Austin, Texas Real Estate Market Update and Statistics March 2012

The Austin housing market is officially on the upswing!  If you haven’t already heard from a friend or neighbor, the numbers speak for themselves.  There were 18% more homes sold and a 3.42% increase in sold prices per square foot when comparing February 2012 to February 2011.  There are 23% less homes for sale, a 29.17% increase in homes pending sale, a 28% decrease in homes withdrawn from the market, and it is taking 30.8% less time to sell a home.  Interest rates are ridiculously low averaging 3.88% for a 30 year conventional loan today with 0.8 fees/points down per freddiemac.com. The Austin unemployment rate (Austin-Round Rock-San Marcos) during January 2012 showed a slight increase from the previous month at 6.1% in December 2011 compared to 6.5% in January 2012. Meanwhile, lease inventory continues to fall in Austin and lease prices are increasing.     
 
Market Snapshot
(Year-to-date compared to same time period during the year 2011)
• 2.85% decrease in homes sold
• 2.13% increase in sold prices (total dollars)
• 15.5% decrease in days on market

(February 2012 compared to February 2011)
• 23% decrease in homes actively for sale compared to 3/03/11
• 29.17% increase in homes pending sale compared to 3/03/11
• 18% increase in the number of single-family homes sold
• 3.42% increase in median single-family sold price per square foot
• 0.95% increase in median sold price (total dollars)
• 18.6% decrease in the time it is taking to sell a home
• 19.71% decrease in number of homes for lease compared to 3/03/11
• 10.5% decrease in the number of homes leased
• 12.5% increase in lease price per square foot
• 30.8% decrease in the time it is taking to lease a home
 
Between January 1st and March 11, 2012 there were 1158 single-family homes sold within the Austin city limits with a median sold price of $121.20 per square foot ($240,000) and averaging 71 days on the market. During the same time period in 2011 there were 1192 homes sold with a median sold price of $115.80 per square foot ($234,995) and averaging 84 days on the market. This is a 2.85% decrease in the number of homes sold, 4.66% increase in the median sold price per square foot, a 2.13% increase in sold prices (total dollars), and an 15.5% decrease in the days on market compared to the same time period in 2011.  

Austin Real Estate Market Summary for March 2012:

Sold: As of 03/11/2012 there were 571 homes sold in Austin, Texas during February 2012 compared to 484 during the same period of time in 2011 (18% increase). Overall home prices (per square foot) have increased 3.42% and the total dollar sales prices have increased by 0.95% during February 2012 compared to February 2011 with a median sold price of $121 per square foot ($239,000) in February 2012 compared to $117 per square foot ($236,750) in February 2011. In February 2012 these sold homes have averaged 70 days on the market compared to 86 days on the market in February 2011, which shows there was 18.6% decrease in the time it is taking to sell a home this February 2012 compared to last February 2011.

Active: There are 2,357 single-family homes actively for sale within the city limits of Austin Texas as of 3/11/12 averaging 100 days on the market with a median list price of $143.10 per square foot ($354,900). This is a 6.7% increase from the 2,209 single-family homes for sale last month on 2/06/12 and a 23% decrease in homes actively for sale from the 3,061 single-family homes that were actively for sale within the city limits of Austin Texas on 03/03/11.

Pending Sale: There are 1,284 houses pending sale in Austin as of 3/11/12 averaging 63 days on the market with a median price of $123.20 per square foot ($250,000). This is a 25.15% increase from the 1,026 single-family homes pending sale last month on 2/06/12 and a 29.17% increase from the 994 homes that were pending sale on 3/3/11.

Withdrawn: There were 151 single-family homes withdrawn from the Austin Texas real estate market during February 2012 compared to 209 homes during the same period of time during February 2011, which is a 28% decrease in withdrawals. The homes withdrawn in February 2012 averaged 126 days on the market and were listed for sale with a median price of $126 per square foot ($254,900). This compares to an average of 121 days on the market with a median price of $128.40 per square foot ($249,000) for homes withdrawn from the market during February 2011.

Austin Leases: As of 3/11/12 there are 615 homes (all types) for lease within the City of Austin with a median lease price of $1.00 per square foot per month ($1,695 per month) and averaging 34 days on the market.  This compares to 3/03/11 when there were 766 homes (all types) for lease within the City of Austin with a median lease price of $.95 per square foot per month ($1,297 per month) and averaging 47 days on the market. During February 2012 there were 599 homes (all types) leased in Austin compared to 669 leased in February 2011, which is a 10.5% decrease. In February 2012 the median leased price per square foot was $0.90 per square foot per month ($1,450/mo) and averaging 27 days on the market compared to $0.80 per square foot per month ($1,400/mo) and averaging 39 days on the market in February 2011, which shows a 12.5% increase in the lease price per square foot and a 30.8% 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 home search expert and 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.