Austin Texas Real Estate Market Update and Statistics June 2009
published on July 5, 2009
It seems to me that the Obama “stimulus” has helped keep the economy afloat given the slight “uptick” in Austin real estate sales volume over the last few months. While the market is still worse than 2008, the losses are minor compared to other cities around the country. Here are some recently notable news headlines about Austin, Texas.
“Job growth holds up” by Austin American-Statesman 6/20/09
“Austin leads nation in job growth for 4th straight month” by Austin American-Statesman 7/01/09
“Texas working confidence keeps improving” by Austin Business Journal 6/19/09
“Americas bargain cities” by Forbes.com 5/14/09
“Americas most affordable places to live” by Forbes.com 6/30/09
Market Snapshot
(June 2009 compared to June 2008)
Austin Overall:
• 11% reduction in the number of single-family homes sold
• 4.5% decrease in median single-family sold price
• 30% increase in the time it is taking to sell a home
• 10% increase in withdrawals
• 28% decrease in supply
(June 2009 compared to June 2008)
Austin Overall:
• 11% reduction in the number of single-family homes sold
• 4.5% decrease in median single-family sold price
• 30% increase in the time it is taking to sell a home
• 10% increase in withdrawals
• 28% decrease in supply
• Austin unemployment rate in May 2009 was up to 6.1% from 5.8% in April 2009. The May 2009 Austin unemployment rate is lower than both the State of Texas (6.9%) and the U.S. (9.1%) unemployment rate, which is a good indicator of strength in the Austin economy.
Austin Real Estate Market Summary for June 2009:
Sold: There were 865 homes sold in Austin Texas during June 2009 compared to 970 during the same period of time in 2008 (11% reduction). Overall home prices have decreased by 4.5% during June 2009 compared to June 2008 with a median sold price of $119.96 per square foot ($242,000) in June 2009 compared to $125.56 per square foot ($263,250) in June 2008. In June 2009 these sold homes have averaged 69 days on the market compared to 53 days on the market in June 2008, which is a 30% increase in the time it is taking to sell a home this June compared to last.
Active: There are 4,012 single-family homes actively for sale within the city limits of Austin Texas as of 7/1/09, which is an increase from the 3,934 single-family homes for sale on 6/4/09. These homes average 95 days on the market with a median list price of $152.28 per square foot ($364,900).
Pending Sale: There are 1,222 houses pending sale in Austin as of 7/1/09, which is 6% more than a month ago when there were 1,302 houses pending sale on 6/3/09. These 1,235 homes average 65 days on the market with a median price of $118.06 per square foot ($229,000), which is a list price 6% greater than the median pending price in Austin during June 2009.
Withdrawn: There were 323 single-family homes withdrawn from the Austin Texas real estate market during June 2009 compared to 290 homes during the same period of time during June 2008, which is a 10% increase in withdrawals. The homes withdrawn in June 2009 averaged 115 days on the market and were listed for sale with a median price of $142.73 per square foot ($349,000). This compares to an average of 103 days on the market with a median price of $151.85 per square foot ($344,700) for homes withdrawn from the market during June 2008.
Inventory: Clarus MarketMetrics shows that there is a 4.1 month supply of inventory for single-family homes in the city limits of Austin during June 2009 compared to 5.7 during June 2008.
Austin Real Estate Market Summary for June 2009:
Austin Luxury Homes ($1,000,000+): During June 2009 there were 23 single-family homes over $1 million that sold in Austin compared to 16 during June 2008. During June 2009 the median sold price was $259.89 per square foot ($1,100,000) and an average of 123 days on the market compared to $348.62 per square foot ($1,795,000) and an average of 81 days on the market during June 2008, which is a 25% decrease in the median sold price per square foot and a 52% increase in the days on market. As of 7/1/09 there are 429 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $332.31 per square foot ($1,675,000), 5,161 square feet and averaging 134 days on the market. There is a 22% difference between the current median list price of $332.31 per square foot and the median sale price of $259.89 per square foot for Austin luxury homes. There are currently 20 luxury homes pending sale in Austin on 7/1/09 with a median list price of $282.33 per square foot ($1,357,450), 4,985 square feet, and averaging 151 days on the market. 27 luxury homes were withdrawn from the market during June 2009 compared to 17 in June 2008. Clarus MarketMetrics shows a 21.8 month supply of inventory during June 2009 compared to 31.9 during June 2008.
$500,000 to $1,000,000: During June 2009 there were 92 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 108 during June 2008, which is a 15% reduction in homes sold. Sold prices decreased by 13% with a median sold price of $178.14 per square foot ($599,950) and averaging 116 days on the market during June 2009 compared to $204.69 per square foot ($605,000) and averaging 76 days on the market in June 2008. As of 7/1/09 there were 874 single-family homes actively for sale with a median list price of $201.47 per square foot ($679,900) and averaging 113 days on the market. There are currently 129 homes pending sale with a median list price of $193.42 per square foot ($650,000) and averaging 84 days on the market. 59 homes were withdrawn from the market during June 2009 compared to 66 in June 2008. Clarus MarketMetrics shows a 8.2 month supply of inventory during June 2009 compared to 9.2 during June 2008.
$250,000 to $500,000: During June 2009 there were 306 homes between $250,000 and $500,000 sold in Austin Texas compared to 404 during June 2008, which is a 24% reduction in homes sold. Sold prices decreased by 8% with a median sold price of $131.48 per square foot ($315,000) and averaging 73 days on the market during June 2009 compared to a median sold price of $142.84 per square foot ($333,725) and averaging 61 days on the market during June 2008. As of 7/1/09 there were 1,540 single-family homes actively for sale with a median list price of $141.25 per square foot ($351,692) and averaging 86 days on the market. There are currently 396 homes pending sale with a median list price of $129.12 per square foot ($325,495) and averaging 76 days on the market. 140 homes were withdrawn from the market during June 2009 compared to 125 in June 2008. Clarus MarketMetrics shows a 4.3 month supply of inventory during June 2009 compared to 5.4 during June 2008.
$0 to $250,000: During June 2009 there were 423 homes between $0 and $250,000 sold in Austin Texas compared to 447 during June 2008, which is a 5% reduction in homes sold. Sold prices decreased by 4.8% with a median sold price of $106.21 per square foot ($183,000) and averaging 53 days on the market during June 2009 compared to a median sold price of $111.63 per square foot ($175,292) and averaging 39 days on the market during June 2008. As of 7/1/09 there were 1,190 single-family homes actively for sale with a median list price of $107.63 per square foot ($184,900) and averaging 48 days on the market. There are currently 695 homes pending sale with a median list price of $105.8 per square foot ($174,900) and averaging 52 days on the market. 100 homes were withdrawn from the market during June 2009 compared to 84 during June 2008. Clarus MarketMetrics shows a 2.3 month supply of inventory during June 2009 compared to 4.2 during June 2008.
Austin Leases: As of 7/1/09 there are 754 homes for lease within the City of Austin with a median lease price of $.91 per square foot ($1,650 per month) and averaging 38 days on the market. During June 2009 there were 822 homes (all types) leased in Austin compared to 683 during June 2008, which is a 17% increase in the number of homes leased. Lease prices per square foot decreased 1% and days on the market increased by 31% with a median lease price of $.82 per square foot ($1,275 per month) and averaging 40 days on the market in June 2009 compared to $.85 per square foot ($1,295 per month) and averaging 25 days on the market in June 2008.
Sold: There were 865 homes sold in Austin Texas during June 2009 compared to 970 during the same period of time in 2008 (11% reduction). Overall home prices have decreased by 4.5% during June 2009 compared to June 2008 with a median sold price of $119.96 per square foot ($242,000) in June 2009 compared to $125.56 per square foot ($263,250) in June 2008. In June 2009 these sold homes have averaged 69 days on the market compared to 53 days on the market in June 2008, which is a 30% increase in the time it is taking to sell a home this June compared to last.
Active: There are 4,012 single-family homes actively for sale within the city limits of Austin Texas as of 7/1/09, which is an increase from the 3,934 single-family homes for sale on 6/4/09. These homes average 95 days on the market with a median list price of $152.28 per square foot ($364,900).
Pending Sale: There are 1,222 houses pending sale in Austin as of 7/1/09, which is 6% more than a month ago when there were 1,302 houses pending sale on 6/3/09. These 1,235 homes average 65 days on the market with a median price of $118.06 per square foot ($229,000), which is a list price 6% greater than the median pending price in Austin during June 2009.
Withdrawn: There were 323 single-family homes withdrawn from the Austin Texas real estate market during June 2009 compared to 290 homes during the same period of time during June 2008, which is a 10% increase in withdrawals. The homes withdrawn in June 2009 averaged 115 days on the market and were listed for sale with a median price of $142.73 per square foot ($349,000). This compares to an average of 103 days on the market with a median price of $151.85 per square foot ($344,700) for homes withdrawn from the market during June 2008.
Inventory: Clarus MarketMetrics shows that there is a 4.1 month supply of inventory for single-family homes in the city limits of Austin during June 2009 compared to 5.7 during June 2008.
Austin Real Estate Market Summary for June 2009:
Austin Luxury Homes ($1,000,000+): During June 2009 there were 23 single-family homes over $1 million that sold in Austin compared to 16 during June 2008. During June 2009 the median sold price was $259.89 per square foot ($1,100,000) and an average of 123 days on the market compared to $348.62 per square foot ($1,795,000) and an average of 81 days on the market during June 2008, which is a 25% decrease in the median sold price per square foot and a 52% increase in the days on market. As of 7/1/09 there are 429 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $332.31 per square foot ($1,675,000), 5,161 square feet and averaging 134 days on the market. There is a 22% difference between the current median list price of $332.31 per square foot and the median sale price of $259.89 per square foot for Austin luxury homes. There are currently 20 luxury homes pending sale in Austin on 7/1/09 with a median list price of $282.33 per square foot ($1,357,450), 4,985 square feet, and averaging 151 days on the market. 27 luxury homes were withdrawn from the market during June 2009 compared to 17 in June 2008. Clarus MarketMetrics shows a 21.8 month supply of inventory during June 2009 compared to 31.9 during June 2008.
$500,000 to $1,000,000: During June 2009 there were 92 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 108 during June 2008, which is a 15% reduction in homes sold. Sold prices decreased by 13% with a median sold price of $178.14 per square foot ($599,950) and averaging 116 days on the market during June 2009 compared to $204.69 per square foot ($605,000) and averaging 76 days on the market in June 2008. As of 7/1/09 there were 874 single-family homes actively for sale with a median list price of $201.47 per square foot ($679,900) and averaging 113 days on the market. There are currently 129 homes pending sale with a median list price of $193.42 per square foot ($650,000) and averaging 84 days on the market. 59 homes were withdrawn from the market during June 2009 compared to 66 in June 2008. Clarus MarketMetrics shows a 8.2 month supply of inventory during June 2009 compared to 9.2 during June 2008.
$250,000 to $500,000: During June 2009 there were 306 homes between $250,000 and $500,000 sold in Austin Texas compared to 404 during June 2008, which is a 24% reduction in homes sold. Sold prices decreased by 8% with a median sold price of $131.48 per square foot ($315,000) and averaging 73 days on the market during June 2009 compared to a median sold price of $142.84 per square foot ($333,725) and averaging 61 days on the market during June 2008. As of 7/1/09 there were 1,540 single-family homes actively for sale with a median list price of $141.25 per square foot ($351,692) and averaging 86 days on the market. There are currently 396 homes pending sale with a median list price of $129.12 per square foot ($325,495) and averaging 76 days on the market. 140 homes were withdrawn from the market during June 2009 compared to 125 in June 2008. Clarus MarketMetrics shows a 4.3 month supply of inventory during June 2009 compared to 5.4 during June 2008.
$0 to $250,000: During June 2009 there were 423 homes between $0 and $250,000 sold in Austin Texas compared to 447 during June 2008, which is a 5% reduction in homes sold. Sold prices decreased by 4.8% with a median sold price of $106.21 per square foot ($183,000) and averaging 53 days on the market during June 2009 compared to a median sold price of $111.63 per square foot ($175,292) and averaging 39 days on the market during June 2008. As of 7/1/09 there were 1,190 single-family homes actively for sale with a median list price of $107.63 per square foot ($184,900) and averaging 48 days on the market. There are currently 695 homes pending sale with a median list price of $105.8 per square foot ($174,900) and averaging 52 days on the market. 100 homes were withdrawn from the market during June 2009 compared to 84 during June 2008. Clarus MarketMetrics shows a 2.3 month supply of inventory during June 2009 compared to 4.2 during June 2008.
Austin Leases: As of 7/1/09 there are 754 homes for lease within the City of Austin with a median lease price of $.91 per square foot ($1,650 per month) and averaging 38 days on the market. During June 2009 there were 822 homes (all types) leased in Austin compared to 683 during June 2008, which is a 17% increase in the number of homes leased. Lease prices per square foot decreased 1% and days on the market increased by 31% with a median lease price of $.82 per square foot ($1,275 per month) and averaging 40 days on the market in June 2009 compared to $.85 per square foot ($1,295 per month) and averaging 25 days on the market in June 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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