Austin Texas Real Estate Market Update and Statistics January 2011
published on February 4, 2011
Downtown Austin 2011
During January 2011 the Austin housing market showed major improvement with sales volume for single-family homes in the city limits of Austin increasing 19% compared to January 2010. Median sold prices (total dollars per sale) were up 3.7% with median sold prices per square foot down 1.3%. The supply of homes decreased from 5.5 months to 4.4 months of supply from November 2010 to December 2010, also contributing to the market improvements. The Austin unemployment rate (Austin-Round Rock-San Marcos) showed a slight decrease from the previous month at 7.1% in November 2010 to 6.8% in December 2010. With gains sales volume and stable pricing, the overall housing market is continuing to show signs of improvement due to job growth in Austin and a relatively low supply of homes for sale within the city limits.
(January 2011 compared to January 2010)
• 19.19% increase in the number of single-family homes sold
• 1.3% decrease in median single-family sold price per square foot
• 3.7% increase in median sold price (total dollars)
• 14% increase in the time it is taking to sell a home
• 19.09% increase in withdrawals
• 30% decrease in supply
• 2.5% increase in the lease price per square foot
• 25.45% decrease in the time it is taking to lease a home
Austin Real Estate Market Summary for January 2011:
Sold: As of 2/4/11 there were 410 homes sold in Austin, Texas during January 2011 compared to 344 during the same period of time in 2010 (19.19% increase). Overall home prices (per square foot) have decreased 1.3% during January 2011 compared to January 2010 with a median sold price of $115.49 per square foot ($235,250) in January 2011 compared to $116.99 per square foot ($226,820) in January 2010. In January 2011 these sold homes have averaged 81 days on the market compared to 71 days on the market in January 2010, which shows there was a 14% increase in the time it is taking to sell a home this January 2011 compared to last January 2010.
Active: There are 2,986 single-family homes actively for sale within the city limits of Austin Texas as of 2/03/11 averaging 116 days on the market with a median list price of $132.84 per square foot ($269,995). This is a 0.23% decrease from the 2,993 single-family homes for sale on 1/6/11.
Pending Sale: There are 832 houses pending sale in Austin as of 2/03/11, which is an 18% increase from a month ago when there were 705 houses pending sale on 1/06/11. These 832 homes average 90 days on the market with a median price of $117.05 per square foot ($228,149), which is a list price 1.42% more than the median sold price per square foot in Austin during January 2011.
Withdrawn: There were 262 single-family homes withdrawn from the Austin Texas real estate market during January 2011 compared to 220 homes during the same period of time during January 2010, which is a 19.09% increase in withdrawals. The homes withdrawn in January 2011 averaged 142 days on the market and were listed for sale with a median price of $131.64 per square foot ($259,950). This compares to an average of 117 days on the market with a median price of $138.96 per square foot ($304,700) for homes withdrawn from the market during January 2010.
Inventory: Clarus MarketMetrics shows that there is a 4.4 month supply of inventory for single-family homes in the city limits of Austin during January 2011 compared to 6.2 month supply of inventory during January 2010, which is a 30% decrease in supply.
Austin Leases: As of 2/03/11 there are 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 2011 there were 692 homes (all types) leased in Austin compared to 721 during January 2010, which is a 4.02% decrease in the number of homes leased. In January 2011 the median leased price per square foot was $0.82 per square foot per month ($1,150/mo) and averaging 41 days on the market compared to $0.80 per square foot per month ($1,075/mo) and averaging 55 days on the market in January 2010, which shows a 2.5% increase in the lease price per square foot and a 25.45% 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.