Austin Texas Real Estate Market Update and Statistics March 2011
published on April 11, 2011
During the first 3 months of 2011 the Austin housing market has been relatively flat compared to 2010 with a 1.5% decrease in the number of single-family homes sold and a .7% decrease in the median sold price per square foot within the city limits of Austin. During March 2011 there was a 12.7% drop in the number of single-family homes sold and a 1.7% decrease in the median sold price per square foot with a 1% increase in the median sold price (total dollars) compared to last year. During March 2011 it was taking 40% longer to sell a home compared to last year, but the supply of homes dropped 12% to a very low 3.7 months of supply. The number of homes available for sale increased 15% over last month as we ramp into the hot season for selling homes. Speaking of hot, lease rates increased 4.9% in March 2011 compared to March 2010 with a 35% reduction in the time it takes to lease a home and a 28.6% decrease in the number of homes available for lease. The Austin unemployment rate (Austin-Round Rock-San Marcos) showed a slight decrease in the unemployment rate from the previous month at 7.3% in January 2011 to 6.9% in February 2011.
Market Snapshot
(March 2011 compared to March 2010)
• 12.7% decrease in the number of single-family homes sold
• 1.7% decrease in median single-family sold price per square foot
• 1% increase in median sold price (total dollars)
• 40.3% increase in the time it is taking to sell a home
• 7% increase in withdrawals
• 12% decrease in supply
• 4.9% increase in the lease price per square foot
• 35% decrease in the time it is taking to lease a home
• 28.6% decrease in homes available for lease
Between January 1 and March 31, 2011 there were 1,601 single-family homes sold within the Austin city limits with a median sold price of $115.82 per square foot ($234,500) and averaging 85 days on the market. During the same period of time in 2010 there were 1,626 homes sold with a median sold price of $116.65 per square foot ($227,900) and averaging 66 days on the market. This shows a 1.5% decrease in the number of homes sold and a 0.7% decrease in the median sold price per square foot this year compared to last year.
Austin Real Estate Market Summary for March 2011:
Sold: As of 4/10/2011 there were 674 homes sold in Austin, Texas during March 2011 compared to 772 during the same period of time in March 2010 (12.7% decrease). Overall home prices per square foot have decreased 1.7% during March 2011 compared to March 2010 with a median sold price of $115.68 per square foot ($230,000) in March 2011 compared to $117.55 per square foot ($227,650) in March 2010. In March 2011 these sold homes have averaged 87 days on the market compared to 62 days on the market in March 2010, which shows there was a 40.3% increase in the time it is taking to sell a home this March 2011 compared to last March 2010.
Active: There are 3,518 single-family Austin homes for sale within the city limits of Austin Texas as of 4/10/11 averaging 95 days on the market with a median list price of $133.91 per square foot ($289,900). This is 9.7% less than last year (3,898 on 4/1/10) and 15% more than last month on 3/3/11.
Pending Sale: There are 1,231 single-family homes pending sale in Austin as of 4/10/11, which is a 24% increase from a month ago when there were 994 houses pending sale on 3/03/11. These 1,231 homes average 69 days on the market with a median list price of $124.71 per square foot ($250,000), which is a list price 3.2% more than the median sold price per square foot in Austin during March 2010. There was a 9.2% decrease in the number of homes pending sale on 4/10/11 compared to a year ago on 4/1/10 when there were 1,356 houses pending sale.
Withdrawn: There were 210 single-family homes withdrawn from the Austin Texas real estate market during March 2011 compared to 196 homes during the same period of time during March 2010, which is a 7% increase in withdrawals this March. The homes withdrawn in March 2011 averaged 114 days on the market and were listed for sale with a median price of $128.99 per square foot ($240,950). This compares to the 272 homes withdrawn from the market during March 2010 with an average of 123 days on the market with a median price of $140.17 per square foot ($300,000).
Inventory: Clarus MarketMetrics shows that there is a 3.7 month supply of inventory for single-family homes in the city limits of Austin during March 2011 compared to 4.2 month supply of inventory during March 2010, which is a 12% decrease in supply.
Austin Leases: As of 4/10/11 there are 787 homes (all types) for lease within the city limits of Austin with a median lease price of $.84 per square foot per month ($1,350 per month) and averaging 41 days on the market. The number of homes available for lease currently is 28.6% less than the 1,102 homes available for lease last year on 4/1/10. During March 2011 there were 677 homes (all types) leased in Austin compared to 685 during March 2010, which is a 1.2% decrease in the number of homes leased. In March 2011 the median leased price per square foot was $0.85 per square foot per month ($1,248/mo) and averaging 33 days on the market compared to $0.81 per square foot per month ($1,175/mo) and averaging 51 days on the market in March 2010, which shows a 4.9% increase in the lease price per square foot and a 35% decrease in days on the market this year compared to last.
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 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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