Real Estate Price Increases Continue to Hover around Ten Percent Mark, Reports Austin Brokerage Regent Property Group
Austin luxury homes brokerage Regent Property Group releases July 2013 real estate statistics detailing a busy entry into the summer sales season, with high volume and rising prices.
Austin, TX (PRWEB) July 20, 2013
The Spring 2013 season for Austin, Texas residential real estate was notable for its flurry of sellers entering the market to capitalize on rising prices and home buyers facing competition for dwindling supply – and it looks as though this trend is continuing as the market enters its summer season, according to boutique Austin luxury homes brokerage Regent Property Group.
“We’ve been seeing all year an approximate ten percent increase in sales prices compared to last year,” said Brian Talley, founder of Regent Property Group. “Fewer homes in the most popular areas also forced some competition among buyers searching for homes so we’ve experienced a lot of action and excitement this first half of 2013.”
Talley said he believes these trends will continue, based on what he sees reflected in the statistics. Year to date sold prices show Austin’s median price for 2013 is $287,000. It was $261,500 at this time in 2012, leaving those numbers rating close to a ten percent increase.
The current number of listings is down about 25 percent from last year, and the number of homes under contract is a little over five percent higher. Active home prices, with a median of about $455k and an average of about $797k, demonstrate that some level of price increase is likely into the summer, whether in popular mid-range neighborhoods like Circle C or in luxury neighborhoods.
Between January 1 and July 10, 2013, 5,900 homes sold in Austin, with a high sold price of $5,860,000 ($755.12 per square foot,) average sold price of $375,733 ($158.07 per square foot,) and median sold price of $287,000 ($134.80 per square foot.)
As of July 15, there were 1,942 single-family homes for sale in Austin, averaging 57 days on the market – a 25 percent decrease from the 2,601 single-family homes for sale on 7/09/12. Also as of July 15, there were 1,743 houses under contract, averaging 33 days on the market, a 5.19 percent increase from the 1,657 homes that were under contract on 7/09/12.
About Regent Property Group
Regent Property Group was founded by Brian Talley, who has been ranked among the top 1% and 2% of Austin Board of REALTORS® members. He is a personal top producer, closing multi-million dollars of transactions for homes located all over Austin, in areas such as Lake Austin, Eanes ISD, Westlake, downtown, and more. During 2011, Brian was the #11 selling agent (#9 including off-MLS properties) for total dollar volume sold in the greater Austin area. Talley, a 5th generation Texan, formed Regent Property Group to serve the needs of Austin’s residential real estate clients, helping people buy and sell luxury homes in the greater Austin area. Contact: info (at) regentpg (dot) com, or call today at 512.554.9714.
For the original version on PRWeb visit: http://www.prweb.com/releases/Regent_Property_Group/July2013Stats/prweb10948269.htm