Market Update | March 2011

March 21, 2011 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,112 single-family homes were sold in the Austin area in February 2011, a figure that is statistically unchanged from February 2010.

In the same time period, the median price for single-family homes in Austin was $193,000, up two percent from February 2010, and homes spent an average of 98 days on the market, 27 percent longer than February 2010. In addition, new listings were down 24 percent in February 2011 compared to February 2010 and active listings were down eight percent.

“In terms of home sales volume, February 2011 looks much like this month last year. However, there are a few key differences,” said Judith Bundschuh, Chairman of the Austin Board of REALTORS®.

Chairman Bundschuh continued, “Fewer homes were on or entering the market in February. This could mean buyers may encounter more competition for properties heading into the summer selling season. At the same time, increases in the days on market means sellers should prepare to be patient if they want to earn full value for their properties.”

In February 2011, pending sales for single-family homes were down 11 percent when compared to February 2010. Chairman Bundschuh explained, “The market is still feeling the effects of the home buyer tax credits. As we compare last year when incentives were available to this year without the tax credits, we see that month-to-month comparisons are still being influenced by the artificial stimulus the tax credits provided.”

Additionally, leasing activity in the Austin area increased in February with 1,117 properties leased, up five percent from the same month last year. The median lease price in February 2011 was $1,200, nine percent more than in February 2010.

February 2011 Statistics

  • $271,752,784 – Total dollar volume of single-family properties sold, statistically unchanged from February 2010.
  • $193,000 – Median price for single-family homes, two percent more than February 2010.
  • 1,112 – Single-family homes sold, statistically unchanged from February 2010.
  • 98 – Days on market, 27 percent longer than February 2010.
  • 2,335 – New single-family home listings on the market, 24 percent less than February 2010.
  • 8,605 – Active single-family home listings on the market, eight percent less than February 2010.
  • 1,543 – Pending sales for single-family homes, 11 percent less than February 2010.
The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,500 licensed REALTORS® in Central Texas. Visit AustinHomeSearch.com, a public resource on Austin real estate, for the latest news on the local housing market. For more information, please contact Angela Brutsché at 512-454-7636.