Sort

Austin Real Estate Market Statistics: August 2011

The housing market in Austin Texas continues to show stability in our September 2011 market update despite the recent national economic volatility. August 2011 was a strong month for the Austin housing market compared to August 2010 with a 28% decrease in homes for sale, a 25% increase in homes pending sale, and with a 27% increase in the number of single-family homes sold. Sold prices decreased slightly in August but they are up 2% year-to-date and there has been a 4% increase in the number of single-family homes sold this year compared to last. Interest rates are ridiculously low averaging 4.12% for a 30 year conventional loan today with .7 fees/points down per freddiemac.com. Lease inventory continues to plummet in Austin and lease prices are skyrocketing, which indicates that it is an excellent time to own investment homes but not such a great time to lease a house. Competitive prices for Austin homes for sale, extremely low interest rates, and high lease prices are three concrete reasons to buy a home now rather than later.

Market Snapshot

(Year-to-date compared to same time period during the year 2010)

• 4.15% increase in homes sold
• 2% increase in sold prices (total dollars)
• 16.3% increase in days on market

(August 2011 compared to August 2010)

• 28.42% decrease in homes actively for sale compared to 9/3/10
• 25.2% increase in homes pending sale compared to 9/7/10
• 27.3% increase in the number of single-family homes sold
• 2% decrease in median single-family sold price per square foot
• 6% decrease in median sold price (total dollars)
• 7.2% decrease in the time it is taking to sell a home
• 39.2% decrease in number of homes for lease compared to 9/3/2010
• 9.3% decrease in the number of homes leased
• 7% increase in lease price per square foot
• 26.6% decrease in the time it is taking to lease a home

Between January 1st and September 13, 2011 there were 6,196 single-family homes sold within the Austin city limits with a median sold price of $120.13 per square foot ($250,000) and averaging 71 days on the market. During the same time period in 2010 there were 5,949 homes sold with a median sold price of $120.54 per square foot ($245,000) and averaging 61 days on the market. This is a 4.15% increase in the number of homes sold, 0.34% decrease in the median sold price per square foot, a 2% increase in sold prices (total dollars), and an 16.3% increase in the days on market compared to the same time period in 2010.  The Austin unemployment rate (Austin-Round Rock-San Marcos) remained the same in July 2011 from the previous month at 7.6%

Austin Real Estate Market Summary for August 2011:

Sold: As of 9/13/2011 there were 820 homes sold in Austin, Texas during August 2011 compared to 644 during the same period of time in 2010 (27.3% increase). Overall home prices (per square foot) have decreased 2% and the total dollar sales prices have decreased by 6% during August 2011 compared to August 2010 with a median sold price of $121.56 per square foot ($250,000) in August 2011 compared to $124.07 per square foot ($265,850) in August 2010. In August 2011 these sold homes have averaged 64 days on the market compared to 69 days on the market in August 2010, which shows there was 7.2% decrease in the time it is taking to sell a home this August 2011 compared to last August 2010.

Active: There are 3,254 single-family homes actively for sale within the city limits of Austin Texas as of 9/13/11 averaging 108 days on the market with a median list price of $137.13 per square foot ($299,990). This is an 8.8% decrease from the 3,568 single-family homes for sale last month on 8/08/11 and a 28.42% decrease in homes actively for sale from the 4,546 single-family homes that were actively for sale within the city limits of Austin Texas on 9/3/10.

Pending Sale: There are 1108 houses pending sale in Austin as of 9/13/11 averaging 67 days on the market with a median price of $119.09 per square foot ($235.686). This is an 8.2% decrease from the 1207 single-family homes pending sale last month on 8/08/11 and a 25.2% increase from the 885 homes that were pending sale on 9/7/10.

Withdrawn: There were 335 single-family homes withdrawn from the Austin Texas real estate market during August 2011 compared to 553 homes during the same period of time during August 2010, which is a 39.4% decrease in withdrawals. The homes withdrawn in August 2011 averaged 107 days on the market and were listed for sale with a median price of $125.24 per square foot ($259,900). This compares to an average of 106 days on the market with a median price of $132.43 per square foot ($287,000) for homes withdrawn from the market during August 2010.

Austin Leases: As of 9/13/11 there are 874 homes for lease in Austin with a median lease price of $0.96 per square foot per month ($1,495 per month) and averaging 34 days on the market.  This compares to 9/7/10 when there were 1439 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 42 days on the market. During August 2011 there were 1189 homes (all types) leased in Austin compared to 1311 leased in August 2010, which is a 9.3% decrease. In August 2011 the median leased price per square foot was $0.94 per square foot per month ($1,300/mo) and averaging 22 days on the market compared to $0.88 per square foot per month ($1,250/mo) and averaging 30 days on the market in August 2010, which shows a 7% increase in the lease price per square foot and a 26.6% decrease in days on the market.

Trackback from your site.

Leave a Reply