The Austin rental market for November in Austin continues the strong climb in prices. The average rental rate of $1386/mo. is a 12% increase over the same month last year. The median leased price is $1200, up 4.3% from a year ago. The number of homes leased dropped 13% from 588 a year ago to 510 in November 2007. Days on market for leased homes have dropped dramatically (a good thing), from an average days on market of 46 in Nov 2006 to an average of 35 this November. Median days on market dropped 31% from 35 days last Nov to 24 days Nov 2007. Avergae price per square foot for rental homes in Austin is up to $0.71 psf from $0.68 psf last year.
Oct 2007 |
Nov 2007 |
Nov 2006 |
Yr % Change
|
|
# Leased
|
571
|
510
|
588
|
-13%
|
Avg List Price
|
$1354
|
$1402
|
$1249
|
12%
|
Median List Price
|
$1250
|
$1225
|
$1150
|
6.5%
|
Avg Leased Price
|
$1337
|
$1386
|
$1239
|
12%
|
Med Leased Price
|
$1245
|
$1200
|
$1150
|
4.3%
|
Avg Size SQFT
|
1927
|
1964
|
1865
|
5.3%
|
Median SQFT
|
1829
|
1829
|
1750
|
4.5%
|
Avg $ per SQFT
|
$0.69
|
$0.71
|
$0.66
|
7.6%
|
Avg Days on Mkt
|
40
|
34
|
46
|
-26%
|
Median Days on Mkt
|
32
|
24
|
35
|
-31%
|
Year to date stats are below. They are again missing the Median values because our lousy new MLS software won’t let me produce a report with median values if more than 5,000 results are included.