Austin Texas Real Estate Market Update and Statistics November 2010
published on December 7, 2010
From January until the end of November 2010, the Austin housing market showed a decrease of 8.2% in the number of homes sold and a median sold price increase of 6.3% compared to the previous year. With gains in prices and decreases in sales volume, the overall housing market has been fairly flat with signs of improvement due to job growth in Austin and a relatively low supply of homes for sale within the city limits. As expected, November 2010 showed a large 29% decrease in sales volume and a 6.2% increase in median sold prices (total dollars) compared to November 2009. This is not a surprise given that the government tax credit was expiring in November 2009 so there were an inflated number of home sales at that time. The supply of homes decreased from 6.2 months to 5.8 months of supply from October to November 2010.
Market Snapshot
Austin Overall:
(Year-to-date)
• 3% increase in the median single-family sold price per square foot
• 6.3% increase in median sold price (total dollars)
• 8.2% decrease in the number of single-family homes sold
• 4.4% decrease in the time it is taking to sell a home
(November 2010 compared to November 2009)
• 29% decrease in the number of single-family homes sold
• 2% increase in median single-family sold price per square foot
•12.6% increase in median sold price (total dollars)
• 5.7% increase in the time it is taking to sell a home
• 19.3% increase in withdrawals
• 25% decrease in supply
• 2.5% increase in the lease price per square foot
•25% decrease in the time it is taking to lease a home
Between January 1st and December 6, 2010 there were 7,381 single-family homes sold within the Austin city limits with a median sold price of $120.49 per square foot (245,500) and averaging 65 days on the market, which is a 3% increase in the median sold price per square foot compared to the same time period in 2009. During the same time period in 2009 there were 7,985 homes sold (8.2% more than during the same time period in 2010) with a median sold price of $117.09 per square foot ($230,500), and averaging 68 days on the market.
The Austin unemployment rate (Austin-Round Rock-San Marcos) was remained unchanged from the previous month at 6.8% in October 2010 with 2,700 less people employed in Austin-Round Rock-San Marcos in October 2010 than the previous month. Bank rates for a 30 year fixed mortgage remain very low at 4.46% as of 12/7/10, up from 4.21% as on 10/21/10 according to freddiemac.com.
Austin Real Estate Market Summary for October 2010:
Sold: As of 12/6/10 there were 486 homes sold in Austin, Texas during November 2010 compared to 685 during the same period of time in 2009 (29% decrease). Overall home prices (per square foot) have increased 2% during November 2010 compared to November 2009 with a median sold price of $119.49 per square foot ($250,000) in November 2010 compared to $117.06 per square foot ($222,000) in November 2009. In November 2010 these sold homes have averaged 74 days on the market compared to 70 days on the market in November 2009, which shows there was a 5.7% increase in the time it is taking to sell a home this November 2010 compared to last November 2009.
Active: There are 3,427 single-family homes actively for sale within the city limits of Austin Texas as of 12/07/10 averaging 118 days on the market with a median list price of $131.34 per square foot ($265,000). This is a 12% decrease from the 3,909 single-family homes for sale on 11/9/10.
Pending Sale: There are 847 houses pending sale in Austin as of 12/06/10, which is a 4.3% decrease from a month ago when there were 885 houses pending sale on 11/09/10. These 847 homes average 84 days on the market with a median price of $118.62 per square foot ($239,000), which is a list price 0.73% less than the median sold price per square foot in Austin during November 2010.
Withdrawn: There were 470 single-family homes withdrawn from the Austin Texas real estate market during November 2010 compared to 394 homes during the same period of time during November 2009, which is a 19.3% increase in withdrawals. The homes withdrawn in November 2010 averaged 128 days on the market and were listed for sale with a median price of $133.66 per square foot ($285,000). This compares to an average of 127 days on the market with a median price of $154.16 per square foot ($360,000) for homes withdrawn from the market during November 2009.
Inventory: Clarus MarketMetrics shows that there is a 5.8 month supply of inventory for single-family homes in the city limits of Austin during November 2010 compared to 7.8 month supply of inventory during November 2009, which is a 25% decrease in supply.
Austin Leases: As of 12/06/10 there are 1,201 homes (all types) for lease within the City of Austin with a median lease price of $.84 per square foot per month ($1,200 per month) and averaging 53 days on the market. During November 2010 there were 624 homes (all types) leased in Austin compared to 584 during November 2009, which is a 6.8% increase in the number of homes leased. In November 2010 the median leased price per square foot was $0.81 per square foot per month ($1,200/mo) and averaging 42 days on the market compared to $0.79 per square foot per month ($1,100/mo) and averaging 56 days on the market in November 2009, which shows a 2.5% increase in the lease price per square foot and a 25% 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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