Austin Texas Real Estate Market Update and Statistics November 2009

The Austin real estate market was strong during November 2009 compared to November 2008. There was a huge 62% increase in single-family homes sold, a 1% decrease in the median sold price per square foot, virtually no change in days on market, and a large decrease in supply of 10%. The median sales price decreased from $235,000 to $225,000, which indicates that people are buying less expensive homes while paying only slightly less per square foot for these homes. With the extension of the $8000 first-time home buyer tax credit and addition of a $6500 home buyer tax credit, the market should stay consistent and stable through the slow selling season between fall 2009 and spring 2010. Furthermore, the Austin unemployment rate remained flat at 7.2% in October 2009 from 7.2% in September 2009, which should also lend to a continued stable real estate market. 

 

Market Snapshot
(November 2009 compared to November 2008)
Austin Overall:
• 62% increase in the number of single-family homes sold
• 1% decrease in median single-family sold price per square foot

• 4% decrease in median sold price (total dollars)
• Little change in the time it is taking to sell a home
• 3.7% increase in withdrawals
• 10% decrease in supply

 

Sold:  As of 12/7/09 there were 643 homes sold in Austin Texas during November 2009 compared to 397 during the same period of time in 2008 (62% increase).  Overall home prices (per square foot) have decreased 1% during November 2009 compared to November 2008 with a median sold price of $117.65 per square foot ($225,000) in November 2009 compared to $119.06 per square foot ($235,000) in November 2008.  In November 2009 these sold homes have averaged 70 days on the market compared to 71 days on the market in November 2008, which shows there was almost no change in the time it is taking to sell a home this November 2009 compared to last November 2008.

Active: There are 3,269 single-family homes actively for sale within the city limits of Austin Texas as of 12/3/09, which is a 4.9% decrease from the 3,438 single-family homes for sale on 11/2/09.  These homes average 104 days on the market with a median list price of $145.46 per square foot ($316,000).  

Pending Sale: There are 754 houses pending sale in Austin as of 12/3/09, which is 24.2% less than a month ago when there were 995 houses pending sale on 11/2/09.   These 754 homes average 68 days on the market with a median price of $116.63 per square foot ($229,839), which is a list price 1% more than the median sold price per square foot in Austin during November 2009.

Withdrawn: There were 397 single-family homes withdrawn from the Austin Texas real estate market during November 2009 compared to 383 homes during the same period of time during November 2008, which is a 3.7% increase in withdrawals.  The homes withdrawn in November 2009 averaged 126 days on the market and were listed for sale with a median price of $154.64 per square foot ($361,000). This compares to an average of 115 days on the market with a median price of $147.82 per square foot ($324,000) for homes withdrawn from the market during November 2008.

Inventory: Clarus MarketMetrics shows that there is a 8.4 month supply of inventory for single-family homes in the city limits of Austin during November 2009 compared to 9.3 during November 2008.

Austin Leases: As of 12/7/09 there are 1758 homes (all types) for lease within the City of Austin with a median lease price of $.85 per square foot per month ($1,100 per month) and averaging 61 days on the market.  During November 2009 there were 555 homes (all types) leased in Austin compared to 520 during November 2008, which is a 6.7% increase in the number of homes leased.  In November 2009 the median lease price per square foot was $.79 per square foot per month ($1,100/mo) and averaging 56 days on the market compared to $.81 per square foot per month ($1,150/mo) and averaging 43 days on the market in November 2008, which is a 2.5% decrease in price per square foot and a 30% increase in days on the market.
 
Austin Real Estate Market Summary for November 2009 by Price Range:

Austin Luxury Homes ($1,000,000+):  During November 2009 there were 16 single-family homes over $1 million that sold in Austin compared to 8 during November 2008, which is a 100% increase in homes sold.  During November 2009 the median sold price was $327.12 per square foot ($1,581,000) and an average of 165 days on the market compared to $285.38 per square foot ($1,312,500) and an average of 171 days on the market during November 2008, which is an 14.6% increase in the median sold price per square foot and a decrease of 3.5% in days on market.  As of 12/3/09 there are 334 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $334.27 per square foot ($1,677,000), 5,179 square feet and averaging 149 days on the market.  There is a 4% difference between the current median list price of $334.27 per square foot and the median sale price of $347.42 per square foot for Austin luxury homes.  There are currently 19 luxury homes pending sale in Austin on 12/3/09 with a median list price of $278.40 per square foot ($1,595,000), 5,161 square feet, and averaging 164 days on the market.  52 luxury homes were withdrawn from the market during November 2009 compared to 37 in November 2008. Clarus MarketMetrics shows a 29 month supply of inventory during November 2009 compared to 30.1 during November 2008.

$500,000 to $1,000,000: During November 2009 there were 53 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 46 during November 2008, which is a 15% increase in homes sold.  Sold prices decreased by 1% with a median sold price of $168.63 per square foot ($592,000) and averaging 132 days on the market during November 2009 compared to $170.54 per square foot ($581,850) and averaging 97 days on the market in November 2008.  As of 12/3/09 there are 577 single-family homes actively for sale with a median list price of $201.80 per square foot ($689,000) and averaging 133 days on the market.  There are currently 73 homes pending sale with a median list price of $186.94 per square foot ($625,000) and averaging 101 days on the market.  83 homes were withdrawn from the market during November 2009 compared to 65 in November 2008. Clarus MarketMetrics shows a 16 month supply of inventory during November 2009 compared to 17 months during November 2008.
$250,000 to $500,000:   During November 2009 there were 211 homes between $250,000 and $500,000 sold in Austin Texas compared to 138 during November 2008, which is a 53% increase in homes sold.  Sold prices increased by 1% with a median sold price of $133.54 per square foot ($317,000) and averaging 76 days on the market during November 2009 compared to a median sold price of $132.03 per square foot ($307,000) and averaging 87 days on the market during November 2008.  As of 12/3/09 there were 1,104 single-family homes actively for sale with a median list price of $145.61 per square foot ($349,500) and averaging 104 days on the market.  There are currently 239 homes pending sale with a median list price of $133.21 per square foot ($344,595) and averaging 80 days on the market.  130 homes were withdrawn from the market during November 2009 compared to 146 in November 2008.  Clarus MarketMetrics shows an 8 month supply of inventory during November 2009 compared to 9 month supply during November 2008.
$0 to $250,000:   During November 2009 there were 357 homes between $0 and $250,000 sold in Austin Texas compared to 214 during November 2008, which is a 67% increase in homes sold.  There was a increase of 3% in the median sold price of $107.78 per square foot ($171,500) and averaging 53 days on the market during November 2009 compared to a median sold price of $101.82 per square foot ($173,565) and averaging 54 days on the market during November 2008.  As of 12/3/09 there were 1,257 single-family homes actively for sale with a median list price of $107.35 per square foot ($179,900) and averaging 77 days on the market.  There are currently 419 homes pending sale with a median list price of $102.49 per square foot ($168,950) and averaging 52 days on the market.  132 homes were withdrawn from the market during November 2009 compared to 135 during November 2008.  Clarus MarketMetrics shows a 6.0 month supply of inventory during November 2009 compared to 7.0 during November 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.