Austin Area Real Estate Market Data
Austin area home sales up 5 percent in January; Month marks one year of steady improvement in sales volume
Austin Board of REALTORS® releases January 2010 real estate statistics
February 18, 2010 - According to the Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin area home sales in January 2010 was 884, up five percent from the same month in 2009. The median price of real estate in the Austin area remained stable in the same time period, up one percent to $179,250.
“At this point, we can look back and see that January 2009 was the low point of this cycle. With steady improvement throughout 2009 that continued in January 2010, we can see that we’re one year into the recovery in Austin,” said John Horton, Chairman of the Austin Board of REALTORS®. “What’s most important about this is that it’s the kind of recovery we want: one that is steady, stable and consistent.”
Throughout 2009, the volume of single-family home sales in Austin improved steadily. In the first half the year, the gap in year-over-year sales volume closed consistently, reaching levels similar to 2008 during the summer peak, with the exception of a dip in August. In the fall of 2009, sales volume began outperforming 2008 and surged in October and November, spurred by the original deadline for the first-time homebuyer tax credit. In December 2009, sales volume returned to a modest increase of five percent when compared to December 2008, a growth rate which was maintained in January 2010.
Mr. Horton continued, “We’re already seeing positive signs in sales volume and price appreciation. Those factors, combined with the population growth and additional jobs economists expect for our area in 2010, bode well for the long-term value of Austin real estate.”
January 2010 Statistics
- $216,094,684 – Total dollar volume of single-family properties sold, an 11 percent increase from January 2009.
- $179,250 – Median price for single-family homes, a one percent increase from January 2009.
- 884 – Single-family homes sold, a five percent increase from January 2009.
Austin area home sales up in December; 2009 year-end down slightly from 2008
Austin Board of REALTORS® releases December 2009 and year-end real estate statistics
January 20, 2010 - According to the Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin area home sales in December 2009 was 1,373, up five percent from the same month in 2008. The median price of real estate in the Austin area also showed an increase, up six percent from December 2008 to $194,000.
“We saw dramatic increases in sales volume in October and November 2009, which were presumably related to the original deadline for the first-time homebuyer tax credit,” explained John Horton, 2010 Chairman of the Austin Board of REALTORS®. “However, increases in sales volume beyond November and figures that have improved steadily throughout the year indicate that, while some demand was driven by the tax credit deadline, a sustainable recovery is also underway in the real estate market.”
Year-end real estate totals for 2009 showed improvement in sales volume and stability in home prices over the course of the year. In 2009, 19,005 homes were sold in the Austin area, a six percent decrease from 2008. The median price for the region in 2009 was $188,480, down one percent from 2008. The six percent decline in year-end home sales for Central Texas marks a significant improvement when compared to the double-digit decreases in home sales seen in the first quarter of 2009.
Mr. Horton summarized, “We’re seeing encouraging news from many sources that 2010 will be an improvement over 2009, and I think this report is one more indicator the outlook is beginning to brighten. As always, however, I urge consumers to base their decisions about buying and selling real estate on their own situation and goals. Talk to your Austin REALTOR® for advice on whether 2010 should be your year to buy a home or move up.”
December 2009 Statistics
2009 Year-End Totals
- $4,612,315,236 – Total dollar volume of single-family properties sold, a nine percent decrease from 2008.
- $188,480 – Median price for single-family homes, a one percent decrease from 2008.
- 9,335 – Active single-family home listings on the market, a five percent decrease from 2008.
The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. For more, please contact Angela Brutsché at 512-454-7636.
Austin area home sales continue to rise
Austin Board of REALTORS® releases November 2009 real estate statistics
December 21, 2009 - According to the Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin-area home sales continues to surge, increasing 58 percent in November 2009 compared to November 2008.
"This is the largest increase in year-over-year homes sales the Austin market has seen in more than ten years," explained Jay Gohil, chairman of the Austin Board of REALTORS®.
In November 2009, there were a total of 1,576 home sales, contributing $377,603,296 to the local economy. The median home price for Austin in November 2009 was $179,000, a two percent decrease from the same month the prior year.
"The combination of steady home prices with increasing demand is very encouraging for the Central Texas real estate market," said Gohil.
In the face of increasing sales volume, the Austin real estate market is seeing a decrease in home inventory. The Real Estate Center at Texas A&M University cites 6.5 months of inventory as a balanced market, meaning demand for homes is evenly balanced with inventory of homes for sale. At approximately 5.4 months of inventory for November 2009, demand for homes in the Austin real estate market is slightly outpacing inventory.
November 2009 Statistics
$377,603,296 – Total dollar volume of single-family properties sold, a 62 percent increase from November 2008.
$179,000 – Median price for single-family homes, a two percent decrease from November 2008.
1,576 – Single-family homes sold, a 58 percent increase from November 2008.
Austin area home sales volume surges in October
Austin Board of REALTORS® releases October 2009 real estate statistics
November 18, 2009 - According to the Multiple Listing Service report by the Austin Board of REALTORS®, the volume of home sales in the Austin-area real estate market surged in October 2009, potentially related to the tax credit for first-time homebuyers.
In October 2009, 1,823 homes were sold, a 38 percent increase from 1,322 in October 2008. The median price of Austin homes in October 2009 was $182,000, a five percent decrease from the same month the prior year.
In the early part of this year, home sales volume in Austin was down significantly compared to 2008. However, that gap in sales volume began to close in July 2009 when the local market reached a volume similar to the same month in the year prior.
"Sales volume like this is similar to what we saw in 2005, which is an encouraging sign," said Jay Gohil, chairman of the Austin Board of REALTORS®. "It's possible some of this surge in volume was related to the original deadline for the first-time homebuyer tax credit, so it's good for our market that the tax credit was both extended until April and expanded to include more current and prospective homeowners."
October 2009 Statistics
- $434,975,092 - Total dollar volume of single-family homes sold, a 35 percent increase from one year ago
- $182,000 - Median price for single-family homes, a five percent decrease from October 2008.
- 1,823 – Single-family homes sold, up 38 percent from the same time last year.
Austin-area real estate market shows improvement over last year
Austin Board of REALTORS® releases September 2009 real estate statistics
October 19, 2009 - According to the September 2009 Multiple Listing Service report by the Austin Board of REALTORS®, activity in the Austin-area real estate market has shown signs of improvement from September 2008.
In September 2009, 1,780 homes were sold, a six percent increase from 1,673 homes sold in September 2008. The median home price for Austin in September 2009 was $185,250, up two percent from the same month the prior year.
"This spur in activity compared to last year is a good sign," said Jay Gohil, chairman of the Austin Board of REALTORS®. "It shows the Austin-area real estate market is healthy and has remained stable."
According to the report, the average median home price in the third quarter of 2009 is statistically similar to that of the third quarter of 2008. In addition, the third quarter of 2009 represented the highest quarterly average for home sales this year. There was an average of 1,857 homes sold during the third quarter of 2009, a 3 percent decrease compared to the third quarter of 2008 which averaged approximately 1,912 homes sold.
Gohil continued, "As the deadline for the first-time homebuyer tax credit approaches on Nov. 30, we may continue to see increases in home sales into October and November." On Nov. 30, the tax credit for first-time homebuyers of up to $8,000 expires. To qualify, first-time homebuyers must close their real estate transaction by that date, a process that requires anywhere from 14 to 60 days or more.
September 2009 Statistics
- $431,530,740 was the dollar volume of single-family properties sold, a seven percent increase from September 2008.
- $185,250 was the median price for single-family homes, a two percent increase from September 2008.
- 9,148 was the number of active single-family home listings on the market, a ten percent decrease from September 2008.
- 1,780 was the number of single-family homes sold, a six percent increase from September 2008.
Austin-area real estate market slows from summer buying months
Austin Board of REALTORS® releases August 2009 real estate statistics
September 18, 2009 - According to the August 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the Austin-area real estate market has slowed slightly during the first month of fall.
In August 2009, 1,793 homes were sold, a 10 percent decrease from 1,994 homes sold in August 2008. The median home price for Austin in August 2009 was $189,000, a four percent decrease from the same month the prior year.
"It's fairly normal for our market to slow down in autumn. Although we've been encouraged by stable home prices and volume in recent months, we are clearly not out of the woods completely," said Jay Gohil, chairman of the Austin Board of REALTORS®. "Looking ahead, it will be interesting to see what impact the November 30 deadline for the first-time homebuyer tax credit has on demand this fall."
On November 30, the tax credit for first-time homebuyers of up to $8,000 expires. Despite speculation to the contrary, no definitive steps have been taken to extend it. To qualify, first-time homebuyers must close their real estate transaction by that date, a process that requires anywhere from 14 to 60 days or more.
August 2009 Statistics
- $437,228,429 was the dollar volume of single-family properties sold
- $189,000 was the median price, a four percent decrease from July 2008
- 1,793 was the number of homes sold, a 10 percent decrease from one year ago
Austin-area home sales volume continues momentum, reaches 2008 pace for July
Austin Board of REALTORS® releases July 2009 real estate statistics
August 20, 2009 - According to the July 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin-area home sales reached 2008 levels for the first time this year.
In July 2009, 2,069 homes were sold, statistically unchanged from the 2,068 homes sold in July 2008. The median home price for Austin in July 2009 was $191,500, a two percent decrease from the same month the prior year.
"The sales volume momentum in Austin continues, now reaching 2008 levels. That's good news, but I think it's even better news that we've achieved that increase while maintaining a steady median home price," said Jay Gohil, chairman of the Austin Board of REALTORS®. "Throughout 2009, the median price has fluctuated only slightly compared to 2008. Looking back further, prices have remained above 2007 levels, one of the most lucrative years of the last decade in Austin real estate. That long-term price stability, particularly in the face of market fluctuations, bodes well for Austin's future."
July 2009 Statistics
- $508,810,549 was the dollar volume of single-family properties sold
- $191,500 was the median price, a two percent decrease from one year ago
- 2,069 was the number of homes sold, unchanged from July 2008
Austin real estate market shows strength in second quarter 2009
Austin Board of REALTORS® releases June 2009 real estate statistics
July 20, 2009 - According to the June 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the volume of single-family home sales in June 2009 was 2,135, down four percent from June 2008, and the median price was $199,900, unchanged from June 2008.
"We've seen the year-over-year gap in sales volume close steadily throughout 2009 and that momentum continues this month," said Jay Gohil, Chairman of the Austin Board of REALTORS®.
Home prices in the Austin area have also continued to gain momentum from the beginning of the year. Over the first two quarters of 2009 (January 2009 to June 2009), the average sale price for a single-family Austin home has increased $20,824, while median sales price has increased $24,400.
Also, from January 2009, sales volume is up 61 percent and active listings are up 14 percent. "This signifies a healthy Central Texas real estate market and good news for both local home buyers and sellers," said Gohil.
June 2009 Statistics
- $537,981,570 was the dollar volume of single-family properties sold
- $199,900 was the median price, unchanged from one year ago
- 2,135 was the number of homes sold, a 4 percent decrease compared to June 2008
The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. For more, please contact Angela Brutsché at 512/454-7636.
Austin real estate market continues to gain momentum in 2009
Austin Board of REALTORS® releases May 2009 real estate statistics
June 19, 2009 - According to the May 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the volume of single-family home sales in May 2009 was 1,707, down 19 percent from May 2008, and the median price was $193,000, down one percent over the same time period.
Jay Gohil, Chairman of the Austin Board of REALTORS®, explained, "Sales volume and home prices in the Central Texas area are gaining momentum from the beginning of the year. This continues because of low mortgage rates and a healthy inventory in the market."
Unlike the national real estate market, the average sale price for single-family homes in Austin is up $22,450 from the beginning of the year, while median sales price is up $17,500 (April 2009 compared to January 2009).
Chairman Gohil continued, "While we still aren't completely out of the water, we're starting to dry off. Factors such as the local economy and job growth are promising for both sellers and buyers. In this market, it's all about finding what's best for you."
May 2009 Statistics
- $432,908,856 was the dollar volume of single-family properties sold
- $193,000 was the median price, a one percent decrease from May 2008
- 1,707 was the number of homes sold, an 19 percent decrease compared to May 2008
The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. For more, please contact Angela Brutsché at 512/454-7636.
Austin real estate holds steady into summer buying season
Austin Board of REALTORS® releases April 2009 real estate statistics
May 20, 2009 - According to the latest Multiple Listing Service report by the Austin Board of REALTORS®, the volume of single-family home sales in April 2009 was 1,601, down 18 percent from April 2008, and the median price was $189,000, up one percent over the same time period.
Jay Gohil, Chairman of the Austin Board of REALTORS®, explained, "Since the beginning of the year, sales have grown. While we are still down compared to last year, with each month the gap in sales volume from 2008 to 2009 is closing. This sales momentum, coupled with a steady stream of new listings on the market, puts Central Texas in a good position for summer's real estate season."
Chairman Gohil also explained why taking a closer look at April 2009 sales volume could be good news for both buyers and sellers: "Right now we have a very healthy supply of housing inventory, which is perhaps the most reliable indicator of future home price trends in Central Texas. The 'months of inventory' in a market is determined by dividing the number of homes for sale by the average sales over the past 12 months."
Economists at the Real Estate Center at Texas A&M University predict that about 6.5 months of inventory is a balanced market, where homes are being sold and prices continue to increase at a moderate pace. In April 2009, the Central Texas market held 6.4 months of single family housing inventory, where the national average is 10 months.
April 2009 Statistics:
- $372,077,203 was the dollar volume of single-family properties sold
- $189,000 was the median price, a one percent increase from April 2008
- 1,601 was the number of homes sold, an 18 percent decrease compared to April 2008
The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. For more, please contact Angela Brutsché at 512/454-7636, ext. 1300.
Austin real estate gaining momentum heading into buying season
Austin Board of REALTORS® releases March 2009 real estate statistics
- According to the March 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the volume of single-family home sales in March 2009 was 1,421, down 22 percent from March 2008, and the median price was $180,160, down 4 percent over the same time period.
Jay Gohil, Chairman of the Austin Board of REALTORS®, provided some insight, "Sales volumes in March are still down compared to a year ago, but we're beginning to see the gap in volume close."
For example, in January 2009, sales volume was down 36 percent compared to January 2008. In February 2009, sales volume was down 28 percent compared to February 2008. In March 2009, the 22 percent decrease in volume compared to March 2008 shows the Austin real estate market is gaining momentum.
Chairman Gohil continued, "Looking at the first quarter of 2009, we're seeing sales volumes improve and home values remain steady – that's good news for Austin homeowners. Those factors, combined with Austin's strong economic fundamentals, bode well for our market heading toward the summer buying season."
One of the most important economic fundamentals driving the real estate market is job growth, for which Austin was fortunate in 2008. Looking ahead, a recent study based on data from the U.S. Bureau of Labor Statistics cited Austin among the top 10 metropolitan areas in the country with the highest potential for job growth in 2009.
March 2009 Statistics
- $328,098,953 was the total dollar volume of single-family properties sold
- $180,160 was the median price, a four percent decrease from one year ago
- 1,421 was the number of homes sold, a 22 percent decrease compared to March 2008
Central Texas real estate sales volume down, but home prices show modest increase
Austin Board of REALTORS® releases February 2009 real estate statistics
March 19, 2009 -According to the February 2009 Multiple Listing Service report by the Austin Board of REALTORS® (ABoR), the Austin-area home sales volume remains down year-over-year, but home prices have risen compared to February 2008.
The median price of a single-family home in Central Texas was $189,900, up five percent from February 2008. There were 1,116 single-family homes sold in February 2009, a 28 percent decrease as compared to one year ago. Collectively, sales in February 2009 contributed $271,048,500 to the local economy.
"These statistics demonstrate how Austin-area home prices have held steady and continue to appreciate, despite volatile credit markets and difficult conditions in other states," explained ABoR Chairman Jay Gohil. "Compared to last month, we're seeing the year-over-year gap begin to close on sales volume and hope consumer confidence will continue to rise to further spur the market."
He added, "With unprecedented incentives available to homebuyers, such as an $8,000 first-time homebuyer tax credit and some of the lowest mortgage interest rates in history, we believe many Central Texans will recognize this spring as a great time to build wealth through Austin real estate."
February 2009 – Single Family Homes
- $271,048,500 was the total dollar volume of homes sold
- $189,900 was the median price, a five percent increase from February 2008
- 1,116 was the number of homes sold, a 28 percent decrease from one year ago
The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. For more, please contact Angela Brutsché at 512/454-7636, ext. 1300.
- 19,005 – Single-family homes sold, a six percent decrease from 2008.
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