Austin Real Estate Market Update – October 2011 Stats

by Steve Crossland, REALTOR in Austin TX on November 13, 2011 · 12 comments

Below are the Austin housing market stats for October 2011 and year to date.

Austin Sales Market Update – October 2011
Homes only (condos, duplexes, etc. not included) compiled from Austin MLS data

Sep 2011 Oct 2011 Oct 2010 Yr % Change
# Sold 1601 1346 1202 11.98%
Avg List $262,989 $267,793 $278,846 -3.96%
Med List $197,999 $199,900 $206,500 -3.20%
Avg Sold $252,815 $257,957 $264,112 -2.33%
Med Sold $192,000 $192,650 $199,925 -3.64%
Sold/List % 96.13% 96.33% 94.72% 1.70%
Avg SQFT 2226 2228 2276 -2.11%
Med SQFT 2044 1992 2058 -3.21%
Avg $ SQFT $113.57 $115.78 $116.04 -0.23%
Avg DOM 76 78 87 -10.34%
Median DOM 52 55 67 -17.91%
# Expired 478 434 704 -38.35%
# Withdrawn 800 703 976 -27.97%
Not Sold 1278 1137 1680 -32.32%
Not Sold % 44.39% 45.79% 58.29% -21.45%

 

As shown above, average and median sold prices are down 2.3% and 3.6% for Oct 2011 compared to Oct 2010. The number of homes sold increased and the number of failed sales efforts (Withdrawn or Expired) decreased. The sold to list price ratio increased a bit and the Days on Market improved.

Nothing really suprising or new here. The Austin real etstae market is still moving along somewhat, treading water for the most part. See the Year to Date and 44 month graphs below.

Year to date stats through Oct 2011 look more promising, from a color-code standpoint, but the movements are small.

Austin Sales Market Update – October 2011
Homes only (no condos, duplexes, etc) – Data from Austin MLS

Jan-Oct 11 Jan-Oct 10 Yr % Change
# Sold 16,054 15,100 6.32%
Avg List $271,683 $266,959 1.77%
Med List $200,000 $199,900 0.05%
Avg Sold $260,877 $256,007 1.90%
Med Sold $195,538 $195,000 0.28%
Sold/List % 96.02% 95.90% 0.13%
Avg SQFT 2,238 2,214 1.08%
Med SQFT 2,028 2,020 0.40%
Avg $ SQFT $116.57 $115.63 0.81%
Avg DOM 79 70 12.86%
Median DOM 51 45 13.33%
# Expired 3,641 4,830 -24.62%
# Withdrawn 6,524 8,129 -19.74%
Not Sold 10,165 12,959 -21.56%
Not Sold % 39% 46% -16.06%

 

Below is a “past months” chart I started a few years ago. I paiants a pretty good graphical picture of the Austin real estate market price movements the past 44 months. Pretty boring except for that one blip there in summer 2010 which quickly subsided.

Austin Home Sales March 2008 through Oct 2011

Monthy Avg and Median Sold prices for Austin Homes

 

You can sort of see on the chart above that average prices want to increase, but really just haven’t more than a slight amount. This is over a 44 month period, almost 4 years. Still, many real estate markets in the US have done much worse over the same time period, so we’re not complaining.

We have job growth in Austin. We have good interest rates. But we also have a lot of financial uncertainty nationally and internationally, and an upcoming election. Investors are out there, just not that many. Many investors can’t get loans. Buyers seem content to wait, though we’re still closing deals each month.

I feel like there is pent up demand in the Austin market that is going to explode at some point. Our leasing market is very strong with very qualified renters who could actually buy, but are renting first.

Questions and Comments welcome.

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