Austin Real Estate Market Statistics: November 2011

The Austin real estate market has improved during 2011 compared with 2010, with a 7.5% year-to-date increase in the number of single-family homes sold and a 1.4% increase in sold prices. November 2011 also showed improvement compared to the previous year with a 3.8% increase in homes sold, a 2.2% increase in the median sold price per square foot, and a 10.5% decrease in the time it is taking to sell a home. There was also an 11.2% increase in the number of homes pending sale compared to the previous year and a 37% decrease in withdrawals. The leasing market continues to sizzle with a 38.3% decrease in the number of homes for lease, a 12.5% increase in lease prices per square foot, and a 33.3% decrease in the time it is taking to lease a home compared to last year. Interest rates are still very low averaging 4% for a 30 year conventional loan today with 0.7 fees/points down per FreddieMac.com. As I’ve mentioned in the past, competitive prices for single-family homes for sale, extremely low interest rates, and high lease prices continue to be my top reasons to buy a home now rather than later.

Market Snapshot

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

• 7.5% increase in homes sold
• 1.4% increase in sold prices (total dollars)
• 7.7% increase in days on market

(November 2011 compared to November 2010)

• 26% decrease in homes actively for sale compared to 12/07/10
• 11.2% increase in homes pending sale compared to 12/06/10
• 3.8% increase in the number of single-family homes sold
• 0% increase in median single-family sold price per square foot
• 2.2% increase in median sold price (total dollars)
• 10.5% decrease in the time it is taking to sell a home
• 38.3% decrease in number of homes for lease compared to 12/6/10
• 19.3% decrease in the number of homes leased
• 12.5% increase in lease price per square foot
• 33.3% decrease in the time it is taking to lease a home

Between January 1st and December 5, 2011 there were 8,040 single-family homes sold within the Austin city limits with a median sold price of $119.54 per square foot ($248,500) and averaging 70 days on the market. During the same time period in 2010 there were 7,476 homes sold with a median sold price of $120.24 per square foot ($245,000) and averaging 65 days on the market. This is a 7.5% increase in the number of homes sold, 0.6% decrease in the median sold price per square foot, a 1.4% increase in sold prices (total dollars), and an 7.7% increase in the days on market compared to the same time period in 2010.

Austin Real Estate Market Summary for November 2011:

Sold: As of 12/05/2011 there were 548 homes sold in Austin, Texas during November 2011 compared to 528 during the same period of time in 2010 (3.8% increase). Overall home prices (per square foot) have remained same and the total dollar sales prices have increased by 2.2% during November 2011 compared to November 2010 with a median sold price of $117.99 per square foot ($252,500) in November 2011 compared to $117.99 per square foot ($247,000) in November 2010. In November 2011 these sold homes have averaged 68 days on the market compared to 76 days on the market in November 2010, which shows there was 10.5% decrease in the time it is taking to sell a home this November 2011 compared to last November 2010.

Active: There are 2,537 single-family homes for sale in Austin Texas as of 12/511 averaging 119 days on the market with a median list price of $134.32 per square foot ($299,900). This is a 9.7% decrease from the 2,809 single-family homes for sale last month on 11/7/11 and a 26% decrease in homes actively for sale from the 3,427 single-family homes that were actively for sale within the city limits of Austin Texas on 12/07/10.

Pending Sale: There are 942 houses pending sale in Austin as of 12/05/11 averaging 76 days on the market with a median price of $123.64 per square foot ($245,000). This is a 4.4% decrease from the 985 single-family homes pending sale last month on 11/07/11 and an 11.2% increase from the 847 homes that were pending sale on 12/06/10.

Withdrawn: There were 293 single-family homes withdrawn from the Austin Texas real estate market during November 2011 compared to 466 homes during the same period of time during November 2010, which is a 37% decrease in withdrawals. The homes withdrawn in November 2011 averaged 127 days on the market and were listed for sale with a median price of $137.78 per square foot ($335,000). This compares to an average of 128 days on the market with a median price of $133.08 per square foot ($285,000) for homes withdrawn from the market during November 2010.

Austin Leases: As of 12/05/11 there are 741 homes for lease in Austin with a median lease price of $0.94 per square foot per month ($1,400 per month) and averaging 40 days on the market. This compares to 12/06/10 when there were 1201 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 53 days on the market. During November 2011 there were 548 homes (all types) leased in Austin compared to 679 leased in November 2010, which is a 19.3% decrease. In November 2011 the median leased price per square foot was $0.90 per square foot per month ($1,300/mo) and averaging 28 days on the market compared to $0.80 per square foot per month ($1,200/mo) and averaging 42 days on the market in November 2010, which shows a 12.5% increase in the lease price per square foot and a 33.3% decrease in days on the market.

Source: The raw data in this report was provided by the Austin Board of REALTORS®. 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. Statistics in this report may be updated as more information is added or changed from the source of this information.

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