Austin Texas Real Estate Market Update and Statistics 2010 Year in Review
published on January 7, 2011
The city of Austin single-family housing market during the year 2010 was fairly flat and somewhat stable compared to 2009 with increases in overall single-family home sale prices and decreases in the number of homes sold. 2010 showed a decrease of 5.8% in the number of single-family homes sold and a median sold price increase of 5.67% compared to 2009. When comparing the year 2010 with the year 2007 – just before the recession began – sold prices per square foot were almost identical during 2010, sold prices (total dollars) were up 3.8% in 2010, and the number of homes sold was down 27% during 2010. In other words, less people purchased homes during the recession yet home prices have stabilized and slightly rebounded most likely due to low overall inventory in the city limits of Austin. Job growth will be a critical component to the future Austin housing market. Austin was ranked among the top US cities for job growth during 2010, which bodes well for the future of the city.
Between January 1st and December 30, 2010 there were 7,943 single-family homes sold within the Austin city limits with a median sold price of $120.08 per square foot (245,500) and averaging 67 days on the market, which is a 2.38% increase in the median sold price per square foot compared to the same time period in 2009. During the same time period in 2009 there were 8,432 homes sold (6.15% more than during the same time period in 2010) with a median sold price of $117.29 per square foot ($231,838), and averaging 69 days on the market.
The Austin unemployment rate (Austin-Round Rock-San Marcos) showed a slight increase from the previous month at 6.9% in October 2010 to 7.1% in November 2010 with 2,300 more people employed in Austin-Round Rock-San Marcos in November 2010 than the previous month.
• 2.38% increase in the median single-family sold price per square foot
• 5.67% increase in median sold price (total dollars)
• 5.8% decrease in the number of single-family homes sold
• 2.9% decrease in the time it is taking to sell a home
(December 2010 compared to December 2009)
• 4.75% increase in the number of single-family homes sold
• 2.74% decrease in median single-family sold price per square foot
•5.93% decrease in median sold price (total dollars)
• 23.6% increase in the time it is taking to sell a home
• 17.9% increase in withdrawals
• 31% decrease in supply
• 2.53% increase in the lease price per square foot
•17.86% decrease in the time it is taking to lease a home
Austin Real Estate Market Summary for December 2010:
Sold: As of 1/6/11 there were 573 homes sold in Austin, Texas during December 2010 compared to 547 during the same period of time in 2009 (4.75% increase). Overall home prices (per square foot) have decreased 2.74% during December 2010 compared to December 2009 with a median sold price of $115.83 per square foot ($230,000) in December 2010 compared to $119.09 per square foot ($244,500) in December 2009. In December 2010 these sold homes have averaged 89 days on the market compared to 72 days on the market in December 2009, which shows there was a 23.6% increase in the time it is taking to sell a home this December 2010 compared to last December 2009.
Active: There are 2,993 single-family homes actively for sale within the city limits of Austin Texas as of 1/06/11 averaging 123 days on the market with a median list price of $130 per square foot ($260,000). This is a 12.66% decrease from the 3,427 single-family homes for sale on 12/7/10.
Pending Sale: There are 705 houses pending sale in Austin as of 1/06/11, which is a 16.76% decrease from a month ago when there were 847 houses pending sale on 12/06/10. These 705 homes average 85 days on the market with a median price of $120.55 per square foot ($238,500), which is a list price 4.07% more than the median sold price per square foot in Austin during December 2010.
Withdrawn: There were 362 single-family homes withdrawn from the Austin Texas real estate market during December 2010 compared to 307 homes during the same period of time during December 2009, which is a 17.9% increase in withdrawals. The homes withdrawn in December 2010 averaged 132 days on the market and were listed for sale with a median price of $133.36 per square foot ($283,450). This compares to an average of 121 days on the market with a median price of $154.46 per square foot ($385,000) for homes withdrawn from the market during December 2009.
Inventory: Clarus MarketMetrics shows that there is a 5.5 month supply of inventory for single-family homes in the city limits of Austin during December 2010 compared to 8 month supply of inventory during December 2009, which is a 31% decrease in supply.
Austin Leases: As of 1/06/11 there are 995 homes (all types) for lease within the City of Austin with a median lease price of $.87 per square foot per month ($1,200 per month) and averaging 55 days on the market. During December 2010 there were 646 homes (all types) leased in Austin compared to 679 during December 2009, which is a 4.86% decrease in the number of homes leased. In December 2010 the median leased price per square foot was $0.81 per square foot per month ($1,200/mo) and averaging 46 days on the market compared to $0.79 per square foot per month ($1,100/mo) and averaging 56 days on the market in December 2009, which shows a 2.53% increase in the lease price per square foot and a 17.85% decrease in days on the market.
Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by Austin luxury Realtor® Brian Talley of Regent Property Group. The information contained herein is subject to errors, omissions and changes without notice. Any information, statistics, analytics, recommendations or opinions provided in this report are subject to errors and/or omissions and are not in any way guaranteed as accurate or reliable by Brian Talley or by Regent Property Group LLC. Statistics in this report may be updated as more information is added or changed from the source of this information.
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