Market Update | August 2011

August 18, 2011 – According to the Multiple Listing Service (MLS) Market Update report released today by the Austin Board of REALTORS®, 1,973 single-family homes were sold in the Austin-area in July 2011, a 32 percent increase from July 2010. During the same time period, the median price for Austin-area homes was $196,750, resulting in an 11 percent decrease when compared to July 2010.

Judith Bundschuh, Chairman of the Austin Board of REALTORS®, commented, “We can now compare month-to-month sales activity to a market that is not influenced by last year’s homebuyer tax credits.”

Chairman Bundschuh continued, “The median price for Austin-area homes decreased in July, reflecting a shift in demand from higher to lower-priced homes. The increase in sales compared to the drop in price shows that Austinites are hunting for bargains.”

Austin-area homes spent an average of 77 days on the market, four days longer than July 2010. The Austin market also featured 13 percent fewer new listings in July 2011, which was 20 percent fewer active listings and 28 percent more pending sales than in July 2010.

“The combination of decreasing listings and increasing sales means the inventory of Austin-area homes is beginning to shrink,” said Bundschuh. “Recent sales activity continues to follow an upward trend, indicating that Austin could be returning to a pre-recession cycle.”

The following sections describe trends in other sectors of the Austin real estate market.

Townhouses & Condominiums

The volume of townhouses and condominiums (condos) purchased in the Austin-area in July 2011 was 205, which represents a 45 percent rise over July 2011. In the same time period, the median price for condos was $164,250, three percent higher than July 2010, and townhouses spent an average of 82 days on the market, eight days less than July 2010.

Leasing

The volume of leasing activity in Austin remained steady in July 2011, with 1,884 properties leased, one percent more than July 2010. The median price for Austin-area leases was $1,300, four percent higher than the same month of the prior year.

July 2011 Statistics

  • $524,492,455 – Total dollar volume of single-family properties sold, 23 percent more than July 2010.
  • $196,750 – Median price for single-family homes, 11 percent less than July 2010.
  • 1,973 – Single-family homes sold, 32 percent more than July 2010.
  • 77 – Days on market, five percent longer than July 2010.
  • 2,808 – New single-family home listings on the market, 13 percent less than July 2010.
  • 9,393 – Active single-family home listings on the market, 20 percent less than July 2010.
  • 1,994 – Pending sales for single-family homes, 28 percent more than July 2010.

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