In fact, it can be very stressful working with a buyer right now because you are fighting multiple offers,” and houses are selling even before they hit the Board of Realtors’ database of listings, he said.

In January, 38.2 percent of new listings in Austin went under contract within 14 days of their debut, according to Redfin, a national real estate brokerage that tracks housing data in several Central Texas counties.

“The national average was 30.3 percent, so Austin is right behind our California market in terms of speed of sales,” said Rachel Musiker, a Redfin spokeswoman. “The speed just intensifies the competition for homes.”

Carrie Bills owns Green Mango Real Estate, which specializes in the 78704 zip code that includes Travis Heights, south of downtown.

“I’m busier than I’ve been in four years,” Bills said. “It’s become a seller’s market because the inventory just isn’t there.” She said it has become common for three-bedroom homes in Central Austin that are priced below $500,000 to receive multiple offers and sell quickly, she said.

“That’s quite a jump from what we’re used to,” Bills said. “It’s hard because families with double incomes who are just looking for mid-range homes are being crunched out.”

Bills said the demand is being driven by families relocating to Austin from California, New York and Chicago, among other cities. “They’re in the health care industry, gaming and high-tech, and it’s frustrating because they have a decent amount of money and they can’t find anything,” she said.

Diane Dillard, an agent with Amelia Bullock Realtors, said she has shown a $2.4 million home in the affluent Barton Creek area to 10 prospective buyers, “and more than half are coming from out-of-state, and several were coming to Austin and moving their companies here.”

Dillard said the $300,000 to $500,000 price range is particularly in demand.

Many areas are facing a shortage of listings, including Tarrytown, Westlake Hills and Barton Hills, among others, Dillard said.

In a part of South Austin that includes the Westgate and Cherry Creek areas, only 28 homes are for sale in the $200,000 to $400,000 price range; in Travis Heights, 23 homes are on the market ranging in price from $315,000 to $950,000, “the lowest number of actives that I’ve seen since 2007,” Dillard said. In Hyde Park, north of UT, there are 34 listings ranging from $199,000 to $869,000.

Austin mirrors national trends, where home sales “are on a sustained uptrend, mortgage interest rates are hovering near record lows, and unsold inventory is at the lowest level in 12 years” — all conditions for strong price growth, according to Lawrence Yun, chief economist for the National Association of Realtors.

Your Guide to Trendy Austin Boutiques

Austin is known for its art and culture and its abundance of local businesses. Its no wonder that has translated over to the fashion scene. With lots of local boutiques to choose from everyone can find their own sense of style! Below are just some of the boutiques you will find throughout Austin.

Boutiques by Location

• The Domain shopping center
• North Central
• North Loop district
• Central
• West 12th area
• Downtown
• 2nd Street District
• South Lamar
• South First
• South Congress
• East Side