Austin Texas Real Estate Market Update and Statistics February 2010
published on March 4, 2010
Have you noticed that the news headlines have turned a corner lately? While the economy is still struggling, it seems that we have turned a corner from the all encompassing gloom and doom to a new sense of hope for the future. There may still be a sense of unknown about the future, but this feeling is changing and it is certainly refreshing to see things leveling out.
For the Austin home market, there is an overall sense of stability and hope for the future. During February 2010, the number of homes sold was down 6.5% compared to February 2009. However, this will most certainly change with the upcoming expiration of the current home buyer tax credits at the end of April 2010. There was a 1.5% increase in the median single-family sold price per square foot and the median sold price in total dollars stayed the same, which indicates price stability. The good news is that there was a 14% decrease in the time it is taking to sell a home, a 19% decrease in homes withdrawn from the market, and a 36% decrease in supply of homes for sale with only 5 months of current inventory for single-family homes in the city limits of Austin.
Austin continues to be one of the most desirable places to live in the country, which bodes well for homeowners. Companies continue to move to Austin including the most recent headlines about Facebook opening a new sales office adding 200 jobs to the Austin economy. With prices down citywide compared to years 2006-2007, interest rates still at extremely low levels (around 5% currently for 30 year conventional loan) and the tax credits (which are about to expire), this is an excellent time to purchase a home in Austin.
Market Snapshot
(February 2010 compared to February 2009)
Austin Overall:
• 6.5% decrease in the number of single-family homes sold
• 1.5% increase in median single-family sold price per square foot
• No change in median sold price (total dollars)
• 14% Decrease in the time it is taking to sell a home
• 19% decrease in withdrawals
• 36% decrease in supply
Austin Real Estate Market Summary for February 2010:
Sold: As of 3/3/10 there were 461 homes sold in Austin, Texas during February 2010 compared to 493 during the same period of time in 2009 (6.5% decrease). Overall home prices (per square foot) have increased 1.5% during February 2010 compared to February 2009 with a median sold price of $115.22 per square foot ($230,000) in February 2010 compared to $113.48 per square foot ($230,000) in February 2009. In February 2010 these sold homes have averaged 68 days on the market compared to 79 days on the market in February 2009, which shows there was a 14% decrease in the time it is taking to sell a home this February 2010 compared to last February 2009.
Active: There are 3,439 single-family homes actively for sale within the city limits of Austin Texas as of 3/3/10, which is an 8.6% increase from the 3,166 single-family homes for sale on 2/2/10. These homes average 94 days on the market with a median list price of $140.50 per square foot ($299,990).
Pending Sale: There are 1052 houses pending sale in Austin as of 3/3/10, which is 32% more than a month ago when there were 799 houses pending sale on 2/2/10. These 1052 homes average 65 days on the market with a median price of $118.94 per square foot ($229,900), which is a list price 3% more than the median sold price per square foot in Austin during February 2010.
Withdrawn: There were 203 single-family homes withdrawn from the Austin Texas real estate market during February 2010 compared to 250 homes during the same period of time during February 2009, which is a 19% decrease in withdrawals. The homes withdrawn in February 2010 averaged 127 days on the market and were listed for sale with a median price of $132.23 per square foot ($285,000). This compares to an average of 124 days on the market with a median price of $133.27 per square foot ($290,995) for homes withdrawn from the market during February 2009.
Inventory: Clarus MarketMetrics shows that there is a 5 month supply of inventory for single-family homes in the city limits of Austin during February 2010 compared to 7.8 during February 2009, which is a 36% decrease in supply.
Austin Leases: As of 3/3/10 there are 1140 homes (all types) for lease within the City of Austin with a median lease price of $.89 per square foot per month ($1,195 per month) and averaging 61 days on the market. During February 2010 there were 620 homes (all types) leased in Austin compared to 559 during February 2009, which is an 11% increase in the number of homes leased. In February 2010 the median lease price per square foot was $.79 per square foot per month ($1,100/mo) and averaging 51 days on the market compared to $.81 per square foot per month ($1,195/mo) and averaging 53 days on the market in February 2009, which is a 2.5% decrease in the lease price per square foot and a 4% decrease in days on the market.
Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by top 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. Statistics in this report may be updated as more information is added or changed from the source of this information.
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