Austin Texas Real Estate Market Update and Statistics August 2009
published on September 7, 2009
As the peak Austin real estate season of our summer 2009 comes to a close, I’m seeing some strong positive indicators, but also some mixed signals from the August 2009 market statistics for the city limits of Austin. During August there were 14.2% fewer homes sold in 2009 than 2008. Median sold prices were down 5.9% overall and it is taking more time to sell homes. The Austin unemployment rate in July 2009 was up to 7.3% from 7.1% in June 2009. However, the number of withdrawals was down 5% and the overall supply was down 37.7% to a very low 4.3 months of supply. Additionally, median sold prices actually increased by 7.1% for homes in the $500K – $1M price range sold during August 2009 compared to August 2008. While unemployment was up, there was still a 5,400 increase in the number of employed.
When the market was hurting the most over the last year there was a significant increase in withdrawals, so a reversal of this trend is good news. A low supply of homes can help offset a decrease in demand, so I’m pleased to see that our supply is tight within the Austin city limits helping offset the reduced sales volume. Also, price increases in the $500K-$1M price range is a pleasant surprise and a reversal of the downward trend in a price range that has been hit hard by the national recession. The increased unemployment is bad, but more people continue to flow into Austin thereby increasing the statistic. To conclude, Austin is still experiencing the pains of the national recession, but we have avoided a huge real estate market collapse like many other cities throughout the US.
Market Snapshot
(August 2009 compared to August 2008)
Austin Overall:
• 14.2% reduction in the number of single-family homes sold
• 5.9% decrease in median single-family sold price
• 16.7% increase in the time it is taking to sell a home
• 5% decrease in withdrawals
• 37.7% decrease in supply
(August 2009 compared to August 2008)
Austin Overall:
• 14.2% reduction in the number of single-family homes sold
• 5.9% decrease in median single-family sold price
• 16.7% increase in the time it is taking to sell a home
• 5% decrease in withdrawals
• 37.7% decrease in supply
See Austin homes for sale by clicking here.
Austin Real Estate Market Summary for August 2009:
Sold: There were 745 homes sold in Austin Texas during August 2009 compared to 869 during the same period of time in 2008 (14.2% reduction). Overall home prices have decreased by 5.9% during August 2009 compared to August 2008 with a median sold price of $114.87 per square foot ($235,000) in August 2009 compared to $122.12 per square foot ($249,900) in August 2008. In August 2009 these sold homes have averaged 63 days on the market compared to 54 days on the market in August 2008, which is a 16.7% increase in the time it is taking to sell a home this August compared to last.
Active: There are 3,805 single-family homes actively for sale within the city limits of Austin Texas as of 9/4/09, which is a decrease from the 3,956 single-family homes for sale on 8/4/09. These homes average 99 days on the market with a median list price of $152.06 per square foot ($349,900).
Pending Sale: There are 1,074 houses pending sale in Austin as of 9/4/09, which is 2.6% less than a month ago when there were 1,103 houses pending sale on 8/4/09. These 1,074 homes average 64 days on the market with a median price of $116.75 per square foot ($223,700).
Withdrawn: There were 379 single-family homes withdrawn from the Austin Texas real estate market during August 2009 compared to 399 homes during the same period of time during August 2008, which is a 5% decrease in withdrawals. The homes withdrawn in August 2009 averaged 109 days on the market and were listed for sale with a median price of $142.42 per square foot ($334,900). This compares to an average of 106 days on the market with a median price of $149.82 per square foot ($332,500) for homes withdrawn from the market during August 2008.
Inventory: Clarus MarketMetrics shows that there is a 4.3 month supply of inventory for single-family homes in the city limits of Austin during August 2009 compared to 6.9 during August 2008.
Austin Real Estate Market Summary for August 2009 by Price Range:
Austin Luxury Homes ($1,000,000+): During August 2009 there were 10 single-family homes over $1 million that sold in Austin compared to 29 during August 2008, which is a 65% decrease in the number of homes sold. During August 2009 the median sold price was $254.37 per square foot ($1,416,750) and an average of 147 days on the market compared to $276.93 per square foot ($1,270,000) and an average of 147 days on the market during August 2008, which is an 8.1% decrease in the median sold price per square foot and the same days on market. As of 9/4/09 there are 407 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $338.24 per square foot ($1,690,000), 5,095 square feet and averaging 139 days on the market. There is a 25% difference between the current median list price of $338.24 per square foot and the median sale price of $254.37 per square foot for Austin luxury homes. There are currently 28 luxury homes pending sale in Austin on 9/4/09 with a median list price of $300.19 per square foot ($1,480,000), 5,998 square feet, and averaging 163 days on the market. 33 luxury homes were withdrawn from the market during August 2009 compared to 32 in August 2008. Clarus MarketMetrics shows an 18.5 month supply of inventory during August 2009 compared to 21.6 during August 2008.
$500,000 to $1,000,000: During August 2009 there were 79 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 81 during August 2008, which is a 4.8% reduction in homes sold. Sold prices increased by 7.1% with a median sold price of $187.16 per square foot ($605,000) and averaging 91 days on the market during August 2009 compared to $174.84 per square foot ($605,000) and averaging 89 days on the market in August 2008. As of 9/4/09 there were 775 single-family homes actively for sale with a median list price of $200.06 per square foot ($689,900) and averaging 125 days on the market. There are currently 89 homes pending sale with a median list price of $196.88 per square foot ($649,450) and averaging 109 days on the market. 75 homes were withdrawn from the market during August 2009 compared to 75 in August 2008. Clarus MarketMetrics shows a 10.1 month supply of inventory during August 2009 compared to 11.4 during August 2008.
$250,000 to $500,000: During August 2009 there were 259 homes between $250,000 and $500,000 sold in Austin Texas compared to 329 during August 2008, which is a 21.3% reduction in homes sold. Sold prices decreased by 9.9% with a median sold price of $121.95 per square foot ($325,500) and averaging 74 days on the market during August 2009 compared to a median sold price of $135.41 per square foot ($320,000) and averaging 56 days on the market during August 2008. As of 9/4/09 there were 1,436 single-family homes actively for sale with a median list price of $145.11 per square foot ($349,900) and averaging 94 days on the market. There are currently 322 homes pending sale with a median list price of $134.76 per square foot ($339,900) and averaging 76 days on the market. 151 homes were withdrawn from the market during August 2009 compared to 164 in August 2008. Clarus MarketMetrics shows a 5.0 month supply of inventory during August 2009 compared to 7.5 during August 2008.
$0 to $250,000: During August 2009 there were 393 homes between $0 and $250,000 sold in Austin Texas compared to 439 during August 2008, which is a 10.5% reduction in homes sold. Sold prices decreased by 3.4% with a median sold price of $105.39 per square foot ($176,531) and averaging 48 days on the market during August 2009 compared to a median sold price of $109.06 per square foot ($176,000) and averaging 46 days on the market during August 2008. As of 9/4/09 there were 1,217 single-family homes actively for sale with a median list price of $108.89 per square foot ($183,500) and averaging 75 days on the market. There are currently 649 homes pending sale with a median list price of $106.23 per square foot ($174,900) and averaging 49 days on the market. 124 homes were withdrawn from the market during August 2009 compared to 131 during August 2008. Clarus MarketMetrics shows a 2.4 month supply of inventory during August 2009 compared to 4.8 during August 2008.
Austin Leases: As of 9/4/09 there are 797 homes for lease within the City of Austin with a median lease price of $.86 per square foot ($1,500 per month) and averaging 40 days on the market. During August 2009 there were 1,067 homes (all types) leased in Austin compared to 865 during August 2008, which is a 23.4% increase in the number of homes leased. The median lease price was $.86 per square foot ($1,200 per month) and averaged 40 days on the market in August 2009 compared to $.87 per square foot ($1,250 per month) and averaging 29 days on the market in August 2008.
Sold: There were 745 homes sold in Austin Texas during August 2009 compared to 869 during the same period of time in 2008 (14.2% reduction). Overall home prices have decreased by 5.9% during August 2009 compared to August 2008 with a median sold price of $114.87 per square foot ($235,000) in August 2009 compared to $122.12 per square foot ($249,900) in August 2008. In August 2009 these sold homes have averaged 63 days on the market compared to 54 days on the market in August 2008, which is a 16.7% increase in the time it is taking to sell a home this August compared to last.
Active: There are 3,805 single-family homes actively for sale within the city limits of Austin Texas as of 9/4/09, which is a decrease from the 3,956 single-family homes for sale on 8/4/09. These homes average 99 days on the market with a median list price of $152.06 per square foot ($349,900).
Pending Sale: There are 1,074 houses pending sale in Austin as of 9/4/09, which is 2.6% less than a month ago when there were 1,103 houses pending sale on 8/4/09. These 1,074 homes average 64 days on the market with a median price of $116.75 per square foot ($223,700).
Withdrawn: There were 379 single-family homes withdrawn from the Austin Texas real estate market during August 2009 compared to 399 homes during the same period of time during August 2008, which is a 5% decrease in withdrawals. The homes withdrawn in August 2009 averaged 109 days on the market and were listed for sale with a median price of $142.42 per square foot ($334,900). This compares to an average of 106 days on the market with a median price of $149.82 per square foot ($332,500) for homes withdrawn from the market during August 2008.
Inventory: Clarus MarketMetrics shows that there is a 4.3 month supply of inventory for single-family homes in the city limits of Austin during August 2009 compared to 6.9 during August 2008.
Austin Real Estate Market Summary for August 2009 by Price Range:
Austin Luxury Homes ($1,000,000+): During August 2009 there were 10 single-family homes over $1 million that sold in Austin compared to 29 during August 2008, which is a 65% decrease in the number of homes sold. During August 2009 the median sold price was $254.37 per square foot ($1,416,750) and an average of 147 days on the market compared to $276.93 per square foot ($1,270,000) and an average of 147 days on the market during August 2008, which is an 8.1% decrease in the median sold price per square foot and the same days on market. As of 9/4/09 there are 407 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $338.24 per square foot ($1,690,000), 5,095 square feet and averaging 139 days on the market. There is a 25% difference between the current median list price of $338.24 per square foot and the median sale price of $254.37 per square foot for Austin luxury homes. There are currently 28 luxury homes pending sale in Austin on 9/4/09 with a median list price of $300.19 per square foot ($1,480,000), 5,998 square feet, and averaging 163 days on the market. 33 luxury homes were withdrawn from the market during August 2009 compared to 32 in August 2008. Clarus MarketMetrics shows an 18.5 month supply of inventory during August 2009 compared to 21.6 during August 2008.
$500,000 to $1,000,000: During August 2009 there were 79 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 81 during August 2008, which is a 4.8% reduction in homes sold. Sold prices increased by 7.1% with a median sold price of $187.16 per square foot ($605,000) and averaging 91 days on the market during August 2009 compared to $174.84 per square foot ($605,000) and averaging 89 days on the market in August 2008. As of 9/4/09 there were 775 single-family homes actively for sale with a median list price of $200.06 per square foot ($689,900) and averaging 125 days on the market. There are currently 89 homes pending sale with a median list price of $196.88 per square foot ($649,450) and averaging 109 days on the market. 75 homes were withdrawn from the market during August 2009 compared to 75 in August 2008. Clarus MarketMetrics shows a 10.1 month supply of inventory during August 2009 compared to 11.4 during August 2008.
$250,000 to $500,000: During August 2009 there were 259 homes between $250,000 and $500,000 sold in Austin Texas compared to 329 during August 2008, which is a 21.3% reduction in homes sold. Sold prices decreased by 9.9% with a median sold price of $121.95 per square foot ($325,500) and averaging 74 days on the market during August 2009 compared to a median sold price of $135.41 per square foot ($320,000) and averaging 56 days on the market during August 2008. As of 9/4/09 there were 1,436 single-family homes actively for sale with a median list price of $145.11 per square foot ($349,900) and averaging 94 days on the market. There are currently 322 homes pending sale with a median list price of $134.76 per square foot ($339,900) and averaging 76 days on the market. 151 homes were withdrawn from the market during August 2009 compared to 164 in August 2008. Clarus MarketMetrics shows a 5.0 month supply of inventory during August 2009 compared to 7.5 during August 2008.
$0 to $250,000: During August 2009 there were 393 homes between $0 and $250,000 sold in Austin Texas compared to 439 during August 2008, which is a 10.5% reduction in homes sold. Sold prices decreased by 3.4% with a median sold price of $105.39 per square foot ($176,531) and averaging 48 days on the market during August 2009 compared to a median sold price of $109.06 per square foot ($176,000) and averaging 46 days on the market during August 2008. As of 9/4/09 there were 1,217 single-family homes actively for sale with a median list price of $108.89 per square foot ($183,500) and averaging 75 days on the market. There are currently 649 homes pending sale with a median list price of $106.23 per square foot ($174,900) and averaging 49 days on the market. 124 homes were withdrawn from the market during August 2009 compared to 131 during August 2008. Clarus MarketMetrics shows a 2.4 month supply of inventory during August 2009 compared to 4.8 during August 2008.
Austin Leases: As of 9/4/09 there are 797 homes for lease within the City of Austin with a median lease price of $.86 per square foot ($1,500 per month) and averaging 40 days on the market. During August 2009 there were 1,067 homes (all types) leased in Austin compared to 865 during August 2008, which is a 23.4% increase in the number of homes leased. The median lease price was $.86 per square foot ($1,200 per month) and averaged 40 days on the market in August 2009 compared to $.87 per square foot ($1,250 per month) and averaging 29 days on the market in August 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 LLC. 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.
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