Austin Texas Real Estate Market Update and Statistics September 2010

So far this year (1/1/10 to 9/30/10) there has been a 2.3% decrease in the number of single-family homes sold and a 3.45% increase in the median sold price per square foot compared to the same time period in 2009 within the city limits of Austin.  September 2010 showed a 35% decrease in the number of homes sold and a 4% increase in the median sold price per square foot compared to September 2009. The supply of homes increased from 4.9 months to 7 months of supply in September 2010.  Austin unemployment rate was at 7.2% during August, which is still historically high but lower than the peak of 7.6% in January 2010. 

Market Snapshot

(September 2010 compared to September 2009)

Austin Overall:

• 35% decrease in the number of single-family homes sold

• 4% increase in median single-family sold price per square foot

• 9.1% increase in median sold price (total dollars)

• 15.6% increase in the time it is taking to sell a home

• 30.2% increase in withdrawals

• 44% increase in supply

• 5% increase in the lease price per square foot

•20.5% decrease in the time it is taking to lease a home 

Austin Real Estate Market Summary for September 2010: 

Sold: As of 10/5/10 there were 508 homes sold in Austin, Texas during September 2010 compared to 782 during the same period of time in 2009 (35% decrease). Overall home prices (per square foot) have increased 4% during September 2010 compared to September 2009 with a median sold price of $121.06 per square foot ($248,250) in September 2010 compared to $116.33 per square foot ($227,500) in September 2009. In September 2010 these sold homes have averaged 74 days on the market compared to 64 days on the market in September 2009, which shows there was a 15.6% increase in the time it is taking to sell a home this September 2010 compared to last September 2009.  

Active: There are 4,299 single-family homes actively for sale within the city limits of Austin Texas as of 10/5/10, which is a 5.4% decrease from the 4,546 single-family homes for sale on 9/3/10 and a 19% increase from the 3,610 single-family homes for sale on 10/3/09. These homes currently for sale average 108 days on the market with a median list price of $133.60 per square foot ($279,900).   This is an 11.3% decrease in the median list price per square foot and a 6.9% increase in the days on market compared to the homes actively for sale on 10/3/09, when the median list price was $150.66 per square foot ($347,312) averaging 101 days on the market.

Pending Sale: There are 857 houses pending sale in Austin as of 10/5/10, which is a 3.1% decrease from a month ago when there were 885 houses pending sale on 9/7/10.  These 857 homes average 78 days on the market with a median price of $119.93 per square foot ($239,900), which is a list price 1% less than the median sold price per square foot in Austin during September 2010.

Withdrawn: There were 444 single-family homes withdrawn from the Austin Texas real estate market during September 2010 compared to 341 homes during the same period of time during September 2009, which is a 30.2% increase in withdrawals. The homes withdrawn in September 2010 averaged 121 days on the market and were listed for sale with a median price of $132.73 per square foot ($282,400). This compares to an average of 112 days on the market with a median price of $146.58 per square foot ($349,000) for homes withdrawn from the market during September 2009.

Inventory: Clarus MarketMetrics shows that there is a 7 month supply of inventory for single-family homes in the city limits of Austin during September 2010 compared to 4.9 during September 2009, which is a 44% increase in supply.

Austin Leases: As of 10/5/10 there are 1,336 homes (all types) for lease within the City of Austin with a median lease price of $.85 per square foot per month ($1,250 per month) and averaging 47 days on the market. During September 2010 there were 712 homes (all types) leased in Austin compared to 718 during September 2009, which is a 0.8% decrease in the number of homes leased. In September 2010 the median leased price per square foot was $0.84 per square foot per month ($1,200/mo) and averaging 35 days on the market compared to $0.80 per square foot per month ($1,150/mo) and averaging 44 days on the market in September 2009, which shows a 5% increase in the lease price per square foot and a 20.4% 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.