Austin Texas Real Estate Market Update and Statistics July 2010

During July 2010 median sold prices per square foot for single-family homes increased 6% and median sold prices in total dollars increased 22% compared to July 2009.  On the other hand, the number of homes sold was down a whopping 34%, which seems to be the final aftermath of the tax credit lull.  There has been a surge in supply along with the decrease in the number of homes purchased and more people are taking their home offer the market without a sale.  For those homes that are selling, it is taking slightly less time than last year.  More homes are being leased at higher rates and in less time than last year as well.

To summarize, desirable homes that are priced competitively are selling at a relatively quick pace and for higher prices this year compared to last year.  However, buyers are pickier and are tending to make offers on homes without major flaws, with good locations, and with competitive prices.  Good deals are more common above $400K and on the periphery of the city where the commute reduces the number of prospective buyers and space to build increases sales competition.  More people are leasing homes than last year so lease prices are going up slightly and there are fewer homes available for lease. 

With July 2010 complete it appears that the worst is behind us for Austin’s housing market.  Buyer activity has already picked up significantly for me at the end of July so I’m predicting the August and September 2010 statistics will be much stronger than July.

Market Snapshot (July 2010 compared to July 2009)

• 34% decrease in the number of single-family homes sold

• 6% increase in median single-family sold price per square foot

• 22% increase in median sold price (total dollars)

• 1.5% decrease in the time it is taking to sell a home

• 22% increase in withdrawals

• 32% increase in supply

• 3.4% increase in the lease price per square foot

•21% decrease in the time it is taking to lease a home

Austin Real Estate Market Summary for July 2010: 

Sold: As of 8/2/10 there were 632 homes sold in Austin, Texas during July 2010 compared to 957 during the same period of time in 2009 (34% decrease). Overall home prices (per square foot) have increased 6% during July 2010 compared to July 2009 with a median sold price of $125.78 per square foot ($291,750) in July 2010 compared to $118.55 per square foot ($239,000) in July 2009. In July 2010 these sold homes have averaged 64 days on the market compared to 65 days on the market in July 2009, which shows there was a 1.5% decrease in the time it is taking to sell a home this July 2010 compared to last July 2009.  

Active: There are 4,888 single-family homes actively for sale within the city limits of Austin Texas as of 8/2/10, which is a .22% decrease from the 4,899 single-family homes for sale on 7/6/10. These homes average 95 days on the market with a median list price of $134.55 per square foot ($289,962).  

Pending Sale: There are 922 houses pending sale in Austin as of 8/2/10, which is a 7.4% decrease from a month ago when there were 996 houses pending sale on 7/6/10.  These 922 homes average 67 days on the market with a median price of $125.10 per square foot ($250,000), which is a list price .5% less than the median sold price per square foot in Austin during July 2010.

Withdrawn: There were 444 single-family homes withdrawn from the Austin Texas real estate market during July 2010 compared to 365 homes during the same period of time during July 2009, which is a 22% increase in withdrawals. The homes withdrawn in July 2010 averaged 106 days on the market and were listed for sale with a median price of $131.90 per square foot ($277,250). This compares to an average of 116 days on the market with a median price of $151.07 per square foot ($349,900) for homes withdrawn from the market during July 2009.

Inventory: Clarus MarketMetrics shows that there is a 6.7 month supply of inventory for single-family homes in the city limits of Austin during July 2010 compared to 5.1 during July 2009, which is a 32% increase in supply.

Austin Leases: As of 8/2/10 there are 1342 homes (all types) for lease within the City of Austin with a median lease price of $.86 per square foot per month ($1,250 per month) and averaging 41 days on the market. During July 2010 there were 1,152 homes (all types) leased in Austin compared to 1,184 during July 2009, which is a 3% decrease in the number of homes leased. In July 2010 the median leased price per square foot was $.90 per square foot per month ($1,295/mo) and averaging 30 days on the market compared to $.87 per square foot per month ($1,250/mo) and averaging 38 days on the market in July 2009, which is an 3.4% increase in the lease price per square foot and a 21% 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 waterfront 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.