Austin Texas Real Estate Market Update and Statistics October 2010
published on November 11, 2010
As we near year end 2010 the Austin housing market sale prices for single-family homes have improved while the number of homes sold has decreased when compared to 2009. During 2010 it has taken about 5.8% less time to sell a home than 2009. Lease prices during 2010 have increased and the amount of time it has taken to lease homes has decreased significantly compared to 2009. October 2010 was a slow month for home sales with a large decrease in the number of homes sold but a large increase in median sold prices (total dollars) compared to October 2009. The supply of homes decreased from 7 months to 6.2 months of supply from September to October 2010.
Market Snapshot
Austin Overall:
(Year-to-date)
• 3% increase in the median single-family sold price per square foot
• 6.2% increase in median sold price (total dollars)
• 5.8% decrease in the time it is taking to sell a home
(October 2010 compared to October 2009)
• 38% decrease in the number of single-family homes sold
• 0.17% increase in median single-family sold price per square foot
•19% increase in median sold price (total dollars)
• 29% increase in the time it is taking to sell a home
• 39% increase in withdrawals
• 23% increase in supply
• 2.5% increase in the lease price per square foot
•24% decrease in the time it is taking to lease a home
Between January 1st and November 10, 2010 there were 6,917 single-family homes sold within the Austin city limits with a median sold price of $120.59 per square foot (245,500), which is a 3% increase in the median sold price per square foot compared to the same time period in 2009 and averaging 64 days on the market. During the same time period in 2009 there were 7,388 homes sold (6.8% more than during the same time period in 2010) with a median sold price of $117.05 per square foot ($231,000), and averaging 68 days on the market.
The Austin unemployment rate (Austin-Round Rock-San Marcos) decreased from 7.2% to 6.8% in September 2010 with 4,200 more people employed in Austin-Round Rock-San Marcos in September 2010 than the previous month. In comparison during the same time period the State of Texas unemployment rate decreased from 8.4% in August 2010 to 7.9% in September 2010. The unemployment rate decreased from 9.5% in August 2010 to 9.2% in September 2010. The Austin-Round Rock-San Marcos unemployment rate continues to be much lower than the national average.
Austin Real Estate Market Summary for October 2010:
Sold: As of 11/9/10 there were 501 homes sold in Austin, Texas during October 2010 compared to 805 during the same period of time in 2009 (38% decrease). Overall home prices (per square foot) have increased 0.17% during October 2010 compared to October 2009 with a median sold price of $119.39 per square foot ($262,500) in October 2010 compared to $119.19 per square foot ($220,000) in October 2009. In October 2010 these sold homes have averaged 85 days on the market compared to 66 days on the market in October 2009, which shows there was a 29% increase in the time it is taking to sell a home this October 2010 compared to last October 2009.
Active: There are 3,909 single-family homes actively for sale within the city limits of Austin Texas as of 11/09/10 averaging 111 days on the market with a median list price of $133.44 per square foot ($275,000). This is a 9% decrease from the 4,299 single-family homes for sale on 10/5/10.
Pending Sale: There are 885 houses pending sale in Austin as of 11/09/10, which is a 3.2% increase from a month ago when there were 857 houses pending sale on 10/5/10. These 885 homes average 82 days on the market with a median price of $118.81 per square foot ($234,900), which is a list price 0.4% less than the median sold price per square foot in Austin during October 2010.
Withdrawn: There were 467 single-family homes withdrawn from the Austin Texas real estate market during October 2010 compared to 337 homes during the same period of time during October 2009, which is a 39% increase in withdrawals. The homes withdrawn in October 2010 averaged 127 days on the market and were listed for sale with a median price of $129.24 per square foot ($275,000). This compares to an average of 132 days on the market with a median price of $144.80 per square foot ($358,857) for homes withdrawn from the market during October 2009.
Inventory: Clarus MarketMetrics shows that there is a 6.2 month supply of inventory for single-family homes in the city limits of Austin during October 2010 compared to 5 month supply of inventory during October 2009, which is a 23% increase in supply.
Austin Leases: As of 11/09/10 there are 1,315 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 47 days on the market. During October 2010 there were 708 homes (all types) leased in Austin compared to 661 during October 2009, which is a 7% increase in the number of homes leased. In October 2010 the median leased price per square foot was $0.83 per square foot per month ($1,197/mo) and averaging 39 days on the market compared to $0.81 per square foot per month ($1,195/mo) and averaging 51 days on the market in October 2009, which shows a 2.5% increase in the lease price per square foot and a 24% 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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