AUSTIN (Austin Board of Realtors) – Last month marked the 20th straight month of existing single-family home sales increases and the most January home sales since 2007.
According to the MLS report released this week by the Austin Board of Realtors, 1,402 homes were sold last month — 33 percent more than January 2012. The total dollar volume of single-family properties sold was $368.3 million, 55 percent higher than the same month last year.
The median price for area homes also increased to $197,900, up 10 percent from the same month last year.
The market had 2.5 months of inventory, which was 1.6 months less than January 2012 and the lowest inventory in the area in the last decade.
This is putting added pressure on buyers, JB Goodwin Realtors agent Dylan Everett told the Austin American-Statesman.
“The local housing market is exploding right now,” Everett said. “In fact, it can be very stressful working with a buyer right now because you are fighting multiple offers.”
Everett added that some homes are selling before they reach the database of listings.
There were 1 percent fewer new listings, 25 percent fewer active listings and 25 percent more pending sales last month than the previous January. On average, homes spent 71 days on the market, 14 days fewer than the year before.