Austin Texas Real Estate Market Update and Statistics March 2009

While Austin real estate has not been immune from the effects of the national recession, the city has weathered the storm well compared to other cities around the country.  According to the Austin Board of REALTORS®, the Austin-area housing sector is still outperforming the majority of the country.  Consider this:
 
• Builder magazine cited Austin as the second healthiest housing market for 2009.  The strong local job market, population growth and presence of the University of Texas were deciding factors in Austin’s selection.
• Round Rock was named the seventh best place to live in the United States in a recent poll by Money magazine.  The city was chosen due to its affordable home prices, superior schools and proximity to the Dell headquarters.
• Austin ranked 13th in the Environmental Protection Agency’s (EPA) survey of cities with the most Energy Star-certified buildings. 

While Austin has had a large reduction in the number of Austin homes sold so far during 2009 compared to the same time period during 2008, there have been only moderate price reductions felt mostly over the last two quarters.  As a matter of fact, the number of single-family homes sold in the city limits of Austin is up 25% and sold prices are up 2% per square foot when comparing February 2009 to March 2009.  This represents 378 homes sold in February 2009 versus 502 in March 2009 with a median sold price of $113.79 per square foot ($216,265) during February 2009 versus $116.03 per square foot ($221,995) during March 2009. However, median sold prices for single-family homes in the city limits of Austin are down slightly at 2.8% and the number of homes sold is still low with a 34% reduction when comparing March 2009 to March 2008. 

Low interest rates and a first-time homebuyer tax credit of $8,000 are helping improve market conditions.  National bank rates for a 30 year fixed mortgage have decreased further to a very low 5.10% as of 4/7/09 according to bankrate.com, which compares to 5.25% as in our last report as on 3/1/09.   Due to the $787 billion U.S. Stimulus Plan, first-time homebuyer’s have the ability to receive an $8,000 tax credit for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment. 

With fewer homes being purchased and with even lower interest rates and with tax incentives for first-time homebuyers, this is an excellent time to consider buying an Austin home!

Find Austin homes for sale by clicking this link.  Contact Austin REALTOR® Brian Talley of Regent Property Group at 512-554-9714 if you need help buying or selling an Austin home or if you have a need for Austin office space.

Austin Real Estate Market Summary for March 2009:
Sold:  There were 502 homes sold in Austin Texas during March 2009 compared to 757 during the same period of time in 2008 (34% reduction).  Overall home prices have decreased by 2.8% during March 2009 compared to March 2008 with a median sold price of $116.03 per square foot ($221,995) in March 2009 compared to $119.33 per square foot ($230,000) in March 2008.  In March 2009 these sold homes have averaged 79 days on the market compared to 61 days on the market in March 2008, which is a 23% increase in the time it is taking to sell a home this March compared to last.
Active: There are 3,844 single-family homes actively for sale within the city limits of Austin Texas as of April 1, 2009, which is a 13% increase from the 3,356 single-family homes for sale on March 1, 2009.  These homes average 94 days on the market with a median list price of $148.45 per square foot ($349,900).  
Pending Sale: There are 979 houses pending sale in Austin as of 4/1/09, which is 21% more than a month ago when there were 777 houses pending sale on 3/1/09.   These 979 homes average 68 days on the market with a median price of $116.46 per square foot ($229,983), which is a list price almost equal to the median sold price in Austin during March 2009. 
Withdrawn: There were 245 single-family homes withdrawn from the Austin Texas real estate market during March 2009 compared to 188 homes during the same period of time during March 2008, which is a 23% increase in withdrawals.  The homes withdrawn in March 2009 averaged 115 days on the market and were listed for sale with a median price of $138.16 per square foot ($325,000). This compares to an average of 107 days on the market with a median price of $138.57 per square foot ($319,482) for homes withdrawn from the market during March 2008.
Inventory: Clarus MarketMetrics shows that there is a 4.7 month supply of inventory for single-family homes in the city limits of Austin during March 2009 compared to 4.2 during March 2008.
 
Austin Real Estate Market Summary for March 2009:
Austin Luxury Homes ($1,000,000+):  During March 2009 there were 9 single-family homes over $1 million that sold in Austin compared to 8 during March 2008.  During March 2009 the median sold price was $308.36 per square foot ($1,350,000) and an average of 152 days on the market compared to $253.67 per square foot ($1,112,000) and an average of 76 days on the market during March 2008, which is a 17.7% increase in the median sold price and a 50% increase in the days on market.  As of 4/7/09 there are 416 single-family homes (there were 322 on 3/1/08) over $1 million actively for sale within the city limits of Austin with a median list price of $329.62 per square foot ($1,585,000), 4,970 square feet and averaging 130 days on the market.  There is a 6% difference between the current median list price and the median sale price ($329.62 per square foot list price versus $308.36 per square foot sold price) for Austin luxury homes.  There are currently 15 luxury homes pending sale in Austin on 4/7/09 with a median list price of $304.40 per square foot ($1,650,000), 4,818 square feet, and averaging 206 days on the market.  This compares to 14 homes on 3/1/09 with a median list price of $364.27 per square foot ($1,662,500), 4,444 square feet, and an average of 167 days on the market.  15 luxury homes were withdrawn from the market during March 2009 compared to 16 during February 2009 and 16 in March 2008. Clarus MarketMetrics shows a 29.5 month supply of inventory during March 2009 compared to 22.6 during March 2008.
$500,000 to $1,000,000: During March 2009 there were 48 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 66 during March 2008, which is a 27% reduction in homes sold.  Sold prices decreased by 14% with a median sold price of $166.08 per square foot ($666,250) during March 2009 compared to $192.86 per square foot ($670,200) in March 2008.  As of 4/1/09 there were 837 single-family homes actively for sale with a median list price of $201.14 per square foot ($679,500) and averaging 99 days on the market.  There are currently 80 homes pending sale with a median list price of $197.93 per square foot ($627,000) and averaging 94 days on the market.  227 homes were withdrawn from the market during March 2009 compared to 188 in March 2008. Clarus MarketMetrics shows a 11.9 month supply of inventory during March 2009 compared to 7.9 during March 2008.
$250,000 to $500,000:   During March 2009 there were 171 homes between $250,000 and $500,000 sold in Austin Texas compared to 256 during March 2008, which is a 33% reduction in homes sold.  Sold prices decreased by 3.5% with a median sold price of $131.95 per square foot ($329,900) and averaging 87 days on the market during March 2009 compared to a median sold price of $136.81 per square foot ($344,945) and averaging 74 days on the market during March 2008.  As of 4/1/09 there were 1,453 single-family homes actively for sale with a median list price of $138.90 per square foot ($349,414) and averaging 86 days on the market.  There are currently 335 homes pending sale with a median list price of $134.20 per square foot ($325,000) and averaging 74 days on the market.  86 homes were withdrawn from the market during March 2009 compared to 69 in March 2008 and 75 in February 2009.  Clarus MarketMetrics shows a 4.7 month supply of inventory during March 2009 compared to 4.7 during March 2008.
$0 to $250,000:   During March 2009 there were 289 homes between $0 and $250,000 sold in Austin Texas compared to 424 during March 2008, which is a 32% reduction in homes sold.  Sold prices decreased by 4.9% with a median sold price of $102.39 per square foot ($165,000) and averaging 66 days on the market during March 2009 compared to a median sold price of $107.63 per square foot ($174,350) and averaging 50 days on the market during March 2008.  As of 4/1/09 there were 1,206 single-family homes actively for sale with a median list price of $108.18 per square foot ($179,900) and averaging 82 days on the market.  There are currently 547 homes pending sale with a median list price of $104.01 per square foot ($168,500) and averaging 56 days on the market.   92 homes were withdrawn from the market during March 2009 compared to 68 during March 2008 and 110 in February 2009.  Clarus MarketMetrics shows a 2.8 month supply of inventory during March 2009 compared to 2.6 during March 2008.
Austin Leases: As of 4/7/09 there are 1,504 homes for lease within the City of Austin with a median lease price of $.91 per square foot ($1,395 per month) and averaging 55 days on the market.  During March 2009 there were 589 homes (all types) leased in Austin compared to 546 during March 2008, which is a 7.3% increase in the number of homes leased.  Lease prices decreased 2.5% and days on the market increased by 18% with a median lease price of $.79 per square foot ($1,150 per month) and averaging 49 days on the market in March 2009 compared to $.81 per square foot ($1,200 per month) and averaging 40 days on the market in March 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.