Austin Real Estate Rental and Sales Market Update
As of November 1, 2005, there are 1417 homes listed for lease in the Austin MLS. During September, 555 homes leased. There are 7291 homes (excluding condos and townhomes) listed for sale in the Austin MLS as of Nov 1, 2005. 2179 homes sold in September.
I’ve changed my monthly leasing graph to follow a year-over-year format. Instead of showing all months for 2005, I am showing Sept. 2005 compared to September in years past. I think this is more useful and is compatible with how ABOR tracks Sales data. See below.
The leasing market continues to be healthy and improving, although there still remains an over-supply of rental homes and, as you can see from the graph above, we are nowhere near the market strength we enjoyed in 2001. The multi-family rental market is back up to 93% occupancy from a low of 85%. That low represented a fall from 98% occupancy before the tech bust in Austin in 2001.
There are 7291 homes (excluding condos and townhomes) listed for sale in the Austin MLS as of Nov 1, 2005. 2179 homes sold in September.
The sales market continues to tighten. Statistically, we are officially in a Seller’s Market in the below $400,000 price range. Prices are climbing, inventory is shrinking, and the number of homes sold is increasing. Above $500,000 is still a buyers market, but is moving in the direction a seller’s market. I was visiting with builders in Circle C yesterday and homes in the $350,000 to $500,000 range are moving very well.
Nevertheless, as you can see in the graph below, we are on the cusp of a period of increasing prices but are still relatively flat compared to years past. Our current Average and Median prices are still below those of 2002. Of course there are hot pockets and areas of Austin that are doing very well, and other areas that are still suffering from excess inventory. Call me at 512-301-5811 if you’d like information about sales or rental activity in a specific area. Click here for a printable pdf version of this report.