Austin Texas Real Estate Market Update and Statistics April 2011
published on May 10, 2011
During the first 4 months of 2011 the Austin real estate has remained relatively flat compared to 2010 with a 7.52% decrease in the number of single-family homes sold and almost no change in the median sold price per square foot within the city limits of Austin. During April 2011 there was a 17.70% drop in the number of single-family homes sold and a 1.88% increase in the median sold price per square foot with a 7.29% increase in the median sold price (total dollars) compared to last year. During April 2011 it was taking 22% longer to sell a home compared to last year, but the supply of homes dropped 3% to a very low 3.8 months of supply. The number of homes available for sale increased 7% over last month as we ramp into the hot season for selling homes. Speaking of hot, lease rates increased 3.57% in April 2011 compared to April 2010 with a 34% reduction in the time it takes to lease a home and a 12.77% decrease in the number of homes available for lease. The Austin unemployment rate (Austin-Round Rock-San Marcos) showed a slight decrease in the unemployment rate from the previous month at 6.9% in February 2011 to 6.8% in March 2011.
Market Snapshot
(April 2011 compared to April 2010)
• 17.7% decrease in the number of single-family homes sold
• 1.88% increase in median single-family sold price per square foot
• 7.29% increase in median sold price (total dollars)
• 22.03% increase in the time it is taking to sell a home
• 22.57% decrease in withdrawals
• 3% decrease in supply
• 3.57% increase in the lease price per square foot
• 34% decrease in the time it is taking to lease a home
• 16.7% decrease in homes available for lease
Between January 1 and May 9, 2011 there were 2522 single-family homes sold within the Austin city limits with a median sold price of $117.49 per square foot ($238,870) and averaging 80 days on the market, which is a 0.144% decrease in the median sold price per square foot compared to the same time period in 2010. During the same time period in 2010 there were 2727 homes sold (8.12% more than during the same time period in 2011) with a median sold price of $117.66 per square foot ($228,500), and averaging 63 days on the market.
Austin Real Estate Market Summary for April 2011:
Sold: As of 5/9/2011 there were 753 homes sold in Austin, Texas during April 2011 compared to 915 during the same period of time in 2010 (17.70% decrease). Overall home prices (per square foot) have increased 1.88% during April 2011 compared to April 2010 with a median sold price of $122.24 per square foot ($250,000) in April 2011 compared to $119.98 per square foot ($233,000) in April 2010. In April 2011 these sold homes have averaged 72 days on the market compared to 59 days on the market in April 2010, which shows there was a 22% increase in the time it is taking to sell a home this April 2011 compared to last April 2010.
Active: There are 3,766 single-family homes actively for sale within the city limits of Austin Texas as of 5/09/11 averaging 93 days on the market with a median list price of $135.16 per square foot ($290,000), which is a 12.6% decrease from the 4,310 single-family homes for sale on 5/3/10 and a 7.04% increase from the 3,518 single-family homes for sale on 4/10/11. This is a 4.7% decrease in the median list price per square foot and a 14.8% increase in the average days on market compared to 5/3/10 when homes actively for sale averaged 81 days on the market with a median list price of $141.80 per square foot ($309,900).
Pending Sale: There are 1306 houses pending sale in Austin as of 5/09/11, which is a 6.09% increase from a month ago when there were 1231 houses pending sale on 4/10/11 and a 22.4% decrease from the 1682 that were pending sale on 5/3/10. These 1306 homes average 64 days on the market with a median price of $125 per square foot ($265,000), which is a list price 2.25% more than the median sold price per square foot in Austin during April 2011 and a 3.2% increase in the median list price per square foot compared to 5/2/10.
Withdrawn: There were 199 single-family homes withdrawn from the Austin Texas real estate market during April 2011 compared to 257 homes during the same period of time during April 2010, which is a 22.57% decrease in withdrawals. The homes withdrawn in April 2011 averaged 113 days on the market and were listed for sale with a median price of $134.49 per square foot ($287,000). This compares to an average of 105 days on the market with a median price of $129.86 per square foot ($299,000) for homes withdrawn from the market during April 2010.
Inventory: Clarus MarketMetrics shows that there is a 3.8 month supply of inventory for single-family homes in the city limits of Austin during April 2011 compared to 3.9 month supply of inventory during April 2010, which is a 3% decrease in supply.
Austin Leases: As of 5/09/11 there are 877 homes (all types) for lease within the City of Austin with a median lease price of $1 per square foot per month ($1,400 per month) and averaging 37 days on the market. This is a 16.7% decrease in the number of homes available for lease compared to 5/3/10. During April 2011 there were 642 homes (all types) leased in Austin compared to 736 during April 2010, which is a 12.77% decrease in the number of homes leased. In April 2011 the median leased price per square foot was $0.87 per square foot per month ($1,275/mo) and averaging 27 days on the market compared to $0.84 per square foot per month ($1,195/mo) and averaging 41 days on the market in April 2010, which shows a 3.57% increase in the lease price per square foot and a 34% decrease in days on the market.
Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by Lake 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 Austin REALTOR® 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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