Austin Texas Real Estate Market Update and Statistics July 2011

For those conducting an Austin home search, the housing market is just about the same so far during 2011 as it was during 2010, but without the federal tax credit to artificially inflate the numbers.  Sold prices are rising slowly and the overall number of homes sold is down slightly, which should improve during the latter part of 2011 if the economy does not falter.   To further support improvements to our 2011 statistics later this year, there are currently 5.7% less homes for sale and a 32% increase in homes pending sale currently compared to this time last year.  Home inventory is down to a rock bottom low of 3.5 months, which is a 53% decrease in supply compared to this time last year.    Furthermore, the leasing market is hot for landlords and getting expensive for tenants.  

Market Snapshot

(Year-to-date compared to same time period during the year 2010)

• 5.9% decrease in homes sold
• 4.1% increase in sold prices (total dollars)
• 23% increase in days on market
(June 2011 compared to June 2010)
• 23% decrease in homes actively for sale compared to 7/6/10
• 32% increase in homes pending sale compared to 7/6/10
• 0.54% increase in the number of single-family homes sold
• .61% decrease in median single-family sold price per square foot
• 1.85% decrease in median sold price (total dollars)
•8% increase in the time it is taking to sell a home
• 53% decrease in supply

• 38.6% decrease in number of homes for lease
• 1.2% increase in the number of homes leased

• 6.8% increase in lease price per square foot
• 26% decrease in the time it is taking to lease a home 

Between January 1st and July 5, 2011 there were 4,207 single-family homes sold within the Austin city limits with a median sold price of $119.20 per square foot ($248,000) and averaging 74 days on the market.  During the same time period in 2010 there were 4,472 homes sold with a median sold price of $119.72 per square foot ($238,250), and averaging 60 days on the market.  This is a 5.9% decrease in homes sold, a .434% decrease in the median sold price per square foot, a 4.1% increase in sold prices (total dollars), and a 23.3% increase in the days on market compared to the same time period in 2010.  The Austin unemployment rate (Austin-Round Rock-San Marcos) increased from the previous month at 6.5% in April 2011 to 6.7% in May 2011.

Austin Real Estate Market Summary for June 2011:
Sold: As of 7/5/2011 there were 921 homes sold in Austin, Texas during June 2011 compared to 916 during the same period of time in 2010 (0.54% increase). Overall home prices (per square foot) have decreased 0.61% and the total dollar sales prices have decreased by 1.85% during June 2011 compared to June 2010 with a median sold price of $122.73 per square foot ($265,000) in June 2011 compared to $123.49 per square foot ($270,000) in June 2010. In June 2011 these sold homes have averaged 65 days on the market compared to 60 days on the market in June 2010, which shows there was an 8% increase in the time it is taking to sell a home this June 2011 compared to last June 2010.

Active: There are 3,770 single-family homes actively for sale within the city limits of Austin Texas as of 7/04/11 averaging 95 days on the market with a median list price of $135.29 per square foot ($295,000).  This is a 0.42% decrease from the 3,786 single-family homes for sale last month on 6/07/11 and a 23% decrease in homes actively for sale from the 4,899 single-family homes that were actively for sale within the city limits of Austin Texas on 7/6/10.

Pending Sale: There are 1317 houses pending sale in Austin as of 7/5/11 averaging 66 days on the market with a median price of $124.47 per square foot ($255,000).  This is a 5.6% decrease from the 1392 single-family homes for sale last month on 6/07/11 and a 32% increase from the 996 homes that were pending sale on 7/6/10.

Withdrawn: There were 306 single-family homes withdrawn from the Austin Texas real estate market during June 2011 compared to 381 homes during the same period of time during June 2010, which is a 19.7% decrease in withdrawals. The homes withdrawn in June 2011 averaged 105 days on the market and were listed for sale with a median price of $129.87 per square foot ($299,450). This compares to an average of 102 days on the market with a median price of $137.43 per square foot ($284,900) for homes withdrawn from the market during June 2010.

Inventory: Clarus MarketMetrics shows that there is a 3.5 month supply of inventory for single-family homes in the city limits of Austin during June 2011 compared to 7.3 month supply of inventory during June 2010, which is a 53% decrease in supply. 

Austin Leases: As of 7/05/11 there are 936 homes (all types) for lease within the City of Austin with a median lease price of $0.96 per square foot per month ($1,350 per month) and averaging 33 days on the market.  This compares to 7/7/10 when there were 1525 homes (all types) for lease within the City of Austin with a median lease price of $.9 per square foot per month ($1,250 per month) and averaging 38 days on the market.  This is a 38.6% decrease in the number of homes for lease, a 6.6% increase in the list price per square foot, an 8% increase in price (total dollars per sale), and a 13% decrease in the time it took to lease a home in Austin.  During June 2011 there were 1005 homes (all types) leased in Austin compared to 993 leased in June 2010, which is a 1.2% increase.  In June 2011 the median leased price per square foot was $0.94 per square foot per month ($1,350/mo) and averaging 23 days on the market compared to $0.88 per square foot per month ($1,250/mo) and averaging 31 days on the market in June 2010, which shows a 6.8% increase in the lease price per square foot and a 26% decrease in days on the market.