Austin, Texas Real Estate Market Update and Statistics July 2012

From Leading Austin REALTOR® Brian Talley: Good things continue to happen in the Austin housing market. As you will see below in my June 2012 review, there are almost a third less homes for sale, a 12% increase in the number of single-family homes sold, a 7% increase in median sold prices (total dollars), 25% more homes pending sale, a 40% decrease in homes withdrawn from the market, an 11% increase in lease prices (total dollars), and it is taking a third less time to sell compared to June 2011. The numbers speak for themselves! Interest rates are as low as I remember, averaging 3.62% for a 30 year conventional loan today with 0.8 fees/points down per freddiemac.com, which provides a huge incentive for buyers. Finding the perfect home is our biggest challenge at this time, but lender appraisals are keeping price increases in check. As such, there are still good purchase opportunities for those who have a REALTOR® who stays on top of inventory, including homes that are coming on the market and those not listed in the REALTOR® database.

The Austin unemployment rate (Austin-Round Rock-San Marcos) during May 2012 showed a small increase from the previous month at 5.5% in April 2012 compared to 5.8% in May 2012.

Market Snapshot (Year-to-date compared to same time period during the year 2011)
• 13% increase in homes sold
• 5.84% increase in sold prices (total dollars)
• 4.78% increase in sold prices per square foot
• 26.02% decrease in days on market

(June 2012 compared to June 2011)
• 31% decrease in homes actively for sale compared to 7/04/11
• 25.82% increase in homes pending sale compared to 7/05/11
• 40% decrease in homes withdrawn compared to 7/05/11
• 12.51% increase in the number of single-family homes sold
• 4.52% increase in median single-family sold price per square foot
• 7.75% increase in median sold price (total dollars)
• 33.87% decrease in the time it is taking to sell a home
• 14.53% increase in number of homes for lease compared to 7/05/11
• 11.6% decrease in the number of homes leased
• 11.11% increase in leased price per square foot
• 21.74% decrease in the time it is taking to lease a home

Between January 1 and July 9, 2012 there were 5,114 single-family homes sold within the Austin city limits with a median sold price of $124.90 per square foot ($262,500) and averaging 54 days on the market. During the same time period in 2011 there were 4,529 homes sold with a median sold price of $119.20 per square foot ($248,000) and averaging 73 days on the market. This is a 13% increase in the number of homes sold, a 4.78% increase in the median sold price per square foot, a 5.84% increase in sold prices (total dollars), and an 26.02% decrease in the days on market compared to the same time period in 2011.

Austin Real Estate Market Summary for July 2012:

Sold: As of 7/09/2012 there were 1160 homes sold in Austin, Texas during June 2012 compared to 1031 during the same period of time in 2011 (12.51% increase). Overall home prices (per square foot) have increased 4.52%, and the total dollar sales prices have increased by 7.75% during June 2012 compared to June 2011, with a median sold price of $127.20 per square foot ($278,000) in June 2012 compared to $121.70 per square foot ($258,000) in June 2011. In June 2012 these sold homes have averaged 41 days on the market compared to 62 days on the market in June 2011, which shows there was 33.87% decrease in the time it is taking to sell a home this June 2012 compared to last June 2011.

Active: There are 2,601 single-family homes actively for sale within the city limits of Austin Texas as of 7/9/12 averaging 85 days on the market with a median list price of $149.30 per square foot ($390,999). This is a 4.63% increase from the 2,486 single-family homes for sale last month on 6/05/12 and a 31% decrease in homes actively for sale from the 3,770 single-family homes that were actively for sale within the city limits of Austin Texas on 7/04/11.

Pending Sale: There are 1,657 houses pending sale in Austin as of 7/09/12 averaging 47 days on the market with a median price of $125.90 per square foot ($259,000). This is a 8.86% decrease from the 1,818 single-family homes pending sale last month on 6/05/12 and a 25.82% increase from the 1,317 homes that were pending sale on 7/5/11.

Withdrawn: There were 182 single-family homes withdrawn from the Austin Texas real estate market during June 2012 compared to 303 homes during the same period of time during June 2011, which is a 40% decrease in withdrawals. The homes withdrawn in June 2012 averaged 94 days on the market and were listed for sale with a median price of $138.40 per square foot ($324,950). This compares to an average of 104 days on the market with a median price of $129.70 per square foot ($299,000) for homes withdrawn from the market during June 2011.

Austin Leases: As of 7/09/12 there are 1072 homes (all types) for lease within the City of Austin with a median lease price of $1.00 per square foot per month ($1,695 per month) and averaging 25 days on the market. This compares to 7/05/11 when there were 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 shows a 25.56% increase in lease prices (total dollars) in June 2012 compared to June 2011.

During June 2012 there were 976 homes (all types) leased in Austin compared to 1104 leased in June 2011, which is a 11.6% decrease. In June 2012 the median leased price per square foot was $1.00 per square foot per month ($1,595/mo) and averaging 18 days on the market compared to $0.90 per square foot per month ($1,500/mo) and averaging 23 days on the market in June 2011, which shows the lease price per square foot has increased by 11.11% and a 21.74% 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 home search expert and 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.