June 2011 Market Report: Sales volume up, price steady for Austin-area real estate

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Austin Board of REALTORS® Releases June 2011 Real Estate Statistics

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Sales of single-family Austin homes were up nine percent in June 2011 compared to June 2010 with 2,145 single-family homes sold, according to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®.

In the same period, the median price for Austin-area homes was $205,000, the same as June 2010; and Austin homes spent an average of 75 days on the market, seven percent longer than June 2010. In addition, new listings were down four percent in June 2011 compared to June 2010, and active listings were down 18 percent.

“While this month still felt the lingering effect of last year’s homebuyer tax credits, we are now able to return to a typical month-to-month comparison to gauge the trends in the real estate market,” said Judith Bundschuh, Chairman of the Austin Board of REALTORS®.

Chairman Bundschuh continued, “Looking at the results, it’s encouraging to see that the demand for homes is strong and that Austin-area homes continue to hold their value.”

In addition, pending sales were up for the second consecutive month with 2,114 pending sales in June 2011, a 31 percent increase compared to June 2010.

Chairman Bundschuh explained, “The increase in pending sales this month, coupled with stable prices and stronger sales this month, are encouraging signs that the market is returning to a pre-recession seasonal cycle.”

The volume of leasing activity in Austin also increased in June 2011 with 1,730 properties leased, 16 percent more than June 2010, and a median lease price of $1,300, seven percent higher than the same month of the prior year.

June 2011 Statistics

  • $583,137,555 – Total dollar volume of single-family properties sold, eight percent more than June 2010.
  • $205,000 – Median price for single-family homes, statistically unchanged from June 2010.
  • 2,145 – Single-family homes sold, nine percent more than June 2010.
  • 75 – Days on market, seven percent longer than June 2010.
  • 3,148 – New single-family home listings on the market, four percent less than June 2010.
  • 9,687 – Active single-family home listings on the market, 18 percent less than June 2010.
  • 2,114 – Pending sales for single-family homes, 31 percent more than June 2010.

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. Visit www.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.

 

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