December 2011 Market Report: Austin-area home sales outpace prior year for seventh straight month in December; 2011 ends with increased sales volume, stable prices and strong demand

Home | Press | Market Statistics | 2011 | December 2011 Market Report: Austin-area home sales outpace prior year for seventh straight month in December; 2011 ends with increased sales volume, stable prices and strong demand

Austin Board of REALTORS® releases real estate statistics for December 2011 and 2011 year-end

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According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, single-family home sales in December 2011 outpaced the same month of the prior year for the seventh straight month, and year-end figures show momentum in Austin real estate heading into 2012.

In December 2011, a total of 1,581 single-family homes were sold in Austin, which is 11 percent more than December 2010. During the same time period, the median price for Austin homes was $187,940, which is one percent less than the same month of the prior year.

Leonard Guerrero, 2012 Chairman of the Austin Board of REALTORS®, commented, “December marked the seventh straight month in which home sales volume has outpaced the prior year and the inventory of available homes decreased.”

Austin homes spent an average of 89 days on the market in December 2011, nine days less than the same month of the prior year. The Austin real estate market also featured 12 percent fewer new listings, 19 percent fewer active listings and 12 percent more pending sales than December 2010.

In December 2011, the inventory of Austin-area homes decreased to 4.1 months, which is 1.4 months less than December 2010 and the lowest figure reported since the organization began tracking the statistic in January 2009.

Chairman Guerrero continued, “With stable prices, stronger sales volume and more pending sales this month compared to December 2010, we’re encouraged to see the market showing strong demand leading into January.”

December 2011 Statistics

  • 1,581 – Single-family homes sold, 11 percent more than December 2010.
  • $187,940 – Median price for single-family homes, one percent less than December 2010.
  • 89 – Average number of days that single-family homes spent on the market, nine days less than December 2010.
  • 1,383 – New single-family home listings on the market, 12 percent less than December 2010.
  • 6,605 – Active single-family home listings on the market, 19 percent less than December 2010.
  • 1,229 – Pending sales for single-family homes, 12 percent more than December 2010.
  • 4.1 – Months of inventory* of single-family homes, 1.4 months less than December 2010.
  • $385,035,159 – Total dollar volume of single-family properties sold, nine percent more than December 2010.

The report also included figures for all of 2011, during which 19,220 Austin-area single-family homes were sold, which is seven percent more than 2010. Over the course of the year, the median price of homes in Austin remained statistically unchanged from the prior year at $193,000 and homes spent an average of 84 days on the market, which is seven days longer than 2010. At the same time, the Austin real estate market featured 12 percent fewer new listings, 15 percent fewer active listings and seven percent more pending sales.

Chairman Guerrero concluded, “We are pleased to see Austin’s real estate market end the year on a positive note. With a surge in sales volume over the second half of 2011 and strong demand evident in December, we’re optimistic about the health of our market for the coming year.”

2011 Year-End Totals

  • 19,220 – Single-family homes sold, seven percent more than 2010.
  • $193,000 – Median price for single-family homes, unchanged from 2010.
  • 84 – Average number of days that single-family homes spent on the market, seven days more than 2010.
  • 30,668 – New single-family home listings on the market, 12 percent less than 2010.
  • 8,609 – Active single-family home listings on the market, 15 percent less than 2010.
  • 21,002 – Pending sales for single-family homes, seven percent more than 2010.
  • $4,931,910,843 – Total dollar volume of single-family properties sold, nine percent more than 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 December 2011 was 157, which is 17 percent more than December 2010. In the same time period, the median price for condos was $179,900, unchanged from December 2010. When compared to the same month of the prior year, these properties spent three more days on the market, or an average of 92 days.

Over the course of 2011, 1,970 Austin condos were sold, which is one percent more than 2010; the median price was $167,750, or six percent more than 2010; and condos spent an average of 94 days on the market, 10 days longer than 2010.

Leasing

In December 2011, 1,030 properties were leased in Austin, which is eight percent less than December 2010. The median price for Austin-area leases was up nine percent at $1,250 when compared to the same month of the prior year. In all of 2011, a total of 15,948 properties were leased in Austin, which is three percent more than 2010, and the median lease price was $1,250, or four percent more than 2010.


The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,500 licensed REALTORS® in Central Texas. Visit AustinHomeSearch.com, a public resource on Austin real estate, for the latest news on the local housing market. For more information, please contact Angela Brutsché at 512-454-7636.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

 

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