Austin Texas Real Estate Market Update and Statistics June 2010

Austin real estate showed varied but mostly positive results in June 2010 with major improvements in median sold prices and a drop in the number of homes sold, presumably due to a lull in home sales after the tax credit expiration. Median sold prices per square foot increased 4.2% and median sold prices (total dollars) increased by 14.5%! The total number of homes sold was down 11.4%, although the total dollar volume of homes sold increased 2.3%. The supply of homes increased 11% from 5.5 to 6.1 months.  During June 2010 it took 14.3% less time to get a home sold than June 2009. In summary, the market showed some improvement despite the tax credit expiration. 

 

The Austin unemployment rate (Austin-Round Rock-San Marcos) decreased slightly from 7.0% to 6.9% in May 2010, which is the most recent information that we have available. As of 7/7/10 interest rates are averaging 4.58% according to Freddie Mac’s website. Interest rates are just about as low as they have ever been!

 

(June 2010 compared to June 2009)

Austin Overall:

• 11.4% decrease in the number of single-family homes sold

• 4.2% increase in median single-family sold price per square foot

• 14.5% increase in median sold price (total dollars)

• 14.3% decrease in the time it is taking to sell a home

• 19.8% increase in withdrawals

• 11% increase in supply

• 4.8% increase in the lease price per square foot

•30.2% decrease in the time it is taking to lease a home

•2.3% increase in dollar volume sold

 

 

Sold: As of 7/7/10 there were 847 homes sold in Austin, Texas during June 2010 compared to 956 during the same period of time in 2009 (11.4% decrease). Overall home prices (per square foot) have increased 4.2% during June 2010 compared to June 2009 with a median sold price of $125 per square foot ($275,000) in June 2010 compared to $119.99 per square foot ($240,250) in June 2009. In June 2010 these sold homes have averaged 60 days on the market compared to 70 days on the market in June 2009, which shows there was a 14.3% decrease in the time it is taking to sell a home this June 2010 compared to last June 2009. During June 2010 there was approximately $301,041,804 in sales volume compared to $294,177,510 during June 2009, which is a 2.3% increase in June 2010 from 2009.

Active: There are 4,899 single-family homes actively for sale within the city limits of Austin Texas as of 7/6/10, which is a 9.7% increase from the 4,467 single-family homes for sale on 6/3/10. These homes average 89 days on the market with a median list price of $136.05 per square foot ($295,000).  

Pending Sale: There were 996 houses pending sale in Austin as of 7/6/10, which is an 18.2% decrease from a month ago when there were 1,218 houses pending sale on 6/3/10.  These 996 homes average 66 days on the market with a median price of $125.49 per square foot ($262,995), which is a list price .20% less than the median sold price per square foot in Austin during June 2010.

Withdrawn: There were 387 single-family homes withdrawn from the Austin Texas real estate market during June 2010 compared to 323 homes during the same period of time during June 2009, which is a 19.8% increase in withdrawals. The homes withdrawn in June 2010 averaged 101 days on the market and were listed for sale with a median price of $139.09 per square foot ($284,500). This compares to an average of 114 days on the market with a median price of $145.39 per square foot ($349,500) for homes withdrawn from the market during June 2009.

Inventory: Clarus MarketMetrics shows that there is a 6.1 month supply of inventory for single-family homes in the city limits of Austin during June 2010 compared to 5.5 during June 2009, which is an 11% increase in supply.

Austin Leases: As of 7/7/10 there are 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. During June 2010 there were 931 homes (all types) leased in Austin compared to 1,123 during June 2009, which is a 4.63% decrease in the number of homes leased. In June 2010 the median leased price per square foot was $.87 per square foot per month ($1,250/mo) and averaging 30 days on the market compared to $.83 per square foot per month ($1,250/mo) and averaging 43 days on the market in June 2009, which is an 4.8% increase in the lease price per square foot and a 30.2% decrease in days on the market.

 

Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by one of many Austin Realtors® 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.