October 2011 Market Report: Austin-area real estate sales volumes continue to surge in second half of 2011

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Austin Board of REALTORS® releases October 2011 real estate statistics

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According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS® (ABoR), 1,455 single-family homes were sold in the Austin area in October 2011, which is 19 percent more than October 2010. During the same time period, the median price for Austin-area homes was $189,720, three percent less than the same month of the prior year.

Judith Bundschuh, Chairman of the Austin Board of REALTORS®, commented, “With October marking the fifth straight month in which home sales volume has outpaced the prior year, it’s clear that demand for real estate continues to drive the economic recovery in Austin.”

Austin-area homes spent an average of 82 days on the market in October 2011, ten days less than the same month of the prior year. The Austin market also featured two percent fewer new listings, 18 percent fewer active listings and 15 percent more pending sales than October 2010.

“The inventory of Austin-area homes continues to decrease and was lower than any month since 2008, indicating continued momentum in Austin real estate,” said Bundschuh.

In October 2011, the Austin market had five months of inventory, 1.4 months less than October 2010 and the lowest figure reported since ABoR began tracking the statistic in January 2009.

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 October 2011 was 161, which is 38 percent more than October 2010. In the same time period, the median price for condos was $179,000, 12 percent more than October 2010. When compared to the same month of the prior year, these properties spent 11 percent less time on the market, or an average of 88 days.

Leasing

In October 2011, 1,160 properties were leased in Austin, which is four percent less than October 2010. The median price for Austin-area leases was $1,280, seven percent higher than the same month of the prior year.

October 2011 Statistics

  • 1,455 – Single-family homes sold, 19 percent more than October 2010.
  • $189,720 – Median price for single-family homes, three percent less than October 2010.
  • 82 – Average number of days that single-family homes spent on the market, 10 days less than October 2010.
  • 2,186 – New single-family home listings on the market, two percent less than October 2010.
  • 7,926 – Active single-family home listings on the market, 18 percent less than October 2010.
  • 1,615 – Pending sales for single-family homes, 15 percent more than October 2010.
  • 5.0 – Months of inventory* of single-family homes, 1.4 months less than October 2010.
  • $368,237,220 – Total dollar volume of single-family properties sold, 16 percent more than October 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.

 

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