Austin Texas Real Estate Market Update and Statistics December 2009
published on January 9, 2010
Austin real estate finished off on a solid footing during December 2009 with a 10% decrease in the number of homes sold but a 3% increase in sold prices per square foot and a continued decrease in supply. While I don’t anticipate a boom in real estate during 2010, I do expect a better year than 2009 with fairly steady sales and little change in prices.
Market Snapshot
(December 2009 compared to December 2008)
Austin Overall:
• 10% decrease in the number of single-family homes sold
• 3% increase in median single-family sold price per square foot
• 8% increase in median sold price (total dollars)
• No change in the time it is taking to sell a home
• 22% decrease in withdrawals
• 8% decrease in supply
Austin Real Estate Market Summary for December 2009:
Sold: As of 1/7/10 there were 509 homes sold in Austin Texas during December 2009 compared to 552 during the same period of time in 2008 (10% decrease). Overall home prices (per square foot) have increased 3% during December 2009 compared to December 2008 with a median sold price of $119.82 per square foot ($245,000) in December 2009 compared to $116.08 per square foot ($226,468) in December 2008. In December 2009 these sold homes have averaged 73 days on the market compared to 73 days on the market in December 2008, which shows there was no change in the time it is taking to sell a home this December 2009 compared to last December 2008.
Active: There are 2,933 single-family homes actively for sale within the city limits of Austin Texas as of 1/7/10, which is a 10% decrease from the 3,269 single-family homes for sale on 12/3/09. These homes average 110 days on the market with a median list price of $140.38 per square foot ($300,000).
Pending Sale: There are 602 houses pending sale in Austin as of 1/7/10, which is 20.2% less than a month ago when there were 754 houses pending sale on 12/3/09. These 602 homes average 74 days on the market with a median price of $115.35 per square foot ($224,575), which is a list price 3.8% less than the median sold price per square foot in Austin during December 2009.
Withdrawn: There were 311 single-family homes withdrawn from the Austin Texas real estate market during December 2009 compared to 401 homes during the same period of time during December 2008, which is a 22.4% decrease in withdrawals. The homes withdrawn in December 2009 averaged 121 days on the market and were listed for sale with a median price of $154.28 per square foot ($379,000). This compares to an average of 126 days on the market with a median price of $151.33 per square foot ($350,000) for homes withdrawn from the market during December 2008.
Inventory: Clarus MarketMetrics shows that there is an 8.1 month supply of inventory for single-family homes in the city limits of Austin during December 2009 compared to 8.8 during December 2008.
Austin Leases: As of 1/7/10 there are 1557 homes (all types) for lease within the City of Austin with a median lease price of $.85 per square foot per month ($1,150 per month) and averaging 65 days on the market. During December 2009 there were 628 homes (all types) leased in Austin compared to 592 during December 2008, which is a 6% increase in the number of homes leased. In December 2009 the median lease price per square foot was $.80 per square foot per month ($1,100/mo) and averaging 57 days on the market compared to $.80 per square foot per month ($1,195/mo) and averaging 51 days on the market in December 2008, which remained the same in price per square foot and a 11.8% increase in days on the market.
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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