Austin Texas Real Estate Market Update and Statistics August 2011

The Austin housing market continues to show signs of stability as we look at the sales statistics from July 2011.  During 2011 sales were slightly lower through May relative to 2010 since we did not have a tax credit incentive this year.  However, during June 2011 and especially during July 2011 we have seen a significant increase in the number of homes sold compared to last year. For the first time this year we have seen the 2011 year-to-date number of single-family homes sold exceed the 2010 statistics.  Other good news is that there are 27% less homes for sale in Austin this year, there is a 31% increase in the number of homes pending sale this year compared to last, and there was a 21% increase in the number of single-family homes sold in July 2011 compared to July 2010. Although we have had some major stock market volatility this week, the good news is that interest rates are at rock bottom lows and our sales volume and prices are stable in Austin.  Per freddiemac.com the average interest rate is 4.32% for a 30 year conventional loan today (this includes an average of .7 in fees/points down per transaction), which is incredible!  Furthermore, the lease market is hot right now so if you can find a good deal on a rental property this is a good time to consider buying investment property.

Market Snapshot

(Year-to-date compared to same time period during the year 2010)

• 1.18% increase in homes sold
• 3% increase in sold prices (total dollars)
• 18% increase in days on market

(July 2011 compared to July 2010)
• 27% decrease in homes actively for sale compared to 8/2/10
• 31% increase in homes pending sale compared to 8/2/10
• 21% increase in the number of single-family homes sold
• 2.3% decrease in median single-family sold price per square foot
• 7.8% decrease in median sold price (total dollars)
• Virtually no change in the time it is taking to sell a home

• 36.2% decrease in number of homes for lease
• 0.43% increase in the number of homes leased

• 2.2% increase in lease price per square foot
• 26.6% decrease in the time it is taking to lease a home 

Between January 1st and August 8, 2011 there were 5,306 single-family homes sold within the Austin city limits with a median sold price of $120 per square foot ($250,000) and averaging 72 days on the market.  During the same time period in 2010 there were 5,244 homes sold with a median sold price of $120.32 per square foot ($242,650) and averaging 61 days on the market.  This is a 1.18% increase in the number of homes sold,  0.26% decrease in the median sold price per square foot, a 3% increase in sold prices (total dollars), and an 18% increase in the days on market compared to the same time period in 2010.  The Austin unemployment rate (Austin-Round Rock-San Marcos) increased from the previous month at 6.7% in May 2011 to 7.6% in June 2011.

Austin Real Estate Market Summary for July 2011:
Sold: As of 8/8/2011 there were 862 homes sold in Austin, Texas during July 2011 compared to 712 during the same period of time in 2010 (21% increase). Overall home prices (per square foot) have decreased 2.3% and the total dollar sales prices have decreased by 7.8% during July 2011 compared to July 2010 with a median sold price of $122.14 per square foot ($257,500) in July 2011 compared to $125.07 per square foot ($279,250) in July 2010. In July 2011 these sold homes have averaged 64 days on the market compared to 63 days on the market in July 2010, which shows there was almost no change in the time it is taking to sell a home this July 2011 compared to last July 2010.

Active: There are 3,568 single-family homes actively for sale within the city limits of Austin Texas as of 8/08/11 averaging 99 days on the market with a median list price of $136.66 per square foot ($299,990).  This is a 5.36% decrease from the 3,770 single-family homes for sale last month on 7/04/11 and a 27% decrease in homes actively for sale from the 4,888 single-family homes that were actively for sale within the city limits of Austin Texas on 8/2/10.

Pending Sale: There are 1207 houses pending sale in Austin as of 8/8/11 averaging 64 days on the market with a median price of $121.79 per square foot ($244,900).  This is an 8.35% decrease from the 1317 single-family homes pending sale last month on 7/05/11 and a 31% increase from the 922 homes that were pending sale on 8/2/10.

Withdrawn: There were 343 single-family homes withdrawn from the Austin Texas real estate market during July 2011 compared to 444 homes during the same period of time during July 2010, which is a 22.7% decrease in withdrawals. The homes withdrawn in July 2011 averaged 108 days on the market and were listed for sale with a median price of $133.06 per square foot ($299,000). This compares to an average of 106 days on the market with a median price of $151.07 per square foot ($349,900) for homes withdrawn from the market during July 2010.

Austin Leases: As of 8/08/11 there are 856 homes (all types) for lease within the City of Austin with a median lease price of $0.98 per square foot per month ($1,500 per month) and averaging 31 days on the market.  This compares to 8/2/10 when there were 1342 homes (all types) for lease within the City of Austin with a median lease price of $.86 per square foot per month ($1,250 per month) and averaging 41 days on the market.  During July 2011 there were 1157 homes (all types) leased in Austin compared to 1152 leased in July 2010, which is a 0.43% increase.  In July 2011 the median leased price per square foot was $0.92 per square foot per month ($1,300/mo) and averaging 22 days on the market compared to $0.90 per square foot per month ($1,295/mo) and averaging 30 days on the market in July 2010, which shows a 2.2% increase in the lease price per square foot and a 26.6% decrease in days on the market.

Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by one of few top Austin Realtors® Brian Talley of Regent Property Group LLC who sells Austin luxury homes.  You can use his free Austin home search tool to find the home of your dreams.  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.