Austin Texas Real Estate Market Update and Statistics January 2010
published on February 2, 2010
The Austin real estate market showed signs of improvement during January 2010 compared to the same time last year with increased median sold prices of around 3% and a 7.7% decrease in the time it is taking to sell a home. Although the actual number of homes sold was down 9.7%, the supply of homes available for sale was also down 10% and the number of people taking their home off the market was down 31%. Furthermore, the unemployment rate is holding steady in Austin at 6.9% between October thru December 2009, which also supports continued market stability.
In short, home values are improving and supply is increasing. With the $8,000 first-time home buyer tax credit and the additional $6,500 home owner tax credit effective through the end of April 2010 and will extremely low interest rates, we should see a substantial increase in buyer activity peaking in April 2010.
There is a window of opportunity for sellers during the first 4 months of 2010 with the onset of buyers that will take advantage of extremely low interest rates that are expected to rise later this year and with the existence of the aforementioned tax credits. So if you are going to buy or sell during 2010, I would recommend proceeding as soon as possible. If you are going to buy a home in Austin, check out Austin neighborhoods by visiting this link.
Market Snapshot
(January 2010 compared to January 2009)
Austin Overall:
• 9.7% decrease in the number of single-family homes sold
• 2.8% increase in median single-family sold price per square foot
• 3.5% increase in median sold price (total dollars)
• 7.7% Decrease in the time it is taking to sell a home
• 31% decrease in withdrawals
• 10% decrease in supply
Austin Real Estate Market Summary for January 2009:
Sold: As of 2/2/10 there were 325 homes sold in Austin Texas during January 2010 compared to 360 during the same period of time in 2009 (12% decrease). Overall home prices (per square foot) have increased 3% during January 2010 compared to January 2009 with a median sold price of $117.05 per square foot ($229,000) in January 2010 compared to $113.81 per square foot ($221,250) in January 2009. In January 2010 these sold homes have averaged 72 days on the market compared to 78 days on the market in January 2009, which shows there was a slight decrease in the time it is taking to sell a home this January 2010 compared to last January 2009.
Active: There are 3,166 single-family homes actively for sale within the city limits of Austin Texas as of 2/2/10, which is an 8% increase from the 2,933 single-family homes for sale on 1/7/10. These homes average 104 days on the market with a median list price of $139.77 per square foot ($299,950).
Pending Sale: There are 799 houses pending sale in Austin as of 2/2/10, which is 33% more than a month ago when there were 602 houses pending sale on 1/7/10. These 799 homes average 69 days on the market with a median price of $117.42 per square foot ($229,900), which is a list price .3% more than the median sold price per square foot in Austin during January 2010.
Withdrawn: There were 220 single-family homes withdrawn from the Austin Texas real estate market during January 2010 compared to 320 homes during the same period of time during January 2009, which is a 31.2% decrease in withdrawals. The homes withdrawn in January 2010 averaged 117 days on the market and were listed for sale with a median price of $138.96 per square foot ($297,450). This compares to an average of 124 days on the market with a median price of $136.98 per square foot ($285,500) for homes withdrawn from the market during January 2009.
Inventory: Clarus MarketMetrics shows that there is a 6.2 month supply of inventory for single-family homes in the city limits of Austin during January 2010 compared to 6.9 during January 2009.
Austin Leases: As of 2/2/10 there are 1328 homes (all types) for lease within the City of Austin with a median lease price of $.87 per square foot per month ($1,195 per month) and averaging 63 days on the market. During January 2010 there were 664 homes (all types) leased in Austin compared to 679 during January 2009, which is a 2% decrease in the number of homes leased. In January 2010 the median lease price per square foot was $.80 per square foot per month ($1,050/mo) and averaging 54 days on the market compared to $.84 per square foot per month ($1,195/mo) and averaging 52 days on the market in January 2009, which decreased in price per square foot and a 3.8% increase in days on the market.
Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by 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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