Austin Texas Real Estate Market Update and Statistics March 2010
published on April 2, 2010
The government stopped buying mortgages at the end of March so there is expected to be an increase in interest rates soon. Additionally, the $8000 first-time home buyer tax credit and the $6500 home buyer tax credits expire soon. For qualified buyers, you must have a home under contract by the end of April 2010 and close on the purchase by the end of June 2010 to take advantage of the tax credit.
Austin’s residential real estate market continues to improve and show stability. The City of Austin experienced a 3.6% price per square foot increase and a 5.8% total dollar increase for single-family homes sold during March 2010 compared to March 2009. There was a 14% increase in the number of homes sold and it took 18% less time to sell a home during March 2010 compared to March 2009. Furthermore, there was a 40% decrease in supply of homes for sale with only 3.4 months of current inventory for single-family homes in the city limits of Austin. This means that at the current rate of sales, if no more homes were listed for sale starting today, every home listed for sale in the City of Austin would be sold in 3.4 months! This is a very low amount of inventory, which is helping keep home prices stable in our trendy and popular city of Austin.
While the Austin real estate market is improving over last year, there are still challenges such as a high unemployment rate of 7.2%, which is still lower than the State of Texas and the US. While Austin has not been immune to the recession, the city continues to attract new businesses and is positioned for more growth in the coming years. Time Magazine featured Austin in March 2010 with a story called, “The Workforce: Where Will the New Jobs Come From?” The story points to Austin as a model of hope for job growth in the coming years. Market Snapshot
(March 2010 compared to March 2009)
• 14% increase in the number of single-family homes sold
• 3.6% increase in median single-family sold price per square foot
• 5.8% increase in median sold price (total dollars)
• 18% Decrease in the time it is taking to sell a home
• 15% increase in withdrawals
• 40% decrease in supply
Austin Real Estate Market Summary for March 2010:
Sold: As of 4/1/10 there were 659 homes sold in Austin, Texas during March 2010 compared to 576 during the same period of time in 2009 (14% increase). Overall home prices (per square foot) have increased 3.6% during March 2010 compared to March 2009 with a median sold price of $119.05 per square foot ($232,500) in March 2010 compared to $114.96 per square foot ($219,750) in March 2009. In March 2010 these sold homes have averaged 63 days on the market compared to 77 days on the market in March 2009, which shows there was an 18% decrease in the time it is taking to sell a home this March 2010 compared to last March 2009.
Active: There are 3,898 single-family homes actively for sale within the city limits of Austin Texas as of 4/1/10, which is a 13.3% increase from the 3,439 single-family homes for sale on 3/3/10. These homes average 85 days on the market with a median list price of $141.05 per square foot ($304,950).
Pending Sale: There are 1356 houses pending sale in Austin as of 4/1/10, which is 29% more than a month ago when there were 1052 houses pending sale on 3/3/10. These 1356 homes average 61 days on the market with a median price of $120.86 per square foot ($229,900), which is a list price 1.5% more than the median sold price per square foot in Austin during March 2010.
Withdrawn: There were 273 single-family homes withdrawn from the Austin Texas real estate market during March 2010 compared to 238 homes during the same period of time during March 2009, which is a 15% increase in withdrawals. The homes withdrawn in March 2010 averaged 143 days on the market and were listed for sale with a median price of $140.94 per square foot ($300,000). This compares to an average of 115 days on the market with a median price of $137.95 per square foot ($321,950) for homes withdrawn from the market during March 2009.
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 March 2010 compared to 5.7 during March 2009, which is a 40% decrease in supply.
Austin Leases: As of 4/1/10 there are 1102 homes (all types) for lease within the City of Austin with a median lease price of $.90 per square foot per month ($1,150 per month) and averaging 54 days on the market. During March 2010 there were 624 homes (all types) leased in Austin compared to 623 during March 2009, which is a 0.16% increase in the number of homes leased. In March 2010 the median lease price per square foot was $.80 per square foot per month ($1,175/mo) and averaging 53 days on the market compared to $.79 per square foot per month ($1,145/mo) and averaging 49 days on the market in March 2009, which is an 1% increase in the lease price per square foot and a 8% increase in days on the market.
Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by top 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.
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