Austin Texas Real Estate Market Update and Statistics April 2009

We have definitely hit the “hot season” for residential real estate in Austin Texas.  While the number of single-family homes sold within the Austin city limits was down 28% in April 2009 compared to April 2008, we have experienced a seasonal monthly increase in homes sold each month since January 2009 as you can see in the below bar chart.  Sold prices have seen an overall decrease of 3.4% in April 2009 compared to April 2008, but the supply of homes available for sale has decreased by 9% to 4.4 months of inventory.  The Austin unemployment rate in March 2009 was down to 6.2% from 6.3% in February 2009, showing signs of stability leading into the summer.  The March 2009 Austin unemployment rate is lower than both the State of Texas (6.7%) and the U.S. (9%) unemployment rate, which is a good indicator of strength in the Austin economy.

Very low interest rates and a first-time homebuyer tax credit of $8,000 continue to offer strong incentives for those interested in purchasing a home in Austin.  National bank rates for a 30 year fixed mortgage have decreased further to a very low 4.92% as of 5/2/09 according to bankrate.com, which compares to 5.25% in our 3/1/09 market update.   Due to the $787 billion U.S. Stimulus Plan, first-time homebuyer’s have the ability to receive an $8,000 tax credit for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment. 

With fewer homes being purchased and with even lower interest rates and with tax incentives for first-time homebuyers, this is an excellent time to consider buying Austin real estate!

Conduct an Austin home search by clicking this link.  Contact Austin REALTOR® Brian Talley of Regent Property Group at 512-554-9714 if you need help buying or selling an Austin home or if you have a need for Austin office space.

Market Snapshot
(April 2009 compared to April 2008)
Austin Overall:
• 28% reduction in the number of single-family homes sold
• 3.4% decrease in median single-family sold price
• 15% increase in the time it is taking to sell a home
• 32% increase in withdrawals
• 9% decrease in supply

Austin Real Estate Market Summary for April 2009:
Sold:  There were 595 homes sold in Austin Texas during April 2009 compared to 821 during the same period of time in 2008 (28% reduction).  Overall home prices have decreased by 3.4% during April 2009 compared to April 2008 with a median sold price of $116.46 per square foot ($227,000) in April 2009 compared to $112.57 per square foot ($235,000) in April 2008.  In April 2009 these sold homes have averaged 63 days on the market compared to 55 days on the market in April 2008, which is a 15% increase in the time it is taking to sell a home this April compared to last.
Active: There are 3,974 single-family homes actively for sale within the city limits of Austin Texas as of 5/1/09, which is a 3.4% increase from the 3,844 single-family homes for sale on 4/1/09.  These homes average 91 days on the market with a median list price of $150.13 per square foot ($360,907).  
Pending Sale: There are 1,106 houses pending sale in Austin as of 5/1/09, which is 18.5% more than a month ago when there were 979 houses pending sale on 4/1/09.   These 1,106 homes average 69 days on the market with a median price of $119.33 per square foot ($239,900), which is a list price 2.5% greater than the median sold price in Austin during April 2009. 
Withdrawn: There were 299 single-family homes withdrawn from the Austin Texas real estate market during April 2009 compared to 227 homes during the same period of time during April 2008, which is a 32% increase in withdrawals.  The homes withdrawn in April 2009 averaged 114 days on the market and were listed for sale with a median price of $134.62 per square foot ($289,500). This compares to an average of 86 days on the market with a median price of $148.60 per square foot ($320,000) for homes withdrawn from the market during April 2008.
Inventory: Clarus MarketMetrics shows that there is a 4.4 month supply of inventory for single-family homes in the city limits of Austin during April 2009 compared to 4.8 during April 2008.
 
Austin Real Estate Market Summary for April 2009:
Austin Luxury Homes ($1,000,000+):  During April 2009 there were 7 single-family homes over $1 million that sold in Austin compared to 15 during April 2008, which is a 53% reduction in homes sold.  During April 2009 the median sold price was $268.96 per square foot ($1,700,000) and an average of 131 days on the market compared to $268.44 per square foot ($1,250,000) and an average of 142 days on the market during April 2008, which is a 0.2% increase in the median sold price and a 8% decrease in the days on market.  As of 5/1/09 there are 430 single-family homes (there were 416 on 4/7/09) over $1 million actively for sale within the city limits of Austin with a median list price of $331.53 per square foot ($1,635,000), 5,046 square feet and averaging 119 days on the market.  There is a 19% difference between the current median list price and the median sale price $331.53 per square foot list price versus $268.96 per square foot sold price) for Austin luxury homes.  There are currently 30 luxury homes pending sale in Austin on 5/1/09 with a median list price of $316.11 per square foot ($1,464,500), 4,858 square feet, and averaging 173 days on the market.  This compares to 15 homes pending sale on 4/7/09 with a median list price of $304.40 per square foot ($1,650,000), 4,818 square feet, and an average of 206 days on the market.  21 luxury homes were withdrawn from the market during April 2009 compared to 13 in April 2008. Clarus MarketMetrics shows a 18.1 month supply of inventory during April 2009 compared to 18.3 during April 2008.
$500,000 to $1,000,000: During April 2009 there were 43 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 88 during April 2008, which is a 51% reduction in homes sold.  Sold prices increased by 4% with a median sold price of $197.42 per square foot ($619,990) and averaging 63 days on the market during April 2009 compared to $190.67 per square foot ($615,000) and averaging 55 days on the market in April 2008.  As of 5/1/09 there were 875 single-family homes actively for sale with a median list price of $201.49 per square foot ($675,250) and averaging 103 days on the market.  There are currently 118 homes pending sale (47.5% more than on 4/7/09) with a median list price of $194.39 per square foot ($650,000) and averaging 88 days on the market.  This compares to the 80 homes that were pending sale on 4/7/09 with a median list price of $197.93 per square foot ($627,000) and averaging 94 days on the market.  43 homes were withdrawn from the market during April 2009 compared to 32 in April 2008. Clarus MarketMetrics shows a 9.9 month supply of inventory during April 2009 compared to 7.9 during April 2008.
$250,000 to $500,000:   During April 2009 there were 230 homes between $250,000 and $500,000 sold in Austin Texas compared to 280 during April 2008, which is an 18% reduction in homes sold.  Sold prices decreased by 6% with a median sold price of $128.48 per square foot ($321,500) and averaging 76 days on the market during April 2009 compared to a median sold price of $136.82 per square foot ($326,350) and averaging 61 days on the market during April 2008.  As of 5/1/09 there were 1,473 single-family homes actively for sale with a median list price of $138.92 per square foot ($350,000) and averaging 85 days on the market.  There are currently 363 homes pending sale (8% increase compared to 4/7/09) with a median list price of $131.54 per square foot ($329,900) and averaging 76 days on the market.  On 4/7/09 there were 335 homes pending sale with a median list price of $134.20 per square foot ($325,000) and averaging 74 days on the market.  110 homes were withdrawn from the market during April 2009 compared to 99 in April 2008.  Clarus MarketMetrics shows a 4.7 month supply of inventory during April 2009 compared to 4.8 during April 2008.
$0 to $250,000:   During April 2009 there were 326 homes between $0 and $250,000 sold in Austin Texas compared to 438 during April 2008, which is a 26% reduction in homes sold.  Sold prices decreased by 3.7% with a median sold price of $104.41 per square foot ($168,500) and averaging 50 days on the market during April 2009 compared to a median sold price of $108.44 per square foot ($174,450) and averaging 47 days on the market during April 2008.  As of 5/1/09 there were 1,204 single-family homes actively for sale with a median list price of $106.51 per square foot ($184,900) and averaging 78 days on the market.  There are currently 585 homes pending sale (7% increase compared to 4/7/09) with a median list price of $105.87 per square foot ($169,500) and averaging 56 days on the market.   On 4/7/09 there were 547 homes pending sale with a median list price of $104.01 per square foot ($168,500) and averaging 56 days on the market.   124 homes were withdrawn from the market during April 2009 compared to 83 during April 2008.  Clarus MarketMetrics shows a 2.5 month supply of inventory during April 2009 compared to 3.3 during April 2008.
Austin Leases: As of 5/2/09 there are 1,529 homes for lease within the City of Austin with a median lease price of $.93 per square foot ($1,375 per month) and averaging 52 days on the market.  During April 2009 there were 607 homes (all types) leased in Austin compared to 558 during April 2008, which is a 9% increase in the number of homes leased.  Lease prices per square foot decreased 2.4% and days on the market increased by 40% with a median lease price of $.81 per square foot ($1,200 per month) and averaging 49 days on the market in April 2009 compared to $.83 per square foot ($1,250 per month) and averaging 35 days on the market in April 2008.

Source: The raw data in this report was provided by the Austin Board of REALTORS®  but interpreted by Austin 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.