Austin Real Estate Market Statistics: October 2011

The housing market in Austin Texas continues to improve over the previous year in our November 2011 market update. October 2011 was a strong month for the Austin housing market compared to October 2010 with a 28.14% decrease in Austin homes for sale, an 11.3% increase in homes pending sale, and with an 7% increase in the number of single-family homes sold. Sold prices (total dollars) are up 1.22% year-to-date and there has been a 7.14% increase in the number of single-family homes sold this year compared to last. Interest rates are ridiculously low averaging 4% for a 30 year conventional loan today with 0.7 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 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)

• 7.14% increase in homes sold
• 1.22% increase in sold prices (total dollars)
• 9.4% increase in days on market

(October 2011 compared to October 2010)

• 28.14% decrease in homes actively for sale compared to 11/09/10
• 11.3% increase in homes pending sale compared to 11/09/10
• 7% increase in the number of single-family homes sold
• 2.1% increase in median single-family sold price per square foot
• 6.7% decrease in median sold price (total dollars)
• 19.8% decrease in the time it is taking to sell a home
• 36.4% decrease in withdrawals
• 39.2% decrease in number of homes for lease compared to 11/9/10
• 12.35% decrease in the number of homes leased
• 4.9% increase in lease price per square foot
• 33.3% decrease in the time it is taking to lease a home

Between January 1st and November 7, 2011 there were 7,456 single-family homes sold within the Austin city limits with a median sold price of $119.76 per square foot ($248,000) and averaging 70 days on the market. During the same time period in 2010 there were 6,959 homes sold with a median sold price of $120.48 per square foot ($245,000) and averaging 64 days on the market. This is a 7.14% increase in the number of homes sold, 0.60% decrease in the median sold price per square foot, a 1.22% increase in sold prices (total dollars), and an 9.4% 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 11/07/2011 there were 572 Austin, TX homes for sale sold, Texas during October 2011 compared to 535 during the same period of time in 2010 (7% increase). Overall home prices (per square foot) have increased 2.1% and the total dollar sales prices have decreased by 6.7% during October 2011 compared to October 2010 with a median sold price of $120.39 per square foot ($239,900) in October 2011 compared to $117.92 per square foot ($257,000) in October 2010. In October 2011 these sold homes have averaged 69 days on the market compared to 86 days on the market in October 2010, which shows there was 19.8% decrease in the time it is taking to sell a home this October 2011 compared to last October 2010.

Active: There are 2,809 single-family homes actively for sale within the city limits of Austin Texas as of 11/07/11 averaging 114 days on the market with a median list price of $136.22 per square foot ($300,000). This is a 9% decrease from the 3,081 single-family homes for sale last month on 10/10/11 and a 28.14% decrease in homes actively for sale from the 3,909 single-family homes that were actively for sale within the city limits of Austin Texas on 11/09/10.

Pending Sale: There are 985 houses pending sale in Austin as of 11/07/11 averaging 73 days on the market with a median price of $122.47 per square foot ($245,000). This is a 2.3% increase from the 963 single-family homes pending sale last month on 10/10/11 and an 11.3% increase from the 885 homes that were pending sale on 11/9/10.

Withdrawn: There were 294 single-family homes withdrawn from the Austin Texas real estate market during October 2011 compared to 462 homes during the same period of time during October 2010, which is a 36.4% decrease in withdrawals. The homes withdrawn in October 2011 averaged 132 days on the market and were listed for sale with a median price of $147.01 per square foot ($341,750). This compares to an average of 127 days on the market with a median price of $127.64 per square foot ($274,950) for homes withdrawn from the market during October 2010.

Austin Leases: As of 11/07/11 there are 799 homes for lease in Austin with a median lease price of $0.95 per square foot per month ($1,450 per month) and averaging 39 days on the market.  This compares to 11/09/10 when there were 1315 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 2011 there were 667 homes (all types) leased in Austin compared to 761 leased in September 2010, which is a 12.35% decrease. In October 2011 the median leased price per square foot was $0.86 per square foot per month ($1,295/mo) and averaging 26 days on the market compared to $0.82 per square foot per month ($1,195/mo) and averaging 35 days on the market in October 2010, which shows a 4.9% 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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