Austin Texas Real Estate Market Update and Statistics June 2011

During the first 5 months of 2011 the Austin housing market was slower compared to 2010, most likely due to the expiration of the home buyer tax credit around this time last year.  None-the-less, confidence in the Austin housing market seems to be increasing currently and sale prices in Austin have increased 8.3% (total dollars) and 1.46% on a per square foot basis compared to last year.  Home inventory is down to a rock bottom low of 3.4 months, which is a 58% decrease in supply compared to this time last year.  Lease volume and prices continue to increase (8.1% increase this year compared to last) and it is taking 29% less time to lease homes compared to last year.  Furthermore, there are 15% less homes for sale and a 14% increase in homes pending sale compared to last year.  To top it off, the Austin unemployment rate (Austin-Round Rock-San Marcos) decreased from the previous month at 6.8% in March 2011 to 6.5% in April 2011.

Market Snapshot
(May 2011 compared to May 2010)
• 15.2% decrease in homes actively for sale compared to 6/3/10
• 14% increase in homes pending sale compared to 6/3/10
• 15.7% decrease in the number of single-family homes sold
• 1.46% increase in median single-family sold price per square foot
• 8.3% increase in median sold price (total dollars)
• 32% increase in the time it is taking to sell a home
• 58% decrease in supply
• 8.1% increase in the number of homes leased and lease price per square foot
• 29.41% decrease in the time it is taking to lease a home 

Between January 1st and June 7, 2011 there were 3354 single-family homes sold within the Austin city limits with a median sold price of $118.68 per square foot ($245,000) and averaging 76 days on the market, which is a 0.25% decrease in the median sold price per square foot and a 5.15% increase in the median sold price (total dollars) compared to the same time period in 2010. During the same time period in 2010 there were 3687 homes sold (11% more than during the same time period in 2011) with a median sold price of $118.98 per square foot ($233,000), and averaging 60 days on the market (26.7% increase in days on market during May 2011). 

Austin Real Estate Market Summary for May 2011:
Sold: As of 6/7/2011 there were 802 homes sold in Austin, Texas during May 2011 compared to 951 during the same period of time in 2010 (15.7% decrease). Overall home prices (per square foot) have increased 1.5% and the total dollar sales prices have increased by 8.3% during May 2011 compared to May 2010 with a median sold price of $122.75 per square foot ($260,363) in May 2011 compared to $120.98 per square foot ($240,400) in May 2010. In May 2011 these sold homes have averaged 65 days on the market compared to 50 days on the market in May 2010, which shows there was a 32% increase in the time it is taking to sell a home this May 2011 compared to last May 2010.
Active: There are 3,786 single-family homes actively for sale within the city limits of Austin Texas as of 6/07/11 averaging 95 days on the market with a median list price of $134.58 per square foot ($295,000).  This is a 0.53% increase from the 3,766 single-family homes for sale last month on 5/09/11 and a 15.2% decrease in homes actively for sale from the 4,467 single-family homes that were actively for sale within the city limits of Austin Texas on 6/3/10.
Pending Sale: There are 1392 houses pending sale in Austin as of 6/07/11 averaging 64 days on the market with a median price of $125.03 per square foot ($265,000).  This is a 6.58% increase from the 1306 single-family homes for sale last month on 5/09/11 and a 14% increase from the 1218 homes that were pending sale on 6/3/10.
Withdrawn: There were 252 single-family homes withdrawn from the Austin Texas real estate market during May 2011 compared to 294 homes during the same period of time during May 2010, which is a 14.29% decrease in withdrawals. The homes withdrawn in May 2011 averaged 122 days on the market and were listed for sale with a median price of $124.85 per square foot ($240,000). This compares to an average of 109 days on the market with a median price of $129.54 per square foot ($269,500) for homes withdrawn from the market during May 2010.
Inventory: Clarus MarketMetrics shows that there is a 3.4 month supply of inventory for single-family homes in the city limits of Austin during May 2011 compared to 8.1 month supply of inventory during May 2010, which is a 58% decrease in supply. 
Austin Leases: As of 6/07/11 there are 953 homes (all types) for lease within the City of Austin with a median lease price of $0.98 per square foot per month ($1,395 per month) and averaging 37 days on the market. During May 2011 there were 785 homes (all types) leased in Austin compared to 726 leased in May 2010, which is an 8.1% increase.  In May 2011 the median leased price per square foot was $0.93 per square foot per month ($1,295/mo) and averaging 24 days on the market compared to $0.86 per square foot per month ($1,200/mo) and averaging 34 days on the market in May 2010, which shows a 8.14% increase in the lease price per square foot and a 29.41% 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 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 top Austin REALTOR® 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.