Austin Texas Real Estate Market Update and Statistics July 2009
published on August 7, 2009
We have rounded the corner towards the end of summer and have some Austin real estate statistics to share. I’m pleased to report that the number of single-family homes sold within the Austin city limits was about the same during July 2009 as July 2008! Overall prices are down 5.3% in July 2009 compared to July 2008 with the supply of homes available for sale having decreased by 27% to 4.3 months of supply. The Austin unemployment rate in June 2009 was up to 7.1% from 6.2% in May 2009. The June 2009 Austin unemployment rate is lower than both the State of Texas (8.0%) and the U.S. (9.7%) unemployment rate.
Market Snapshot
(July 2009 compared to July 2008)
Austin Overall:
• About the same number of single-family homes sold!
• 5.3% decrease in median single-family sold price
• 25.5% increase in the time it is taking to sell a home
• 7.3% decrease in withdrawals
• 27% decrease in supply
(July 2009 compared to July 2008)
Austin Overall:
• About the same number of single-family homes sold!
• 5.3% decrease in median single-family sold price
• 25.5% increase in the time it is taking to sell a home
• 7.3% decrease in withdrawals
• 27% decrease in supply
Search for Austin homes by clicking this link. Contact Austin REALTOR® Brian Talley of Regent Property Group at 512-554-9714 if you need help buying or selling an Austin home or if you have a need for Austin office space.
Austin Real Estate Market Summary for July 2009 (Overall):
Sold: There were 873 homes sold within the city limits of Austin Texas during July 2009 compared to 874 during the same period of time in 2008. Overall home prices have decreased by 5.3% during July 2009 compared to July 2008 with a median sold price of $119.54 per square foot ($240,000) in July 2009 compared to $126.27 per square foot ($248,325) in July 2008. In July 2009 these sold homes have averaged 64 days on the market compared to 51 days on the market in July 2008, which is a 25.5% increase in the time it is taking to sell a home this July compared to last.
Active: There are 3,976 single-family homes actively for sale within the city limits of Austin Texas as of 8/6/09, which is a decrease from the 4,012 single-family homes for sale on 7/1/09. These homes average 98 days on the market with a median list price of $150.38 per square foot ($350,000).
Pending Sale: There are 1,170 houses pending sale in Austin as of 8/6/09, which is 4.2% less than a month ago when there were 1,222 houses pending sale on 7/1/09. These 1,103 homes average 60 days on the market with a median price of $115.01 per square foot ($219,998), which is a list price 2.6% less than the median pending price in Austin during July 2009.
Withdrawn: There were 368 single-family homes withdrawn from the Austin Texas real estate market during July 2009 compared to 397 homes during the same period of time during July 2008, which is a 7.3% decrease in withdrawals. The homes withdrawn in July 2009 averaged 115 days on the market and were listed for sale with a median price of $151.17 per square foot ($349,950). This compares to an average of 97 days on the market with a median price of $144.49 per square foot ($329,500) for homes withdrawn from the market during July 2008.
Inventory: Clarus MarketMetrics shows that there is a 4.3 month supply of inventory for single-family homes in the city limits of Austin during July 2009 compared to 5.9 during July 2008.
Austin Real Estate Market Summary for July 2009 (By Price Range):
Austin Luxury Homes ($1,000,000+): During July 2009 there were 18 single-family homes over $1 million that sold in Austin compared to 15 during July 2008. During July 2009 the median sold price was $258.76 per square foot ($1,142,000) and an average of 159 days on the market compared to $343.08 per square foot ($1,479,000) and an average of 134 days on the market during July 2008, which is a 25% decrease in the median sold price per square foot and a 19% increase in the days on market. As of 8/6/09 there are 430 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $336.95 per square foot ($1,675,000), 5,123 square feet and averaging 138 days on the market. The median sale price of $258.76 per square foot is 23% lower than the current median list price of $336.95 per square foot for Austin luxury homes. There are currently 14 luxury homes pending sale in Austin on 8/6/09 with a median list price of $262.99 per square foot ($1539,500), 6,089 square feet, and averaging 106 days on the market. 23 luxury homes were withdrawn from the market during July 2009 compared to 24 in July 2008. Clarus MarketMetrics shows a 30.8 month supply of inventory during July 2009 compared to 18.2 during July 2008.
$500,000 to $1,000,000: During July 2009 there were 101 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 110 during July 2008, which is an 8% reduction in homes sold. Sold prices decreased by 9.3% with a median sold price of $178.49 per square foot ($611,000) and averaging 80 days on the market during July 2009 compared to $196.69 per square foot ($604,985) and averaging 71 days on the market in July 2008. As of 8/4/09 there were 814 single-family homes actively for sale with a median list price of $199.08 per square foot ($678,904) and averaging 119 days on the market. There are currently 104 homes pending sale with a median list price of $200.15 per square foot ($649,500) and averaging 82 days on the market. 91 homes were withdrawn from the market during July 2009 compared to 75 in July 2008. Clarus MarketMetrics shows an 8.9 month supply of inventory during July 2009 compared to 10.7 during July 2008.
$250,000 to $500,000: During July 2009 there were 301 homes between $250,000 and $500,000 sold in Austin Texas compared to 315 during July 2008, which is a 4.4% reduction in homes sold. Sold prices decreased by 6.4% with a median sold price of $128.37 per square foot ($320,000) and averaging 73 days on the market during July 2009 compared to a median sold price of $137.13 per square foot ($330,000) and averaging 57 days on the market during July 2008. As of 8/4/09 there were 1,522 single-family homes actively for sale with a median list price of $142.74 per square foot ($350,000) and averaging 91 days on the market. There are currently 346 homes pending sale with a median list price of $126.28 per square foot ($336,389) and averaging 72 days on the market. 138 homes were withdrawn from the market during July 2009 compared to 177 in July 2008. Clarus MarketMetrics shows a 4.8 month supply of inventory during July 2009 compared to 6.0 during July 2008.
$0 to $250,000: During July 2009 there were 435 homes between $0 and $250,000 sold in Austin Texas compared to 439 during July 2008, which is a 1% reduction in homes sold. Sold prices decreased by 3.6% with a median sold price of $106.14 per square foot ($173,753) and averaging 50 days on the market during July 2009 compared to a median sold price of $110.11 per square foot ($174,500) and averaging 40 days on the market during July 2008. As of 8/4/09 there were 1,225 single-family homes actively for sale with a median list price of $109.31 per square foot ($184,900) and averaging 76 days on the market. There are currently 647 homes pending sale with a median list price of $105.15 per square foot ($171,000) and averaging 48 days on the market. 116 homes were withdrawn from the market during July 2009 compared to 121 during July 2008. Clarus MarketMetrics shows a 2.4 month supply of inventory during July 2009 compared to 4.3 during July 2008.
Austin Leases: As of 8/6/09 there are 1,823 homes for lease within the City of Austin with a median lease price of $.90 per square foot ($1,250 per month) and averaging 46 days on the market. During July 2009 there were 1,093 homes (all types) leased in Austin compared to 922 during July 2008, which is a 17.4% increase in the number of homes leased. Lease prices per square foot remained flat and days on the market increased by 31% with a median lease price of $.86 per square foot ($1,250 per month) and averaging 38 days on the market in July 2009 compared to $.86 per square foot ($1,250 per month) and averaging 29 days on the market in July 2008.
Sold: There were 873 homes sold within the city limits of Austin Texas during July 2009 compared to 874 during the same period of time in 2008. Overall home prices have decreased by 5.3% during July 2009 compared to July 2008 with a median sold price of $119.54 per square foot ($240,000) in July 2009 compared to $126.27 per square foot ($248,325) in July 2008. In July 2009 these sold homes have averaged 64 days on the market compared to 51 days on the market in July 2008, which is a 25.5% increase in the time it is taking to sell a home this July compared to last.
Active: There are 3,976 single-family homes actively for sale within the city limits of Austin Texas as of 8/6/09, which is a decrease from the 4,012 single-family homes for sale on 7/1/09. These homes average 98 days on the market with a median list price of $150.38 per square foot ($350,000).
Pending Sale: There are 1,170 houses pending sale in Austin as of 8/6/09, which is 4.2% less than a month ago when there were 1,222 houses pending sale on 7/1/09. These 1,103 homes average 60 days on the market with a median price of $115.01 per square foot ($219,998), which is a list price 2.6% less than the median pending price in Austin during July 2009.
Withdrawn: There were 368 single-family homes withdrawn from the Austin Texas real estate market during July 2009 compared to 397 homes during the same period of time during July 2008, which is a 7.3% decrease in withdrawals. The homes withdrawn in July 2009 averaged 115 days on the market and were listed for sale with a median price of $151.17 per square foot ($349,950). This compares to an average of 97 days on the market with a median price of $144.49 per square foot ($329,500) for homes withdrawn from the market during July 2008.
Inventory: Clarus MarketMetrics shows that there is a 4.3 month supply of inventory for single-family homes in the city limits of Austin during July 2009 compared to 5.9 during July 2008.
Austin Real Estate Market Summary for July 2009 (By Price Range):
Austin Luxury Homes ($1,000,000+): During July 2009 there were 18 single-family homes over $1 million that sold in Austin compared to 15 during July 2008. During July 2009 the median sold price was $258.76 per square foot ($1,142,000) and an average of 159 days on the market compared to $343.08 per square foot ($1,479,000) and an average of 134 days on the market during July 2008, which is a 25% decrease in the median sold price per square foot and a 19% increase in the days on market. As of 8/6/09 there are 430 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $336.95 per square foot ($1,675,000), 5,123 square feet and averaging 138 days on the market. The median sale price of $258.76 per square foot is 23% lower than the current median list price of $336.95 per square foot for Austin luxury homes. There are currently 14 luxury homes pending sale in Austin on 8/6/09 with a median list price of $262.99 per square foot ($1539,500), 6,089 square feet, and averaging 106 days on the market. 23 luxury homes were withdrawn from the market during July 2009 compared to 24 in July 2008. Clarus MarketMetrics shows a 30.8 month supply of inventory during July 2009 compared to 18.2 during July 2008.
$500,000 to $1,000,000: During July 2009 there were 101 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 110 during July 2008, which is an 8% reduction in homes sold. Sold prices decreased by 9.3% with a median sold price of $178.49 per square foot ($611,000) and averaging 80 days on the market during July 2009 compared to $196.69 per square foot ($604,985) and averaging 71 days on the market in July 2008. As of 8/4/09 there were 814 single-family homes actively for sale with a median list price of $199.08 per square foot ($678,904) and averaging 119 days on the market. There are currently 104 homes pending sale with a median list price of $200.15 per square foot ($649,500) and averaging 82 days on the market. 91 homes were withdrawn from the market during July 2009 compared to 75 in July 2008. Clarus MarketMetrics shows an 8.9 month supply of inventory during July 2009 compared to 10.7 during July 2008.
$250,000 to $500,000: During July 2009 there were 301 homes between $250,000 and $500,000 sold in Austin Texas compared to 315 during July 2008, which is a 4.4% reduction in homes sold. Sold prices decreased by 6.4% with a median sold price of $128.37 per square foot ($320,000) and averaging 73 days on the market during July 2009 compared to a median sold price of $137.13 per square foot ($330,000) and averaging 57 days on the market during July 2008. As of 8/4/09 there were 1,522 single-family homes actively for sale with a median list price of $142.74 per square foot ($350,000) and averaging 91 days on the market. There are currently 346 homes pending sale with a median list price of $126.28 per square foot ($336,389) and averaging 72 days on the market. 138 homes were withdrawn from the market during July 2009 compared to 177 in July 2008. Clarus MarketMetrics shows a 4.8 month supply of inventory during July 2009 compared to 6.0 during July 2008.
$0 to $250,000: During July 2009 there were 435 homes between $0 and $250,000 sold in Austin Texas compared to 439 during July 2008, which is a 1% reduction in homes sold. Sold prices decreased by 3.6% with a median sold price of $106.14 per square foot ($173,753) and averaging 50 days on the market during July 2009 compared to a median sold price of $110.11 per square foot ($174,500) and averaging 40 days on the market during July 2008. As of 8/4/09 there were 1,225 single-family homes actively for sale with a median list price of $109.31 per square foot ($184,900) and averaging 76 days on the market. There are currently 647 homes pending sale with a median list price of $105.15 per square foot ($171,000) and averaging 48 days on the market. 116 homes were withdrawn from the market during July 2009 compared to 121 during July 2008. Clarus MarketMetrics shows a 2.4 month supply of inventory during July 2009 compared to 4.3 during July 2008.
Austin Leases: As of 8/6/09 there are 1,823 homes for lease within the City of Austin with a median lease price of $.90 per square foot ($1,250 per month) and averaging 46 days on the market. During July 2009 there were 1,093 homes (all types) leased in Austin compared to 922 during July 2008, which is a 17.4% increase in the number of homes leased. Lease prices per square foot remained flat and days on the market increased by 31% with a median lease price of $.86 per square foot ($1,250 per month) and averaging 38 days on the market in July 2009 compared to $.86 per square foot ($1,250 per month) and averaging 29 days on the market in July 2008.
Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by 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.
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