Austin, Texas Real Estate Market Update and Statistics February 2012

The Austin housing market is looking great! This month’s sales numbers indicate that Austin is poised for continued improvement during 2012. There are 26% less homes for sale, a 23% increase in homes pending sale, and a 39% decrease in homes withdrawn from the market when comparing January 2012 to January 2011.  Furthermore, it is taking 8.75% less time to sell a home and there is a 2.87% increase in sold prices per square foot.  Interest rates are ridiculously low averaging 3.87% for a 30 year conventional loan today with 0.8 fees/points down per freddiemac.com. The Austin unemployment rate (Austin-Round Rock-San Marcos) during December 2011 showed a significant decrease from the previous year at 6.3% compared to 6.9% in December 2010, which will also contribute to an improving Austin housing market. Lease inventory continues to fall in Austin and lease prices are increasing, so it is a great time to buy a home in Austin Texas!   

 

(January 2012 compared to January 2011)
• 26% decrease in homes actively for sale compared to 2/03/11
• 23% increase in homes pending sale compared to 2/03/11
• 12% decrease in the number of single-family homes sold
• 2.87% increase in median single-family sold price per square foot
• 1.9% decrease in median sold price (total dollars)
• 8.75% decrease in the time it is taking to sell a home

• 25% decrease in number of homes for lease compared to 2/03/11
• 18.6% decrease in the number of homes leased

• 12.5% increase in lease price per square foot
• 30% decrease in the time it is taking to lease a home 

  

Austin Real Estate Market Summary for November 2011:
Sold: As of 02/06/2012 there were 394 homes sold in Austin, Texas during January 2012 compared to 450 during the same period of time in 2011 (12.44% decrease). Overall home prices (per square foot) have increased 2.87% and the total dollar sales prices have decreased by 1.9% during January 2012 compared to January 2011 with a median sold price of $118.30 per square foot ($227,600) in January 2012 compared to $115 per square foot ($232,025) in January 2011. In January 2012 these sold homes have averaged 73 days on the market compared to 80 days on the market in January 2011, which shows there was 8.75% decrease in the time it is taking to sell a home this January 2012 compared to last January 2011.

Active: There are 2,209 single-family homes actively for sale within the city limits of Austin Texas as of 2/06/12 averaging 115 days on the market with a median list price of $134.4 per square foot ($319,900). This is a 2.45% increase from the 2156 single-family homes for sale last month on 1/10/12 and a 26% decrease in homes actively for sale from the 2986 single-family homes that were actively for sale within the city limits of Austin Texas on 02/03/11.

Pending Sale: There are 1,026 houses pending sale in Austin as of 2/06/12 averaging 71 days on the market with a median price of $123.50 per square foot ($245,000). This is a 32.73% increase from the 773 single-family homes pending sale last month on 1/10/12 and a 23.3% increase from the 832 homes that were pending sale on 2/3/11.

Withdrawn: There were 160 single-family homes withdrawn from the Austin Texas real estate market during January 2012 compared to 264 homes during the same period of time during January 2011, which is a 39.39% decrease in withdrawals. The homes withdrawn in January 2012 averaged 114 days on the market and were listed for sale with a median price of $131.60 per square foot ($289,200). This compares to an average of 143 days on the market with a median price of $131.60 per square foot ($259,950) for homes withdrawn from the market during January 2011.

Austin Leases: As of 2/06/12 there are 642 homes (all types) for lease within the City of Austin with a median lease price of $1.00 per square foot per month ($1,600 per month) and averaging 38 days on the market.  This compares to 2/03/11 when there were 860 homes (all types) for lease within the City of Austin with a median lease price of $.90 per square foot per month ($1,250 per month) and averaging 53 days on the market. During January 2012 there were 618 homes (all types) leased in Austin compared to 759 leased in January 2011, which is a 18.57% decrease. In January 2012 the median leased price per square foot was $0.90 per square foot per month ($1,450/mo) and averaging 28 days on the market compared to $0.80 per square foot per month ($1,350/mo) and averaging 40 days on the market in January 2011, which shows a 12.5% increase in the lease price per square foot and a 30% 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.