October 19, 2011 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,681 single-family homes were sold in the Austin area in September 2011, which is 31 percent more than September 2010. During the same time period, the median price for Austin-area homes was $189,000, two percent less than the same month of the prior year.
Judith Bundschuh, Chairman of the Austin Board of REALTORS®, commented, “In September, Austin saw its fourth straight month of year-over-year sales volume increases and the third month in which those volumes outpaced 2010 by more than 30 percent. In the midst of that growth, Austin-home values have remained stable.”
Austin-area homes spent an average of 81 days on the market in September 2011, a figure that is unchanged from the same month of the prior year. The Austin market also featured six percent fewer new listings, 19 percent fewer active listings and 19 percent more pending sales than September 2010.
“For the fourth straight month, the inventory of Austin-area homes has decreased and reached one of the lowest levels we’ve seen in all of 2011 or 2010,” said Bundschuh.
In September 2011, the Austin market had 5.4 months of inventory. That matches the lowest figure reported since December 2009 and is 1.3 months less than September 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 September 2011 was 158, which is 25 percent more than September 2010. In the same time period, the median price for condos was $162,250, a figure that is statistically unchanged from September 2010. When compared to the same month of the prior year, these properties spent two percent less time on the market, or an average of 91 days.
In September 2011, 1,426 properties were leased in Austin, which is 17 percent more than September 2010. The median price for Austin-area leases was $1,300, eight percent higher than the same month of the prior year.
September 2011 Statistics
1,681 – Single-family homes sold, 31 percent more than September 2010.
$189,000 – Median price for single-family homes, two percent less than September 2010.
81 – Average number of days that single-family homes spent on the market, unchanged from September 2010.
2,256 – New single-family home listings on the market, six percent less than September 2010.
8,490 – Active single-family home listings on the market, 19 percent less than September 2010.
1,638 – Pending sales for single-family homes, 19 percent more than September 2010.
5.4 – Months of inventory* of single-family homes, 1.3 months less than September 2010.
$421,648,592 – Total dollar volume of single-family properties sold, 33 percent more than September 2010.
* 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 past 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.
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.