Austin Texas Real Estate Market Update and Statistics February 2011
published on March 3, 2011
Texas is Heaven!
During February 2011 the Austin housing market showed price increases and a decrease in the number of homes sold for single-family homes in the city limits of Austin compared to February 2010. Median sold prices (total dollars per sale) were up 4.62% with median sold prices per square foot increasing 3.57%. There was a 15.3% decrease in the number of homes sold. The supply of homes available for sale is down 20%. While the number of homes sold continues to be relatively volatile compared to 2010, the overall Austin housing market remains stable with low inventory and job growth. While unemployment figures for January are not yet released, the Austin unemployment rate (Austin-Round Rock-San Marcos) showed a slight decrease in the unemployment rate from the previous month at 7.1% in November 2010 to 6.8% in December 2010.
Market Snapshot
(February 2011 compared to February 2010)
• 15.3% decrease in the number of single-family homes sold
• 3.57% increase in median single-family sold price per square foot
• 4.62% increase in median sold price (total dollars)
• 23.2% increase in the time it is taking to sell a home
• 7.65% increase in withdrawals
• 20% decrease in supply
• 6.41% increase in the lease price per square foot
• 23% decrease in the time it is taking to lease a home
Between January 1st and March 3rd 2011 there were 906 single-family homes sold within the Austin city limits with a median sold price of $117.33 per square foot ($237,750) and averaging 84 days on the market, which is a 0.6% increase in the median sold price per square foot and a 3.8% increase in the median sold price (total dollars) compared to the same time period in 2010. During the same time period in 2010 there were 935 homes sold (3.1% less than during the same time period in 2011) with a median sold price of $116.63 per square foot ($229,000), and averaging 70 days on the market.
Austin Real Estate Market Summary for February 2011:
Sold: As of 3/3/2011 there were 432 homes sold in Austin, Texas during February 2011 compared to 510 during the same period of time in 2010 (15.3% decrease). Overall home prices (per square foot) have increased 3.57% during February 2011 compared to February 2010 with a median sold price of $119.05 per square foot ($239,585) in February 2011 compared to $114.94 per square foot ($229,000) in February 2010. In February 2011 these sold homes have averaged 85 days on the market compared to 69 days on the market in February 2010, which shows there was a 23.2% increase in the time it is taking to sell a home this February 2011 compared to last February 2010.
Active: There are 3,061 single-family Austin homes for sale within the city limits of Austin Texas as of 3/03/11 averaging 108 days on the market with a median list price of $133.93 per square foot ($279,900). This is a 2.51% increase in homes listed for sale from the 2,986 single-family homes for sale on 2/4/11. There were 3,439 single-family homes actively for sale within the city limits of Austin Texas on 3/3/10, which is a 10.9% decrease compared to 3/3/11.
Pending Sale: There are 994 houses pending sale in Austin as of 3/03/11, which is a 19.47% increase from a month ago when there were 832 houses pending sale on 2/03/11. These 994 homes average 86 days on the market with a median price of $117.18 per square foot ($229,000), which is a list price 1.57% less than the median sold price per square foot in Austin during February 2011. There were 1052 houses pending sale in Austin on 3/3/10, which is a 5.5% decrease in the homes pending sale compared to 3/3/11.
Withdrawn: There were 211 single-family homes withdrawn from the Austin Texas real estate market during February 2011 compared to 196 homes during the same period of time during February 2010, which is a 7.65% increase in withdrawals. The homes withdrawn in February 2011 averaged 122 days on the market and were listed for sale with a median price of $126.71 per square foot ($249,900). This compares to the 203 homes withdrawn from the market during February 2010 with an average of 130 days on the market with a median price of $132.21 per square foot ($289,984).
Inventory: Clarus MarketMetrics shows that there is a 4.1 month supply of inventory for single-family homes in the city limits of Austin during February 2011 compared to 5.2 month supply of inventory during February 2010, which is a 20% decrease in supply.
Austin Leases: As of 3/03/11 there are 766 homes (all types) for lease within the City of Austin with a median lease price of $.95 per square foot per month ($1,297 per month) and averaging 47 days on the market. During February 2011 there were 612 homes (all types) leased in Austin compared to 669 during February 2010, which is an 8.52% decrease in the number of homes leased. In February 2011 the median leased price per square foot was $0.83 per square foot per month ($1,199/mo) and averaging 40 days on the market compared to $0.78 per square foot per month ($1,100/mo) and averaging 52 days on the market in February 2010, which shows a 6.41% 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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