Austin Texas Real Estate Market Update and Statistics September 2009
published on October 8, 2009
Fall has arrived for Austin real estate and we have some positive indicators in our September market update to brighten the day. First of all, there were 9% more homes sold in the Austin city limits during September of 2009 compared to September 2008. I can’t even remember the last time that we had a sales volume actually increase over the previous year. Additionally, sold prices per square foot increased slightly while withdrawals and supply both decreased, all good indicators of a strong September for Austin real estate sales compared to last year. Furthermore, the Austin unemployment rate decreased from 7.3% in July 2009 to 7.2% in August 2009. The August 2009 Austin unemployment rate is continues to be lower than both the State of Texas (8.1%) and the U.S. (9.6%) unemployment rate, which is a good indicator of strength in the Austin economy.
Market Snapshot
(September 2009 compared to September 2008)
Austin Overall:
• 9% increase in the number of single-family homes sold
• .6% increase in median single-family sold price per square foot
• 10.2% increase in the time it is taking to sell a home
• 13.3% decrease in withdrawals
• 41.5% decrease in supply
(September 2009 compared to September 2008)
Austin Overall:
• 9% increase in the number of single-family homes sold
• .6% increase in median single-family sold price per square foot
• 10.2% increase in the time it is taking to sell a home
• 13.3% decrease in withdrawals
• 41.5% decrease in supply
Austin Real Estate Market Summary for September 2009:
Sold: As of 10/8/09 there were 739 homes sold in Austin Texas during September 2009 compared to 677 during the same period of time in 2008 (9% increase). Overall home prices have remained mostly flat during September 2009 compared to September 2008 with a median sold price of $116.92 per square foot ($230,000) in September 2009 compared to $116.27 per square foot ($225,000) in September 2008. In September 2009 these sold homes have averaged 65 days on the market compared to 59 days on the market in September 2008, which is a 10.2% increase in the time it is taking to sell a home this September 2009 compared to last September 2008.
Active: There are 3,610 single-family homes actively for sale within the city limits of Austin Texas as of 10/3/09, which is a 5.125% decrease from the 3,805 single-family homes for sale on 9/4/09. These homes average 101 days on the market with a median list price of $150.66 per square foot ($347,312).
Pending Sale: There are 1,093 houses pending sale in Austin as of 10/3/09, which is 1.769% more than a month ago when there were 1,074 houses pending sale on 9/4/09. These 1,093 homes average 64 days on the market with a median price of $118.33 per square foot ($217,490), which is a list price 0.835% increase than the median sold price per square foot in Austin during September 2009.
Withdrawn: There were 345 single-family homes withdrawn from the Austin Texas real estate market during September 2009 compared to 398 homes during the same period of time during September 2008, which is a 13.3% decrease in withdrawals. The homes withdrawn in September 2009 averaged 113 days on the market and were listed for sale with a median price of $146.58 per square foot ($349,000). This compares to an average of 106 days on the market with a median price of $146.83 per square foot ($299,950) for homes withdrawn from the market during September 2008.
Inventory: Clarus MarketMetrics shows that there is a 4.5 month supply of inventory for single-family homes in the city limits of Austin during September 2009 compared to 7.7 during September 2008.
Sold: As of 10/8/09 there were 739 homes sold in Austin Texas during September 2009 compared to 677 during the same period of time in 2008 (9% increase). Overall home prices have remained mostly flat during September 2009 compared to September 2008 with a median sold price of $116.92 per square foot ($230,000) in September 2009 compared to $116.27 per square foot ($225,000) in September 2008. In September 2009 these sold homes have averaged 65 days on the market compared to 59 days on the market in September 2008, which is a 10.2% increase in the time it is taking to sell a home this September 2009 compared to last September 2008.
Active: There are 3,610 single-family homes actively for sale within the city limits of Austin Texas as of 10/3/09, which is a 5.125% decrease from the 3,805 single-family homes for sale on 9/4/09. These homes average 101 days on the market with a median list price of $150.66 per square foot ($347,312).
Pending Sale: There are 1,093 houses pending sale in Austin as of 10/3/09, which is 1.769% more than a month ago when there were 1,074 houses pending sale on 9/4/09. These 1,093 homes average 64 days on the market with a median price of $118.33 per square foot ($217,490), which is a list price 0.835% increase than the median sold price per square foot in Austin during September 2009.
Withdrawn: There were 345 single-family homes withdrawn from the Austin Texas real estate market during September 2009 compared to 398 homes during the same period of time during September 2008, which is a 13.3% decrease in withdrawals. The homes withdrawn in September 2009 averaged 113 days on the market and were listed for sale with a median price of $146.58 per square foot ($349,000). This compares to an average of 106 days on the market with a median price of $146.83 per square foot ($299,950) for homes withdrawn from the market during September 2008.
Inventory: Clarus MarketMetrics shows that there is a 4.5 month supply of inventory for single-family homes in the city limits of Austin during September 2009 compared to 7.7 during September 2008.
Austin Leases: As of 10/8/09 there are 1,919 homes for lease within the City of Austin with a median lease price of $.86 per square foot per month ($1,195 per month) and averaging 55 days on the market. During September 2009 there were 671 homes (all types) leased in Austin compared to 626 during September 2008, which is a 7.2% increase in the number of homes leased. In September 2009 the median lease price per square foot was $.80 per square foot per month ($1,150/mo) and averaging 45 days on the market compared to $.83 per square foot per month ($1,200) and averaging 33 days on the market, which is a 3.6% decrease in price per square foot and a 36.4% increase in days on the market.
Austin Real Estate Market Summary for September 2009:
Austin Luxury Homes ($1,000,000+): During September 2009 there were 14 single-family homes over $1 million that sold in Austin compared to 17 during September 2008. During September 2009 the median sold price was $233.46 per square foot ($1,305,000) and an average of 152 days on the market compared to $321.67 per square foot ($1,520,000) and an average of 109 days on the market during September 2008, which is a 27% decrease in the median sold price per square foot and an increase of 39% days on market. As of 10/3/09 there are 393 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $334.83 per square foot ($1,650,000), 5,113 square feet and averaging 141 days on the market. There is a 30.275% difference between the current median list price of $334.83 per square foot and the median sale price of $233.46 per square foot for Austin luxury homes. There are currently 28 luxury homes pending sale in Austin on 10/8/09 with a median list price of $297.23 per square foot ($1,549,500), 5,696 square feet, and averaging 152 days on the market. 26 luxury homes were withdrawn from the market during September 2009 compared to 24 in September 2008. Clarus MarketMetrics shows a 15.5 month supply of inventory during September 2009 compared to 32.1 during September 2008.
$500,000 to $1,000,000: During September 2009 there were 60 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 65 during September 2008, which is a 10.769% reduction in homes sold. Sold prices decreased by 1.25% with a median sold price of $184.09 per square foot ($652,000) and averaging 120 days on the market during September 2009 compared to $186.42 per square foot ($622,314) and averaging 88 days on the market in September 2008. As of 10/3/09 there were 729 single-family homes actively for sale with a median list price of $202.50 per square foot ($694,000) and averaging 129 days on the market. There are currently 75 homes pending sale with a median list price of $186.23 per square foot ($618,750) and averaging 107 days on the market. 69 homes were withdrawn from the market during September 2009 compared to 72 in September 2008. Clarus MarketMetrics shows a 13.3 month supply of inventory during September 2009 compared to 22.6 during September 2008.
$250,000 to $500,000: During September 2009 there were 252 homes between $250,000 and $500,000 sold in Austin Texas compared to 213 during September 2008, which is an 18% increase in homes sold. Sold prices increase by 1.5% with a median sold price of $135.03 per square foot ($331,000) and averaging 76 days on the market during September 2009 compared to a median sold price of $133.04 per square foot ($318,000) and averaging 64 days on the market during September 2008. As of 9/4/09 there were 1,312 single-family homes actively for sale with a median list price of $144.56 per square foot ($349,900) and averaging 98 days on the market. There are currently 335 homes pending sale with a median list price of $134.94 per square foot ($339,000) and averaging 73 days on the market. 143 homes were withdrawn from the market during September 2009 compared to 159 in September 2008. Clarus MarketMetrics shows a 4.6 month supply of inventory during September 2009 compared to 7.9 during September 2008.
$0 to $250,000: During September 2009 there were 419 homes between $0 and $250,000 sold in Austin Texas compared to 387 during September 2008, which is an 8.3% increase in homes sold. There was an increase of 0.9% in the median sold price of $107.53 per square foot ($175,000) and averaging 48 days on the market during September 2009 compared to a median sold price of $106.60 per square foot ($175,000) and averaging 48 days on the market during September 2008. As of 10/3/09 there were 1,205 single-family homes actively for sale with a median list price of $108.44 per square foot ($184,500) and averaging 74 days on the market. There are currently 663 homes pending sale with a median list price of $107.21 per square foot ($172,500) and averaging 50 days on the market. 107 homes were withdrawn from the market during September 2009 compared to 146 during September 2008. Clarus MarketMetrics shows a 2.7 month supply of inventory during September 2009 compared to 5.2 during September 2008.
Austin Real Estate Market Summary for September 2009:
Austin Luxury Homes ($1,000,000+): During September 2009 there were 14 single-family homes over $1 million that sold in Austin compared to 17 during September 2008. During September 2009 the median sold price was $233.46 per square foot ($1,305,000) and an average of 152 days on the market compared to $321.67 per square foot ($1,520,000) and an average of 109 days on the market during September 2008, which is a 27% decrease in the median sold price per square foot and an increase of 39% days on market. As of 10/3/09 there are 393 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $334.83 per square foot ($1,650,000), 5,113 square feet and averaging 141 days on the market. There is a 30.275% difference between the current median list price of $334.83 per square foot and the median sale price of $233.46 per square foot for Austin luxury homes. There are currently 28 luxury homes pending sale in Austin on 10/8/09 with a median list price of $297.23 per square foot ($1,549,500), 5,696 square feet, and averaging 152 days on the market. 26 luxury homes were withdrawn from the market during September 2009 compared to 24 in September 2008. Clarus MarketMetrics shows a 15.5 month supply of inventory during September 2009 compared to 32.1 during September 2008.
$500,000 to $1,000,000: During September 2009 there were 60 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 65 during September 2008, which is a 10.769% reduction in homes sold. Sold prices decreased by 1.25% with a median sold price of $184.09 per square foot ($652,000) and averaging 120 days on the market during September 2009 compared to $186.42 per square foot ($622,314) and averaging 88 days on the market in September 2008. As of 10/3/09 there were 729 single-family homes actively for sale with a median list price of $202.50 per square foot ($694,000) and averaging 129 days on the market. There are currently 75 homes pending sale with a median list price of $186.23 per square foot ($618,750) and averaging 107 days on the market. 69 homes were withdrawn from the market during September 2009 compared to 72 in September 2008. Clarus MarketMetrics shows a 13.3 month supply of inventory during September 2009 compared to 22.6 during September 2008.
$250,000 to $500,000: During September 2009 there were 252 homes between $250,000 and $500,000 sold in Austin Texas compared to 213 during September 2008, which is an 18% increase in homes sold. Sold prices increase by 1.5% with a median sold price of $135.03 per square foot ($331,000) and averaging 76 days on the market during September 2009 compared to a median sold price of $133.04 per square foot ($318,000) and averaging 64 days on the market during September 2008. As of 9/4/09 there were 1,312 single-family homes actively for sale with a median list price of $144.56 per square foot ($349,900) and averaging 98 days on the market. There are currently 335 homes pending sale with a median list price of $134.94 per square foot ($339,000) and averaging 73 days on the market. 143 homes were withdrawn from the market during September 2009 compared to 159 in September 2008. Clarus MarketMetrics shows a 4.6 month supply of inventory during September 2009 compared to 7.9 during September 2008.
$0 to $250,000: During September 2009 there were 419 homes between $0 and $250,000 sold in Austin Texas compared to 387 during September 2008, which is an 8.3% increase in homes sold. There was an increase of 0.9% in the median sold price of $107.53 per square foot ($175,000) and averaging 48 days on the market during September 2009 compared to a median sold price of $106.60 per square foot ($175,000) and averaging 48 days on the market during September 2008. As of 10/3/09 there were 1,205 single-family homes actively for sale with a median list price of $108.44 per square foot ($184,500) and averaging 74 days on the market. There are currently 663 homes pending sale with a median list price of $107.21 per square foot ($172,500) and averaging 50 days on the market. 107 homes were withdrawn from the market during September 2009 compared to 146 during September 2008. Clarus MarketMetrics shows a 2.7 month supply of inventory during September 2009 compared to 5.2 during September 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.
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