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Austin Texas Real Estate Market Update and Statistics August 2010

published on September 7, 2010

Austin’s housing market has improved slightly so far this year compared to last year with a .27% increase in the number of homes sold and a 3.4% increase in the median sold price per square foot compared to the same time period in 2009.  The month of August 2010 has shown a large median price increase per square foot and an even more sizable decrease in number of homes sold compared to August 2009.  August 2010 showed a 24% decrease in the number of homes sold and a 9% increase in the median sold price per square foot compared to August 2009. The supply of homes increased from 5.0 months from 6.2 months of supply in August.  The Austin unemployment rate was at 7.3% during July, which is still historically high but lower than the peak of 7.6% in January 2010.

 

Market Snapshot

(August 2010 compared to August 2009)

Austin Overall:

• 24% decrease in the number of single-family homes sold

• 9% increase in median single-family sold price per square foot

• 14% increase in median sold price (total dollars)

• 10% increase in the time it is taking to sell a home

• 46.4% increase in withdrawals

• 24% increase in supply

• 0% increase in the lease price per square foot

•23% decrease in the time it is taking to lease a home 

 

Austin Real Estate Market Summary for August 2010:

Sold: As of 9/7/10 there were 597 homes sold in Austin, Texas during August 2010 compared to 789 during the same period of time in 2009 (24.3% decrease). Overall home prices (per square foot) have increased 9% during August 2010 compared to August 2009 with a median sold price of $124.77 per square foot ($267,500) in August 2010 compared to $114.93 per square foot ($235,000) in August 2009. In August 2010 these sold homes have averaged 69 days on the market compared to 63 days on the market in August 2009, which shows there was a 10% increase in the time it is taking to sell a home this August 2010 compared to last August 2009.  

Active: There are 4,546 single-family homes actively for sale within the city limits of Austin Texas as of 9/3/10, which is a 7% decrease from the 4,888 single-family homes for sale on 8/2/10. These homes average 103 days on the market with a median list price of $132.93 per square foot ($280,477).  

Pending Sale: There are 885 houses pending sale in Austin as of 9/7/10, which is a 4% decrease from a month ago when there were 922 houses pending sale on 8/2/10.  These 885 homes average 73 days on the market with a median price of $121.35 per square foot ($249,900), which is a list price 3% less than the median sold price per square foot in Austin during August 2010.

Withdrawn: There were 552 single-family homes withdrawn from the Austin Texas real estate market during August 2010 compared to 377 homes during the same period of time during August 2009, which is a 46.4% increase in withdrawals. The homes withdrawn in August 2010 averaged 105 days on the market and were listed for sale with a median price of $132.25 per square foot ($287,825). This compares to an average of 108 days on the market with a median price of $142.42 per square foot ($333,000) for homes withdrawn from the market during August 2009.

Inventory: Clarus MarketMetrics shows that there is a 6.2 month supply of inventory for single-family homes in the city limits of Austin during August 2010 compared to 5.0 during August 2009, which is a 24% increase in supply.

Austin Leases: As of 9/7/10 there are 1,439 homes (all types) for lease within the City of Austin with a median lease price of $.85 per square foot per month ($1,250 per month) and averaging 42 days on the market. During August 2010 there were 1,150 homes (all types) leased in Austin compared to 1,156 during August 2009, which is a .4% decrease in the number of homes leased. In August 2010 the median leased price per square foot was $.87 per square foot per month ($1,250/mo) and averaging 30 days on the market compared to $.87 per square foot per month ($1,200/mo) and averaging 39 days on the market in August 2009, which shows no increase in the lease price per square foot and a 23% decrease in days on the market.

 

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

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