Real Estate Market Update for Austin, TX.

The Austin housing market is finishing remarkably strong for 2012! Low inventory mixed with momentum for Austin’s desirability is driving up prices and demand for existing homes for sale and lease. As a result, year-to-date we have seen a 16.84% increase in homes sold, along with a 5.44% increase in sold prices and a 25.71% decrease in days on the market. November 2012 was strong with a 15.66% increase in homes sold and a 10.09% increase in median sold prices compared to November 2011. Inventory continues to stay very low, with a 30.86% decrease compared to this time last year. Additionally, interest rates have decreased to an average of 3.34% for a 30 year conventional loan today with 0.7 fees/points down per freddiemac.com. The Austin unemployment rate (Austin-Round Rock-San Marcos) reduced slightly from 5.4% in September 2012 to 5.3% in October 2012, which is a healthy unemployment rate.

With low inventory, low interest rates, and a low unemployment rate, Austin should continue its upward trend in regard to prices and sales volume!

Market Snapshot (Year-to-date compared to same time period during 2011)

• 16.84% increase in homes sold

• 5.44% increase in sold prices (total dollars)

• 5.19% increase in sold prices (per square foot)

• 25.71% decrease in days on market

November 2012 compared to November 2011

• 30.86% decrease in homes actively for sale compared to 12/05/11

• 26.11% increase in homes pending sale compared to 12/05/11

• 15.66% increase in the number of single-family homes sold

• 10.09% increase in median single-family sold price per square foot

• 4% increase in median sold price (total dollars)

• 26.47% decrease in the time it is taking to sell a home

• 2.3% increase in number of homes for lease compared to 12/05/11

• 0.50% increase in the number of homes leased

• No change in leased price per square foot

• 3.7% increase in the time it is taking to lease a home

Between January 1 and December 10, 2012, there were 9,644 single-family homes sold within Austin with a median sold price of $125.60 per square foot ($261,500) and averaging 52 days on the market. During the same time period in 2011, there were 8,254 homes sold with a median sold price of $119.40 per square foot ($248,000) and averaging 70 days on the market. This is an 16.84% increase in the number of homes sold, a 5.19% increase in the median sold price per square foot, a 5.44% increase in sold prices (total dollars), and a 25.71% decrease in the days on market compared to the same time period in 2011.

austin downtown propertiesAustin Real Estate Market Summary for December 2012

Sold: As of 12/10/2012, there were 687 homes sold in Austin, Texas during November 2012 compared to 594 during the same period of time in 2011 (15.66% increase). Overall home prices (per square foot) have increased 10.09%, and the total dollar sales prices have increased by 4% during November 2012 compared to November 2011, with a median sold price of $129.80 per square foot ($260,000) in November 2012 compared to $117.90 per square foot ($250,000) in November 2011. In November 2012, these sold homes averaged 50 days on the market compared to 68 days on the market in November 2011, which shows there was 26.47% decrease in the time it is taking to sell a home this November 2012 compared to last November 2011.

Active: There are 1,754 single-family homes actively for sale within Austin as of 12/10/12, averaging 104 days on the market with a median list price of $150.30 per square foot ($379,950). This is a 14.02% decrease from the 2,040 single-family homes for sale last month on 11/13/12 and a 30.86% decrease in homes actively for sale from the 2,537 single-family homes that were actively for sale within Austin on 12/05/11.

Pending Sale: There are 1,188 houses pending sale in Austin as of 12/10/12, averaging 52 days on the market with a median price of $125.10 per square foot ($249,000). This is a 2.86% decrease from the 1,223 single-family homes pending sale last month on 11/12/12 and a 26.11% increase from the 942 homes that were pending sale on 12/05/11.

Withdrawn: There were 227 single-family homes withdrawn from the Austin real estate market during November 2012, compared to 290 homes withdrawn during November 2011, which is a 21.72% decrease. The homes withdrawn in November 2012 averaged 112 days on the market and were listed for sale with a median price of $155.30 per square foot ($409,900). This compares to an average of 127 days on the market with a median price of $137.60 per square foot ($332,450) for homes withdrawn from the market during November 2011.

Leases: As of 12/10/12, there are 758 homes (all types) for lease within Austin with a median lease price of $1 per square foot per month ($1,690 per month) and averaging 39 days on the market. This compares to 12/05/11, when there were 741 homes (all types) for lease within Austin with a median lease price of $0.94 per square foot per month ($1,400 per month) and averaging 40 days on the market.

During November 2012, there were 600 homes (all types) leased in Austin compared to 597 leased in November 2011, which is a 0.50% increase. In November 2012, the median leased price per square foot was $0.90 per square foot per month ($1,450 per month) and averaged 28 days on the market compared to $0.90 per square foot per month ($1,425 per month) and 27 days average on the market in November 2011, which shows the lease price per square foot has not increased and there was an 3.7% increase in the days on the market.

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