Austin, Texas Real Estate Market Update and Statistics August 2012

The Austin housing market in August 2012 continues to outperform the previous year with increases in sold prices and in the number of homes sold and significant decreases in days on market. Interest rates are very low averaging 3.55% for a 30 year conventional loan today with 0.7 fees/points down per freddiemac.com. Meanwhile, lease inventory continues to fall in Austin and lease prices are increasing. As a result, investors are once again building and purchasing homes to rent while renters are looking to purchase homes to avoid over paying.

The Austin unemployment rate (Austin-Round Rock-San Marcos) during June 2012 showed an increase from the previous month at 5.8% in May 2012 compared to 6.4% in June 2012.

Market Snapshot (Year-to-date compared to same time period during the year 2011)
• 13% increase in homes sold
• 4.8% increase in sold prices (total dollars)
• 4.25% increase in sold prices per square foot
• 26.76% decrease in days on market

(July 2012 compared to July 2011)
• 25.17% decrease in homes actively for sale compared to 8/08/11
• 25.86% increase in homes pending sale compared to 8/08/11
• 6.02% increase in the number of single-family homes sold
• 4.10% increase in median single-family sold price per square foot
• 4.12% increase in median sold price (total dollars)
• 29.23% decrease in the time it is taking to sell a home
• 9.23% increase in number of homes for lease compared to 8/08/11
• 7.67% decrease in the number of homes leased
• 11.11% increase in leased price per square foot
• 4.76% decrease in the time it is taking to lease a home
 

Between January 1st and August 6, 2012 there were 6,129 single-family homes sold within the Austin city limits with a median sold price of $125.00 per square foot ($262,500) and averaging 52 days on the market. During the same time period in 2011 there were 5,424 homes sold with a median sold price of $119.90 per square foot ($250,000) and averaging 71 days on the market. This is a 13% increase in the number of homes sold, 4.25% increase in the median sold price per square foot, a 4.8% increase in sold prices (total dollars), and an 26.76% decrease in the days on market compared to the same time period in 2011.

Austin Real Estate Market Summary for August 2012:

Sold: As of 8/06/2012 there were 968 homes sold in Austin, Texas during July 2012 compared to 913 during the same period of time in 2011 (6.02% increase). Overall home prices (per square foot) have increased 4.10% and the total dollar sales prices have increased by 4.12% during July 2012 compared to July 2011 with a median sold price of $127.00 per square foot ($265,500) in July 2012 compared to $122.00 per square foot ($255,000) in July 2011. In July 2012 these sold homes have averaged 46 days on the market compared to 65 days on the market in July 2011, which shows there was 29.23% decrease in the time it is taking to sell a home this July 2012 compared to last July 2011.

Active: There are 2,670 single-family homes actively for sale within the city limits of Austin Texas as of 8/6/12 averaging 87 days on the market with a median list price of $149.30 per square foot ($381,745). This is a 2.65% increase from the 2,601 single-family homes for sale last month on 7/09/12 and a 25.17% decrease in homes actively for sale from the 3,568 single-family homes that were actively for sale within the city limits of Austin Texas on 8/08/11.

Pending Sale: There are 1,483 houses pending sale in Austin as of 8/06/12 averaging 48 days on the market with a median price of $126.40 per square foot ($259,000). This is a 10.5% decrease from the 1,657 single-family homes pending sale last month on 7/09/12 and a 25.86% increase from the 1,207 homes that were pending sale on 8/08/11.

Withdrawn: There were 207 single-family homes withdrawn from the Austin Texas real estate market during July 2012 compared to 342 homes during the same period of time during July 2011, which is a 39.47% decrease in withdrawals. The homes withdrawn in July 2012 averaged 87 days on the market and were listed for sale with a median price of $141.00 per square foot ($300,000). This compares to an average of 107 days on the market with a median price of $132.50 per square foot ($296,500) for homes withdrawn from the market during July 2011.

Austin Leases: As of 8/06/12 there are 935 homes (all types) for lease within the City of Austin with a median lease price of $1.10 per square foot per month ($1,700 per month) and averaging 27 days on the market. This compares to 8/08/11 when there were 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.

During July 2012 there were 1,155 homes (all types) leased in Austin compared to 1251 leased in July 2011, which is a 7.67% decrease. In July 2012 the median leased price per square foot was $1.00 per square foot per month ($1,500/mo) and averaging 20 days on the market compared to $0.90 per square foot per month ($1,495/mo) and averaging 21 days on the market in July 2011, which shows the lease price per square foot has increased by 11.11% and a 4.76% 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 home search expert and 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.