Market Update | October 2011

Market Update | October 2011

Oct 22, 2011

According to the Market Update October 2011 report released today by the Austin Board of REALTORS®, 1,681 single-family homes were sold in the Austin area in September 2011, which is 31 percent more than September 2010. During the same time period, the median price for Austin-area homes was $189,000, two percent less than the same month of the prior year.

Judith Bundschuh, Chairman of the Austin Board of REALTORS®, commented, “In September, Austin saw its fourth straight month of year-over-year sales volume increases and the third month in which those volumes outpaced 2010 by more than 30 percent. In the midst of that growth, Austin-home values have remained stable.”

Austin-area homes spent an average of 81 days on the market in September 2011, a figure that is unchanged from the same month of the prior year. The Austin market also featured six percent fewer new listings, 19 percent fewer active listings and 19 percent more pending sales than September 2010.

“For the fourth straight month, the inventory of Austin-area homes has decreased and reached one of the lowest levels we’ve seen in all of 2011 or 2010,” said Bundschuh.

In September 2011, the Austin market had 5.4 months of inventory. That matches the lowest figure reported since December 2009 and is 1.3 months less than September 2010.

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 September 2011 was 158, which is 25 percent more than September 2010. In the same time period, the median price for condos was $162,250, a figure that is statistically unchanged from September 2010. When compared to the same month of the prior year, these properties spent two percent less time on the market, or an average of 91 days.

Leasing

In September 2011, 1,426 properties were leased in Austin, which is 17 percent more than September 2010. The median price for Austin-area leases was $1,300, eight percent higher than the same month of the prior year.

 

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market Update Sept 2011

September 2011 Statistics

  • 1,681 – Single-family homes sold, 31 percent more than September 2010.
  • $189,000 – Median price for single-family homes, two percent less than September 2010.
  • 81 – Average number of days that single-family homes spent on the market, unchanged from September 2010.
  • 2,256 – New single-family home listings on the market, six percent less than September 2010.
  • 8,490 – Active single-family home listings on the market, 19 percent less than September 2010.
  • 1,638 – Pending sales for single-family homes, 19 percent more than September 2010.
  • 5.4 – Months of inventory* of single-family homes, 1.3 months less than September 2010.
  • $421,648,592 – Total dollar volume of single-family properties sold, 33 percent more than September 2010.

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Ed Neuhaus

About Ed Neuhaus

El Capitan is a nickname given to me years ago. This was just before or just after I was married. No, unfortunately it was not given to me by my wife. She has far better and worse things to call me. I sailed a lot a young man and I know a thing or two about sailboats. Maybe that is why I got the nickname. Maybe my nicknamers were thinking I was strong as a rock like El Capitan in Yosemite National Park. I hope it was because they thought of me as their leader. I am el Capitan of our ship, Broker for our company, father of two, husband, sailor, drummer, soon to be pilot, and all around bad ass. Ok maybe that last part about the bad ass is too much. But hey, why not. BTW, did I tell you I want to be a pilot? no wait, really, I want to be a pilot. You know the guys who fly planes. (this would all be a lot better in a video soliloquy than in typed form, but use the tools you got right?)

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