Austin Texas Real Estate Market Update and Statistics April 2010
published on May 3, 2010
The Austin real estate market shows improvement during April 2010, partially as a result of the home buyer tax credits that expired at the end of April. The City of Austin experienced a 4% price per square foot increase and a 4.8% total dollar increase for single-family homes sold during April 2010 compared to April 2009. There was an 8% increase in the number of homes sold and it took 7.7% less time to sell a home during April 2010 compared to April 2009. Furthermore, there was a 48% decrease in supply of homes for sale with only 3 months of current inventory for single-family homes in the city limits of Austin. This means that at the current rate of sales, if no more homes were listed for sale starting today, every home listed for sale in the City of Austin would be sold in 3 months! This is a very low amount of inventory, which is helping keep home prices stable. While the Austin housing market improved over last year, there are still challenges such as a high unemployment rate of 7.1%, which is still lower than the State of Texas and the US.
Market Snapshot
(April 2010 compared to April 2009)
Austin Overall:
• 8% increase in the number of single-family homes sold
• 4% increase in median single-family sold price per square foot
• 4.8% increase in median sold price (total dollars)
• 7.7% Decrease in the time it is taking to sell a home
• 16% decrease in withdrawals
• 48% decrease in supply
Austin Real Estate Market Summary for April 2010:
Sold: As of 5/3/10 there were 796 homes sold in Austin, Texas during April 2010 compared to 715 during the same period of time in 2009 (3.14% increase). Overall home prices (per square foot) have increased 4% during April 2010 compared to April 2009 with a median sold price of $120.84 per square foot ($236,450) in April 2010 compared to $116.22 per square foot ($225,671) in April 2009. In April 2010 these sold homes have averaged 60 days on the market compared to 65 days on the market in April 2009, which shows there was a 7.70% decrease in the time it is taking to sell a home this April 2010 compared to last April 2009.
Active: There are 4,310 single-family homes actively for sale within the city limits of Austin Texas as of 5/3/10, which is a 10.57% increase from the 3898 single-family homes for sale on 4/1/10. These homes average 81 days on the market with a median list price of $141.80 per square foot ($309,900).
Pending Sale: There are 1682 houses pending sale in Austin as of 5/3/10, which is 24% more than a month ago when there were 1356 houses pending sale on 4/3/10. These 1682 homes average 53 days on the market with a median price of $121.11 per square foot ($232,075), which is a list price .22% more than the median sold price per square foot in Austin during April 2010.
Withdrawn: There were 257 single-family homes withdrawn from the Austin Texas real estate market during April 2010 compared to 299 homes during the same period of time during April 2009, which is a 16% decrease in withdrawals. The homes withdrawn in March 2010 averaged 105 days on the market and were listed for sale with a median price of $129.76 per square foot ($298,900). This compares to an average of 114 days on the market with a median price of $134.62 per square foot ($289,500) for homes withdrawn from the market during April 2009.
Inventory: Clarus MarketMetrics shows that there is a 3 month supply of inventory for single-family homes in the city limits of Austin during April 2010 compared to 5.9 during April 2009, which is a 48% decrease in supply.
Austin Leases: As of 5/3/10 there are 1053 homes (all types) for lease within the City of Austin with a median lease price of $.94 per square foot per month ($1,225 per month) and averaging 31 days on the market. During April 2010 there were 679 homes (all types) leased in Austin compared to 644 during April 2009, which is a 5.4% increase in the number of homes leased. In April 2010 the median lease price per square foot was $.84 per square foot per month ($1,200/mo) and averaging 41 days on the market compared to $.80 per square foot per month ($1,200/mo) and averaging 49 days on the market in April 2009, which is an 5% increase in the lease price per square foot and a 16% decrease in days on the market.
Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by luxury 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. Statistics in this report may be updated as more information is added or changed from the source of this information.
Austin Home Price Estimate
What's your home worth? Use our instant home price estimator to get an idea of what your home might sell for on the market today.