Austin Texas Real Estate Market Update and Statistics May 2010
published on June 4, 2010
Austin’s housing market has improved slightly so far this year compared the last year and the month of May 2010 showed some improvement compared to May 2009. So far this year (1/1/10 to 5/31/10) there has been a 16% increase in the number of homes sold and a 2.6% increase in the median sold price per square foot compared to the same time period in 2009. Although the opportunity has passed for buyers to take advantage of the previous home buyer tax credits, May 2010 still showed a 5.2% increase in the number of homes sold and a 2.3% increase in the median sold price per square foot compared to May 2009. Also, it is taking substantially less time for the average Austin homeowner to get their home sold or leased this year compared to last. The supply of homes increased quite a bit to 6.5 months from 3 months of supply in April presumably due to a large number of people placing their home on the market for sale as we head into the summer.
Market Snapshot
(May 2010 compared to May 2009)
Austin Overall:
• 5.2% increase in the number of single-family homes sold
• 2.3% increase in median single-family sold price per square foot
• 3.5% increase in median sold price (total dollars)
• 25.4% Decrease in the time it is taking to sell a home
• 12.2% increase in withdrawals
• 22.6% increase in supply
• 3.6% increase in the lease price per square foot
•23% decrease in the time it is taking to lease a home
Sold prices per square foot have remained fairly flat since 2007 in Austin. The sold volume has been fairly consistent since 2008 and 2010 is up 16% so far this year compared to last. The Austin unemployment rate was at 7% during April, which is still historically high but lower than the peak of 7.6% in January 2010.
Austin Real Estate Market Summary for April 2010:
Sold: As of 6/2/10 there were 857 homes sold in Austin, Texas during May 2010 compared to 815 during the same period of time in 2009 (5.2% increase). Overall home prices (per square foot) have increased 2.3% during May 2010 compared to May 2009 with a median sold price of $121.81 per square foot ($248,500) in May 2010 compared to $119.03 per square foot ($240,000) in May 2009. In May 2010 these sold homes have averaged 50 days on the market compared to 67 days on the market in May 2009, which shows there was a 25.4% decrease in the time it is taking to sell a home this May 2010 compared to last May 2009.
Active: There are 4,467 single-family homes actively for sale within the city limits of Austin Texas as of 6/3/10, which is a 3.6% increase from the 4,310 single-family homes for sale on 5/3/10. These homes average 88 days on the market with a median list price of $139.11 per square foot ($299,900).
Pending Sale: There are 1,218 houses pending sale in Austin as of 6/3/10, which is a 27.6% decrease from a month ago when there were 1682 houses pending sale on 5/3/10. These 1,218 homes average 59 days on the market with a median price of $125.01 per square foot ($254,995), which is a list price 2.6% more than the median sold price per square foot in Austin during May 2010.
Withdrawn: There were 294 single-family homes withdrawn from the Austin Texas real estate market during May 2010 compared to 262 homes during the same period of time during May 2009, which is a 12.2% increase in withdrawals. The homes withdrawn in May 2010 averaged 109 days on the market and were listed for sale with a median price of $129.54 per square foot ($269,500). This compares to an average of 102 days on the market with a median price of $135.33 per square foot ($299,000) for homes withdrawn from the market during May 2009.
Inventory: Clarus MarketMetrics shows that there is a 6.5 month supply of inventory for single-family homes in the city limits of Austin during May 2010 compared to 5.3 during May 2009, which is a 22.6% increase in supply.
Austin Leases: As of 6/3/10 there are 1203 homes (all types) for lease within the City of Austin with a median lease price of $.95 per square foot per month ($1,250 per month) and averaging 47 days on the market. During May 2010 there were 726 homes (all types) leased in Austin compared to 739 during May 2009, which is a 1.7% decrease in the number of homes leased. In May 2010 the median leased price per square foot was $.86 per square foot per month ($1,200/mo) and averaging 34 days on the market compared to $.83 per square foot per month ($1,250/mo) and averaging 44 days on the market in May 2009, which is an 3.6% increase in the lease price per square foot and a 23% 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 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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