Austin Texas Real Estate Market Update and Statistics October 2009
published on November 3, 2009
The Austin real estate market was strong during October 2009 compared to October 2008. There was a 21% increase in single-family homes sold, a 1.8% increase in the median sold price per square foot, no change in days on market, and a huge decrease in supply. The median sales price decreased from $241,500 to $225,000, which indicates that people are buying less expensive homes while paying slightly more per square foot for these homes. While this uptick in the market could be attributed, at least partly, to the first-time homebuyer tax credit that expires at the end of November, the fact remains that inventory is extremely low in the city limits of Austin and sales are steady. Furthermore, the Austin unemployment rate remained steady from 7.2% in August 2009 to 7.2% in September 2009, which indicates employment stability that contributes to a steady real estate market.
Market Snapshot
(October 2009 compared to October 2008)
Austin Overall:
• 21% increase in the number of single-family homes sold
• 1.8% increase in median single-family sold price per square foot
(October 2009 compared to October 2008)
Austin Overall:
• 21% increase in the number of single-family homes sold
• 1.8% increase in median single-family sold price per square foot
• 6.8% decrease in median sold price (total dollars)
• Little change in the time it is taking to sell a home
• 38% decrease in withdrawals
• 47% decrease in supply
• Little change in the time it is taking to sell a home
• 38% decrease in withdrawals
• 47% decrease in supply
Austin Real Estate Market Summary for October 2009:
Sold: As of 11/2/09 there were 713 homes sold in Austin Texas during October 2009 compared to 590 during the same period of time in 2008 (21% increase). Overall home prices (per square foot) have increased during October 2009 compared to October 2008 with a median sold price of $120.02 per square foot ($225,000) in October 2009 compared to $117.87 per square foot ($241,500) in October 2008. In October 2009 these sold homes have averaged 65 days on the market compared to 64 days on the market in October 2008, which shows there was almost no change in the time it is taking to sell a home this October 2009 compared to last October 2008.
Active: There are 3,438 single-family homes actively for sale within the city limits of Austin Texas as of 11/2/09, which is a 4.8% decrease from the 3,610 single-family homes for sale on 10/3/09. These homes average 101 days on the market with a median list price of $148.45 per square foot ($328,055).
Pending Sale: There are 995 houses pending sale in Austin as of 11/2/09, which is 9.8% less than a month ago when there were 1,093 houses pending sale on 10/3/09. These 995 homes average 69 days on the market with a median price of $117.59 per square foot ($218,558), which is a list price 2% less than the median sold price per square foot in Austin during October 2009.
Withdrawn: There were 341 single-family homes withdrawn from the Austin Texas real estate market during October 2009 compared to 548 homes during the same period of time during October 2008, which is a 38% decrease in withdrawals. The homes withdrawn in October 2009 averaged 134 days on the market and were listed for sale with a median price of $145.69 per square foot ($361,498). This compares to an average of 101 days on the market with a median price of $140.68 per square foot ($314,989) for homes withdrawn from the market during October 2008.
Inventory: Clarus MarketMetrics shows that there is a 4.7 month supply of inventory for single-family homes in the city limits of Austin during October 2009 compared to 8.9 during October 2008.
Sold: As of 11/2/09 there were 713 homes sold in Austin Texas during October 2009 compared to 590 during the same period of time in 2008 (21% increase). Overall home prices (per square foot) have increased during October 2009 compared to October 2008 with a median sold price of $120.02 per square foot ($225,000) in October 2009 compared to $117.87 per square foot ($241,500) in October 2008. In October 2009 these sold homes have averaged 65 days on the market compared to 64 days on the market in October 2008, which shows there was almost no change in the time it is taking to sell a home this October 2009 compared to last October 2008.
Active: There are 3,438 single-family homes actively for sale within the city limits of Austin Texas as of 11/2/09, which is a 4.8% decrease from the 3,610 single-family homes for sale on 10/3/09. These homes average 101 days on the market with a median list price of $148.45 per square foot ($328,055).
Pending Sale: There are 995 houses pending sale in Austin as of 11/2/09, which is 9.8% less than a month ago when there were 1,093 houses pending sale on 10/3/09. These 995 homes average 69 days on the market with a median price of $117.59 per square foot ($218,558), which is a list price 2% less than the median sold price per square foot in Austin during October 2009.
Withdrawn: There were 341 single-family homes withdrawn from the Austin Texas real estate market during October 2009 compared to 548 homes during the same period of time during October 2008, which is a 38% decrease in withdrawals. The homes withdrawn in October 2009 averaged 134 days on the market and were listed for sale with a median price of $145.69 per square foot ($361,498). This compares to an average of 101 days on the market with a median price of $140.68 per square foot ($314,989) for homes withdrawn from the market during October 2008.
Inventory: Clarus MarketMetrics shows that there is a 4.7 month supply of inventory for single-family homes in the city limits of Austin during October 2009 compared to 8.9 during October 2008.
Austin Leases: As of 11/3/09 there are 1803 homes (all types) for lease within the City of Austin with a median lease price of $.86 per square foot per month ($1,175 per month) and averaging 60 days on the market. During October 2009 there were 611 homes (all types) leased in Austin compared to 655 during October 2008, which is a 7% decrease in the number of homes leased. In October 2009 the median lease price per square foot was $.81 per square foot per month ($1,187/mo) and averaging 51 days on the market compared to $.83 per square foot per month ($1,195/mo) and averaging 38 days on the market in October 2008, which is a 2.4% decrease in price per square foot and a 34% increase in days on the market.
Austin Real Estate Market Summary for October 2009:
Austin Luxury Homes ($1,000,000+): During October 2009 there were 27 single-family homes over $1 million that sold in Austin compared to 11 during October 2008. During October 2009 the median sold price was $271.16 per square foot ($1,425,000) and an average of 161 days on the market compared to $254.11 per square foot ($1,250,000) and an average of 138 days on the market during October 2008, which is a 6.7% increase in the median sold price per square foot and an increase of 16.7% in days on market. As of 11/2/09 there are 368 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $334.83 per square foot ($1,635,000), 5,122 square feet and averaging 146 days on the market. There is a 17% difference between the current median list price of $334.83 per square foot and the median sale price of $277.43 per square foot for Austin luxury homes. There are currently 23 luxury homes pending sale in Austin on 11/2/09 with a median list price of $360.95 per square foot ($1,899,000), 5,686 square feet, and averaging 160 days on the market. 38 luxury homes were withdrawn from the market during October 2009 compared to 31 in October 2008. Clarus MarketMetrics shows a 21.7 month supply of inventory during October 2009 compared to 26.4 during October 2008.
$500,000 to $1,000,000: During October 2009 there were 53 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 52 during October 2008, which is a 1.9% reduction in homes sold. Sold prices increased by 8.6% with a median sold price of $192.46 per square foot ($580,000) and averaging 118 days on the market during October 2009 compared to $177.23 per square foot ($565,000) and averaging 103 days on the market in October 2008. As of 11/2/09 there are 642 single-family homes actively for sale with a median list price of $204.95 per square foot ($695,000) and averaging 131 days on the market. There are currently 91 homes pending sale with a median list price of $181.24 per square foot ($649,000) and averaging 115 days on the market. 66 homes were withdrawn from the market during October 2009 compared to 104 in October 2008. Clarus MarketMetrics shows a 9.3 month supply of inventory during October 2009 compared to 13.0 during October 2008.
$250,000 to $500,000: During October 2009 there were 237 homes between $250,000 and $500,000 sold in Austin Texas compared to 227 during October 2008, which is a 8.7% increase in homes sold. Sold prices increased by 2.1% with a median sold price of $132.14 per square foot ($320,000) and averaging 74 days on the market during October 2009 compared to a median sold price of $129.48 per square foot ($319,250) and averaging 63 days on the market during October 2008. As of 11/3/09 there were 1,193 single-family homes actively for sale with a median list price of $147.77 per square foot ($349,900) and averaging 99 days on the market. There are currently 305 homes pending sale with a median list price of $133.65 per square foot ($333,501) and averaging 80 days on the market. 138 homes were withdrawn from the market during October 2009 compared to 215 in October 2008. Clarus MarketMetrics shows a 5.2 month supply of inventory during October 2009 compared to 9.8 during October 2008.
$0 to $250,000: During October 2009 there were 414 homes between $0 and $250,000 sold in Austin Texas compared to 297 during October 2008, which is a 39% increase in homes sold. There was a increase of 3.2% in the median sold price of $108.37 per square foot ($173,400) and averaging 47 days on the market during October 2009 compared to a median sold price of $105.05 per square foot ($175,000) and averaging 54 days on the market during October 2008. As of 11/3/09 there were 1,249 single-family homes actively for sale with a median list price of $108.79 per square foot ($180,000) and averaging 74 days on the market. There are currently 585 homes pending sale with a median list price of $106.23 per square foot ($169,900) and averaging 52 days on the market. 103 homes were withdrawn from the market during October 2009 compared to 199 during October 2008. Clarus MarketMetrics shows a 3.0 month supply of inventory during October 2009 compared to 6.5 during October 2008.
Austin Real Estate Market Summary for October 2009:
Austin Luxury Homes ($1,000,000+): During October 2009 there were 27 single-family homes over $1 million that sold in Austin compared to 11 during October 2008. During October 2009 the median sold price was $271.16 per square foot ($1,425,000) and an average of 161 days on the market compared to $254.11 per square foot ($1,250,000) and an average of 138 days on the market during October 2008, which is a 6.7% increase in the median sold price per square foot and an increase of 16.7% in days on market. As of 11/2/09 there are 368 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $334.83 per square foot ($1,635,000), 5,122 square feet and averaging 146 days on the market. There is a 17% difference between the current median list price of $334.83 per square foot and the median sale price of $277.43 per square foot for Austin luxury homes. There are currently 23 luxury homes pending sale in Austin on 11/2/09 with a median list price of $360.95 per square foot ($1,899,000), 5,686 square feet, and averaging 160 days on the market. 38 luxury homes were withdrawn from the market during October 2009 compared to 31 in October 2008. Clarus MarketMetrics shows a 21.7 month supply of inventory during October 2009 compared to 26.4 during October 2008.
$500,000 to $1,000,000: During October 2009 there were 53 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 52 during October 2008, which is a 1.9% reduction in homes sold. Sold prices increased by 8.6% with a median sold price of $192.46 per square foot ($580,000) and averaging 118 days on the market during October 2009 compared to $177.23 per square foot ($565,000) and averaging 103 days on the market in October 2008. As of 11/2/09 there are 642 single-family homes actively for sale with a median list price of $204.95 per square foot ($695,000) and averaging 131 days on the market. There are currently 91 homes pending sale with a median list price of $181.24 per square foot ($649,000) and averaging 115 days on the market. 66 homes were withdrawn from the market during October 2009 compared to 104 in October 2008. Clarus MarketMetrics shows a 9.3 month supply of inventory during October 2009 compared to 13.0 during October 2008.
$250,000 to $500,000: During October 2009 there were 237 homes between $250,000 and $500,000 sold in Austin Texas compared to 227 during October 2008, which is a 8.7% increase in homes sold. Sold prices increased by 2.1% with a median sold price of $132.14 per square foot ($320,000) and averaging 74 days on the market during October 2009 compared to a median sold price of $129.48 per square foot ($319,250) and averaging 63 days on the market during October 2008. As of 11/3/09 there were 1,193 single-family homes actively for sale with a median list price of $147.77 per square foot ($349,900) and averaging 99 days on the market. There are currently 305 homes pending sale with a median list price of $133.65 per square foot ($333,501) and averaging 80 days on the market. 138 homes were withdrawn from the market during October 2009 compared to 215 in October 2008. Clarus MarketMetrics shows a 5.2 month supply of inventory during October 2009 compared to 9.8 during October 2008.
$0 to $250,000: During October 2009 there were 414 homes between $0 and $250,000 sold in Austin Texas compared to 297 during October 2008, which is a 39% increase in homes sold. There was a increase of 3.2% in the median sold price of $108.37 per square foot ($173,400) and averaging 47 days on the market during October 2009 compared to a median sold price of $105.05 per square foot ($175,000) and averaging 54 days on the market during October 2008. As of 11/3/09 there were 1,249 single-family homes actively for sale with a median list price of $108.79 per square foot ($180,000) and averaging 74 days on the market. There are currently 585 homes pending sale with a median list price of $106.23 per square foot ($169,900) and averaging 52 days on the market. 103 homes were withdrawn from the market during October 2009 compared to 199 during October 2008. Clarus MarketMetrics shows a 3.0 month supply of inventory during October 2009 compared to 6.5 during October 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.
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