Austin, Texas Real Estate Market Update and Statistics June 2012

The Austin housing market is on a healthy upswing, with solid increases in sold prices and the number of homes sold, along with a large decrease in average days on market compared to last year. Employment is one of the key drivers of a healthy housing market, and Austin is no exception. The Austin unemployment rate (Austin-Round Rock-San Marcos) decreased from 6.0% in March 2012 to 5.5% in April 2012. While home values are steadily increasing in Austin, lender appraisals are keeping home values from increasing at an unrealistic pace. As such, there are still reasonable prices for many homes in Austin. To top it off, interest rates are extremely low, averaging 3.75% for a 30 year conventional loan today with 0.8 fees/points down per freddiemac.com. One main challenge for buyers is that the low inventory level is creating some multiple offer scenarios. Meanwhile, lease inventory continues to fall and lease prices are increasing rapidly.

Market Snapshot (Year-to-date compared to same time period during the year 2011)

• 10.16% increase in homes sold

• 5.77% increase in sold prices (total dollars)

• 4.22% increase in sold prices (per square foot)

• 23.7% decrease in days on market

May 2012 compared to May 2011

• 34.33% decrease in homes actively for sale, compared to 6/7/11

• 30.6% increase in homes pending sale, compared to 6/7/11

• 14.2% increase in the number of single-family homes sold

• 6.74% increase in median single-family sold price per square foot

• 7.7% increase in median sold price (total dollars)

• 33.85% decrease in the time it is taking to sell a home

• 8% decrease in number of homes for lease compared to 6/7/11

• 8.43% decrease in the number of homes leased

• 11.11% increase in leased price per square foot

• 17.4% decrease in the time it is taking to lease a home

Between January 1st and June 5, 2012 there were 3,794 single-family homes sold within the Austin city limits, with a median sold price of $123.30 per square foot ($259,000) and averaging 58 days on the market. During the same time period in 2011 there were 3,444 homes sold with a median sold price of $118.30 per square foot ($244,850) and averaging 76 days on the market. This is a 10.16% increase in the number of homes sold, a 4.22% increase in the median sold price per square foot, a 5.77% increase in sold prices (total dollars), and an 23.7% decrease in the days on the market compared to the same time period in 2011.

Austin Real Estate Market Summary for June 2012:

Sold: As of 6/05/2012 there were 990 homes sold in Austin, Texas during May 2012 compared to 867 during the same period of time in 2011 (14.2% increase). Overall home prices (per square foot) have increased 6.74% and the total dollar sales prices increased by 7.7% during May 2012 compared to May 2011, with a median sold price of $129.80 per square foot ($280,000) in May 2012 compared to $121.60 per square foot ($260,000) in May 2011. In May 2012 these sold homes averaged 43 days on the market compared to 65 days on the market in May 2011, which shows there was 33.85% decrease in the time it is taking to sell a home this May 2012 compared to last May 2011.

Active: There are 2,486 single-family homes actively for sale within the city limits of Austin Texas as of 6/5/12, averaging 88 days on the market with a median list price of $147 per square foot ($388,432). This is a 0.30% decrease from the 2,493 single-family homes for sale last month on 5/7/12 and a 34.33% decrease in homes actively for sale from the 3,786 single-family homes that were actively for sale within the city limits of Austin Texas on 6/7/11.

Pending Sale: There are 1,818 houses pending sale in Austin as of 6/5/12, averaging 44 days on the market with a median price of $127.30 per square foot ($265,150). This is a 3.7% increase from the 1,753 single-family homes pending sale last month on 5/7/12 and a 30.6% increase from the 1,392 homes that were pending sale on 6/7/11.

Withdrawn: There were 181 single-family homes withdrawn from the Austin Texas real estate market during May 2012 compared to 248 homes during the same period of time during May 2011, which is a 27% decrease in withdrawals. The homes withdrawn in May 2012 averaged 102 days on the market and were listed for sale with a median price of $149 per square foot ($349,000). This compares to an average of 121 days on the market with a median price of $124.60 per square foot ($239,950) for homes withdrawn from the market during May 2011.

Austin Leases: As of 6/5/12 there are 877 homes (all types) for lease within the City of Austin with a median lease price of $1.00 per square foot per month ($1,650 per month) and averaging 25 days on the market. This compares to 6/7/11 when there were 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 2012 there were 760 homes (all types) leased in Austin compared to 830 leased in May 2011, which is a 8.43% decrease. In May 2012 the median leased price per square foot was $1.00 per square foot per month ($1,500/mo) and averaging 19 days on the market compared to $0.90 per square foot per month ($1,455/mo) and averaging 23 days on the market in May 2011, which shows the lease price per square foot has increased by 11.11% and a 17.4% 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 homes expert and luxury 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. Statistics in this report may be updated as more information is added or changed from the source of this information.