Austin Texas Real Estate Market Update and Statistics May 2009

Summer is in full swing for Austin real estate.  While the number of single-family homes sold within the Austin city limits was down 29% and overall prices are down 5.5% in May 2009 compared to May 2008, the supply of homes available for sale has decreased by 19% to 3.9 months of supply as you can see in the below bar chart.  The Austin unemployment rate in May 2009 was down to 5.8% from 6.2% in April 2009, showing comforting signs of stability early this summer.  The May 2009 Austin unemployment rate is lower than both the State of Texas (6.4%) and the U.S. (8.6%) unemployment rate, which is a good indicator of strength in the Austin economy.

Market Snapshot
(May 2009 compared to May 2008)
Austin Overall:
• 29% reduction in the number of single-family homes sold
• 5.5% decrease in median single-family sold price
• 29% increase in the time it is taking to sell a home
• 11% increase in withdrawals
• 19% decrease in supply

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Austin Real Estate Market Summary for May 2009:
Sold:  There were 707 homes sold in Austin Texas during May 2009 compared to 909 during the same period of time in 2008 (29% reduction).  Overall home prices have decreased by 5.5% during May 2009 compared to May 2008 with a median sold price of $119.34 per square foot ($245,000) in May 2009 compared to $126.29 per square foot ($247,000) in May 2008.  In May 2009 these sold homes have averaged 67 days on the market compared to 52 days on the market in May 2008, which is a 29% increase in the time it is taking to sell a home this May compared to last.
Active: There are 3,934 single-family homes actively for sale within the city limits of Austin Texas as of 6/4/09, which is an increase from the 3,974 single-family homes for sale on 5/1/09.  These homes average 93 days on the market with a median list price of $152.20 per square foot ($368,554).  
Pending Sale: There are 1,302 houses pending sale in Austin as of 6/3/09, which is 18% more than a month ago when there were 1,106 houses pending sale on 5/1/09.   These 1,302 homes average 69 days on the market with a median price of $120.23 per square foot ($236,750), which is a list price 1% greater than the median sold price in Austin during May 2009. 
Withdrawn: There were 263 single-family homes withdrawn from the Austin Texas real estate market during May 2009 compared to 236 homes during the same period of time during May 2008, which is a 11% increase in withdrawals.  The homes withdrawn in May 2009 averaged 102 days on the market and were listed for sale with a median price of $135.52 per square foot ($299,500). This compares to an average of 93 days on the market with a median price of $145.66 per square foot ($319,925) for homes withdrawn from the market during May 2008.
Inventory: Clarus MarketMetrics shows that there is a 3.9 month supply of inventory for single-family homes in the city limits of Austin during May 2009 compared to 4.8 during May 2008.
 
Austin Real Estate Market Summary for May 2009:
Austin Luxury Homes ($1,000,000+):  During May 2009 there were 9 single-family homes over $1 million that sold in Austin compared to 28 during May 2008, which is a 64% reduction in homes sold.  During May 2009 the median sold price was $285 per square foot ($1,500,000) and an average of 209 days on the market compared to $272.39 per square foot ($1,402,500) and an average of 123 days on the market during May 2008, which is a 5% increase in the median sold price and a 70% increase in the days on market.  As of 6/3/09 there are 425 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $332.31 per square foot ($1,635,000), 5,050 square feet and averaging 128 days on the market.  There is a 16% difference between the current median list price of $332.31 per square foot and the median sale price of $285 per square foot for Austin luxury homes.  There are currently 27 luxury homes pending sale in Austin on 6/3/09 with a median list price of $284.11 per square foot ($288.85), 4,556 square feet, and averaging 96 days on the market.  17 luxury homes were withdrawn from the market during May 2009 compared to 13 in May 2008. Clarus MarketMetrics shows a 17.9 month supply of inventory during May 2009 compared to 16.7 during May 2008.
$500,000 to $1,000,000: During May 2009 there were 77 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 96 during May 2008, which is a 20% reduction in homes sold.  Sold prices decreased by 3.7% with a median sold price of $185.65 per square foot ($613,000) and averaging 84 days on the market during May 2009 compared to $192.79 per square foot ($594,163) and averaging 85 days on the market in May 2008.  As of 6/3/09 there were 889 single-family homes actively for sale with a median list price of $202.69 per square foot ($685,000) and averaging 107 days on the market.  There are currently 137 homes pending sale with a median list price of $192.47 per square foot ($649,000) and averaging 110 days on the market.  52 homes were withdrawn from the market during May 2009 compared to 49 in May 2008. Clarus MarketMetrics shows a 7.9 month supply of inventory during May 2009 compared to 8.2 during May 2008.
$250,000 to $500,000:   During May 2009 there were 264 homes between $250,000 and $500,000 sold in Austin Texas compared to 337 during May 2008, which is a 22% reduction in homes sold.  Sold prices decreased by 12% with a median sold price of $125.59 per square foot ($319,500) and averaging 75 days on the market during May 2009 compared to a median sold price of $142.22 per square foot ($330,000) and averaging 53 days on the market during May 2008.  As of 6/3/09 there were 1,493 single-family homes actively for sale with a median list price of $139.28 per square foot ($350,000) and averaging 87 days on the market.  There are currently 423 homes pending sale with a median list price of $135.73 per square foot ($329,900) and averaging 74 days on the market.  105 homes were withdrawn from the market during May 2009 compared to 99 in May 2008.  Clarus MarketMetrics shows a 4.2 month supply of inventory during May 2009 compared to 4.8 during May 2008.
$0 to $250,000:   During May 2009 there were 348 homes between $0 and $250,000 sold in Austin Texas compared to 448 during May 2008, which is a 22% reduction in homes sold.  Sold prices decreased by 2.6% with a median sold price of $106.33 per square foot ($169,900) and averaging 50 days on the market during May 2009 compared to a median sold price of $109.15 per square foot ($175,150) and averaging 41 days on the market during May 2008.  As of 6/3/09 there were 1,604 single-family homes actively for sale with a median list price of $107.35 per square foot ($181,500) and averaging 77 days on the market.  There are currently 718 homes pending sale with a median list price of $105.26 per square foot ($179,900) and averaging 57 days on the market.  93 homes were withdrawn from the market during May 2009 compared to 76 during May 2008.  Clarus MarketMetrics shows a 2.2 month supply of inventory during May 2009 compared to 3.4 during May 2008.
Austin Leases: As of 6/4/09 there are 1,672 homes for lease within the City of Austin with a median lease price of $.93 per square foot ($1,325 per month) and averaging 46 days on the market.  During May 2009 there were 701 homes (all types) leased in Austin compared to 611 during May 2008, which is a 15% increase in the number of homes leased.  Lease prices per square foot increased 1% and days on the market increased by 32% with a median lease price of $.83 per square foot ($1,250 per month) and averaging 45 days on the market in May 2009 compared to $.82 per square foot ($1,295 per month) and averaging 34 days on the market in May 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.