Austin, Texas Real Estate Market Update and Statistics October 2012
published on October 10, 2012
The fundamentals of the overall Austin housing market look great! Austin is currently marked by low inventory, increased home sales, increased prices, increased pending sales, decreased withdrawals, decreased days on market, and rising lease prices. When comparing September 2012 to September 2011, sold prices are up slightly by 1.76%, which shows a little cooling off from the last few months. However, sold prices per square foot are still on the rise with a 6.77% increase comparing the same time frame. Amazingly, interest rates have decreased to an average of 3.36% for a 30 year conventional loan today with 0.6 fees/points down per freddiemac.com. The Austin unemployment rate (Austin-Round Rock-San Marcos) reduced significantly from 6.4% in July 2012 to 5.9% in August 2012.
Market Snapshot (Year-to-date compared to same time period during the year 2011)
• 15.65% increase in homes sold
• 4.8% increase in sold prices (total dollars)
• 4.7% increase in sold prices (per square foot)
• 25.7% decrease in days on market
September 2012 compared to September 2011
• 27.46% decrease in homes actively for sale compared to 10/10/11
• 30.84% increase in homes pending sale compared to 9/13/11
• 3.41% increase in the number of single-family homes sold
• 6.77% increase in median single-family sold price per square foot
• 1.76% increase in median sold price (total dollars)
• 27% decrease in the time it is taking to sell a home
• 7.54% decrease in number of homes for lease compared to 10/10/11
• 17.05% decrease in the number of homes leased
• 11.11% increase in leased price per square foot
• 8.7% increase in the time it is taking to lease a home
Between January 1 and September 30, 2012, there were 7,909 single-family homes sold within Austin with a median sold price of $125.23 per square foot ($261,000) and averaging 52 days on the market. During the same time period in 2011, there were 6,839 homes sold with a median sold price of $119.60 per square foot ($249,000) and averaging 70 days on the market. This is a 15.65% increase in the number of homes sold, a 4.7% increase in the median sold price per square foot, a 4.8% increase in sold prices (total dollars), and a 25.7% decrease in the days on market compared to the same time period in 2011.
Austin Real Estate Market Summary for October 2012:
Sold: As of 10/09/2012, there were 728 homes sold in Austin, Texas during September 2012 compared to 704 during the same period of time in 2011 (3.41% increase). Overall home prices (per square foot) have increased 6.77%, and the total dollar sales prices have increased by 1.76% during September 2012 compared to September 2011, with a median sold price of $124.50 per square foot ($248,250) in September 2012 compared to $116.60 per square foot ($243,958) in September 2011. In September 2012, these sold homes averaged 46 days on the market compared to 63 days on the market in September 2011, which shows there was 27% decrease in the time it is taking to sell a home this September 2012 compared to last September 2011.
Active: There are 2,235 single-family homes actively for sale within Austin as of 10/08/12, averaging 94 days on the market with a median list price of $147.20 per square foot ($379,500). This is an 8.63% decrease from the 2,446 single-family homes for sale last month on 9/10/12 and a 27.46% decrease in homes actively for sale from the 3,081 single-family homes that were actively for sale within Austin on 10/10/11.
Pending Sale: There are 1,260 houses pending sale in Austin as of 9/10/12, averaging 53 days on the market with a median price of $129.80 per square foot ($254,900). This is a 0.08% increase from the 1,259 single-family homes pending sale last month on 9/10/12 and a 30.84% increase from the 963 homes that were pending sale on 10/10/11.
Withdrawn: There were 192 single-family homes withdrawn from the Austin real estate market during September 2012, compared to 335 homes withdrawn during the same period of time during September 2011, which is a 42.7% decrease. The homes withdrawn in September 2012 averaged 112 days on the market and were listed for sale with a median price of $138 per square foot ($344,450). This compares to an average of 119 days on the market with a median price of $130.40 per square foot ($289,900) for homes withdrawn from the market during September 2011.
Leases: As of 10/08/12, there are 785 homes (all types) for lease within Austin with a median lease price of $1 per square foot per month ($1,695 per month) and averaging 33 days on the market. This compares to 10/10/11, when there were 849 homes (all types) for lease within Austin with a median lease price of $.96 per square foot per month ($1,450 per month) and averaging 35 days on the market.
During September 2012, there were 725 homes (all types) leased in Austin compared to 874 leased in September 2011, which is a 17.05% decrease. In September 2012, the median leased price per square foot was $1 per square foot per month ($1,500/mo) and averaged 25 days on the market compared to $.90 per square foot per month ($1,450/mo) and 23 days average on the market in September 2011, which shows the lease price per square foot has increased by 11.11% and there was an 8.7% increase in the days on the market.
Source: The raw data in this report was provided by the Austin Board of REALTORS® but interpreted by Austin homes expert and top 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. Statistics in this report may be updated as more information is added or changed from the source of this information.
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