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Austin Real Estate Market Statistics: September 2011

The housing market in Austin Texas continues to improve slightly over the previous year in our October 2011 market update. September 2011 was a strong month for the Austin housing market compared to September 2010 with a 28.33% decrease in homes for sale, a 12.4% increase in homes pending sale, and with an 18% increase in the number of single-family homes sold. Sold prices are remaining fairly flat but they are up 2% year-to-date and there has been a 6.16% increase in the number of single-family homes sold this year compared to last. Interest rates are ridiculously low averaging 3.94% for a 30 year conventional loan today with 0.8 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)

• 6.16% increase in Austin homes sold
• 2% increase in sold prices (total dollars)
• 11.1% increase in days on market

(September 2011 compared to September 2010)

• 28.33% decrease in homes actively for sale compared to 10/5/10
• 12.4% increase in homes pending sale compared to 10/5/10
• 18% increase in the number of single-family homes sold
• 2.85% decrease in median single-family sold price per square foot
• 2.4% increase in median sold price (total dollars)
• 13.51% decrease in the time it is taking to sell a home
• 36.45% decrease in number of homes for lease compared to 10/5/10
• 0.25% decrease in the number of homes leased
• 12% increase in lease price per square foot
• 31.43% decrease in the time it is taking to lease a home

Between January 1st and October 10, 2011 there were 6,862 single-family homes sold within the Austin city limits with a median sold price of $119.82 per square foot ($250,000) and averaging 70 days on the market. During the same time period in 2010 there were 6,464 homes sold with a median sold price of $120.51 per square foot ($245,000) and averaging 63 days on the market. This is a 6.16% increase in the number of homes sold, 0.57% decrease in the median sold price per square foot, a 2% increase in sold prices (total dollars), and an 11.1% increase in the days on market compared to the same time period in 2010.

Austin Real Estate Market Summary for August 2011:

Sold: As of 10/10/2011 there were 666 homes sold in Austin, Texas during September 2011 compared to 565 during the same period of time in 2010 (18% increase). Overall home prices (per square foot) have decreased 2.85% and the total dollar sales prices have increased by 2.4% during September 2011 compared to September 2010 with a median sold price of $117.16 per square foot ($247,750) in September 2011 compared to $120.60 per square foot ($242,000) in September 2010. In September 2011 these sold homes have averaged 64 days on the market compared to 74 days on the market in September 2010, which shows there was 13.51% decrease in the time it is taking to sell a home this September 2011 compared to last September 2010.

Active: There are 3,081 single-family Austin TX homes for sale within the city limits of Austin Texas as of 10/10/11 averaging 111 days on the market with a median list price of $135.58 per square foot ($299,900). This is a 5.32% decrease from the 3,254 single-family homes for sale last month on 9/13/11 and a 28.33% decrease in homes actively for sale from the 4,299 single-family homes that were actively for sale within the city limits of Austin Texas on 10/5/10.

Pending Sale: There are 963 houses pending sale in Austin as of 10/10/11 averaging 72 days on the market with a median price of $120.91 per square foot ($230,000). This is a 13.09% decrease from the 1108 single-family homes pending sale last month on 9/13/11 and a 12.4% increase from the 857 homes that were pending sale on 10/5/10.
Withdrawn: There were 336 single-family homes withdrawn from the Austin Texas real estate market during September 2011 compared to 440 homes during the same period of time during September 2010, which is a 23.6% decrease in withdrawals. The homes withdrawn in September 2011 averaged 119 days on the market and were listed for sale with a median price of $130.36 per square foot ($289,450). This compares to an average of 121 days on the market with a median price of $130.56 per square foot ($284,950) for homes withdrawn from the market during September 2010.

Austin Leases: As of 10/10/11 there are 849 homes (all types) for homes for lease in Austin with a median lease price of $0.96 per square foot per month ($1,450 per month) and averaging 35 days on the market. This compares to 10/15/10 when there were 1336 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 2011 there were 749 homes (all types) leased in Austin compared to 796 leased in September 2010, which is a 0.25% decrease. In September 2011 the median leased price per square foot was $0.93 per square foot per month ($1,350/mo) and averaging 24 days on the market compared to $0.83 per square foot per month ($1,200/mo) and averaging 35 days on the market in September 2010, which shows a 12% increase in the lease price per square foot and a 31.43% decrease in days on the market.

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