Austin Board of REALTORS
Market Update
These are market conditions according to the Austin Board of Realtors. While the reports make valid points, they often lack insight explaining factors contributing to the conditions. Furthermore, they don't analyze two other important areas of the market, multi-family and condo/town homes. With that said, enjoy the reports and don't hesitate to contact me with questions.
Austin real estate sales volume surges, prices remain stable
April 20, 2010 - According to the Multiple Listing Service (MLS) report by the Austin Board of REALTORS®, the volume of Austin area home sales in March 2010 was 1,784, up 27 percent from the same month in 2009. The median price of real estate in the Austin area remained unchanged in the same time period at $180,000.
“Though we’ve seen increases in year-over-year sales volume consistently in recent months, it’s likely this substantial increase in volume is related to the impending expiration of the homebuyer tax credits on April 30,” said John Horton, Chairman of the Austin Board of REALTORS®. “What’s most encouraging, however, is that in the midst of this increase in sales volume, our real estate values have remained steady, which bodes well for the long-term value of real estate in Austin.”
Sales of condos and townhouses were particularly strong in March 2010, increasing by 129 percent to 215 sales as compared to March 2009. This follows sustained increases in demand for this property type since September 2009 and a year-to-date increase of 86 percent.
Mr. Horton continued, “A softer condo market at the beginning of 2010 provided a good opportunity for buyers, and we are now seeing the results with an increase in activity. Condos can be attractive properties for first-time homebuyers, so it’s possible this increased demand is also related to both the first-time homebuyer tax credit, as well as an increased supply of condos in Austin in recent years.”
March 2010 also marked the second consecutive month of substantially decreased “days on market,” which refers to the average time homes remain active in the MLS. At 73 days for March 2010, homes spent 16 percent fewer days on the market than in March 2009. In the same time period, pending sales increased 31 percent to 2,421; new listings increased by 29 percent to 4,170; and active listings increased by six percent to 10,300.
“These statistics indicate that demand is continuing to outpace supply, which is encouraging,” said Horton. “However, no one really knows the full impact of the homebuyer tax credits yet, so we’ll look ahead to this summer to determine the sustainability of these conditions.”
March 2010 Statistics
•$422,558,240 – Total dollar volume of single-family properties sold, a 30 percent increase from March 2009.
•$180,000 – Median price for single-family homes, unchanged from March 2009.
•1,784 – Single-family homes sold, a 27 percent increase from March 2009.
•2,421 – Pending sales for single-family homes, up 31 percent from March 2009.
Austin area home sales up 5 percent in January; Month marks one year of steady improvement in sales volume
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
■$358,863,756 – Total dollar volume of single-family properties sold, an 11 percent increase from December 2008.
■$194,000 – Median price for single-family homes, a six percent increase from December 2008.
■1,373 – Single-family homes sold, a five percent increase from December 2008.
■8,079 – Active single-family home listings on the market, a five percent decrease from December 2008. 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.
■19,005 – Single-family homes sold, a six percent decrease from 2008.
■9,335 – Active single-family home listings on the market, a five percent decrease from 2008.
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. For more, visit www.austinhomesearch.com.
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 real estate market shows strength in second quarter 2009
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
Austin real estate gaining momentum heading into buying season
Austin Board of REALTORS® releases March 2009 real estate statistics
April 20, 2009 - 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
Austin Area Feels Effects of National Housing Slowdown
Austin Board of REALTORS® releases November 2008 real estate statistics, proposes solutions
December 18, 2008 - In November 2008, the Austin real estate market showed signs of slowdowns seen in other parts of the country. According to the November 2008 Multiple Listing Service report published by the Austin Board of REALTORS® (ABoR), single-family home sales dipped 40 percent from November 2007, which represents a 20 percent decrease year-to-date.
The median price for a single-family home was $180,000, a three percent decrease from November 2007. In total, single family home sales in November 2008 contributed $231,014,520 to the local economy, not including approximately 1,147 pending home sales.
In light of the results, ABoR is calling upon the federal government to adopt a four-point solution proposed by the National Association of REALTORS® (NAR) to stimulate the real estate market and enable Austinites to take advantage of the benefits of homeownership.
“There is no denying the Austin market has begun to slow,” said ABoR Chairman Jay Gohil. “However, we still enjoy strong statewide job growth and low unemployment, two factors missing in other, more challenged parts of the country. These sound fundamentals, combined with capital that should flow more freely to homeowners from the recent federal bailout, will put Austin in good stead as the market begins to recover.”
NAR has proposed a four-point plan to stimulate the housing market, which ABoR supports. It includes proposals to make the $7,500 first-time homebuyer tax credit available to all buyers and eliminate the repayment requirements; to make the higher loan limits approved earlier this year for the Federal Housing Administration, Fannie Mae and Freddie Mac loan limit permanent; and to direct more funds from the Emergency Treasury bank relief program to mortgage relief and foreclosure prevention.
November 2008 – Single Family Homes
990 was the number of homes sold, down 40 percent from November 2007
$180,000 was the median price, down 3 percent from one year ago
$231,014,520 was the total dollar volume of homes sold, down 44 percent from last November
October Report Shows Rise in Value of Austin Area Properties
November 20, 2008 - Despite national economic pressures, Austin area homes remain a sound investment option, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. In October 2008, the median home price ticked up seven percentage points from October 2007 to $192,520, a record for the month.
The leasing sector experienced a 26 percent upswing, with 1,082 properties leased in October. Meanwhile, single family home sales fell 25 percent in October from one year ago to 1,331.
October's 9,944 active listings rose five percent from one year ago, contributing to a very healthy housing inventory level of 5.6 months. The average number of days a single family home sat on the market increased by seven percent from last October to 75 days.
Pending sales and new listings both experienced drops from October 2007, with pending sales slipping 37 percent to 1,234 and new listings falling 14 percent to 2,713. Single family homes sales contributed $324,312,791 to the Austin economy in October, down 24 percent from last year.
"The most recent report from the Austin Board of REALTORS® reflects the impact of the national economic upheaval on the local market," says ABoR Chairman Socar Chatmon-Thomas. "However, Austin is still enjoying home price appreciation and has an excellent growth record for population, employment and income."
While housing market sales cooled, October saw a jump in Austin's leasing sector. Leases contributed $1,379,550 to the local economy in October 2008, a 31 percent increase from one year ago. The median price of lease properties was $1,150, down three percent from last October.
Home Sales Stabilize in Austin Area
October 20, 2008 - Central Texas home sales remain steady, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. The median price for single family homes in September remained unchanged from one year ago, while the number of homes sold inched closer to 2007 sales totals.
The 1,670 homes sold in September reflect an eight percent decline from one year ago. These sales contributed $406,955,620 to the local economy, down 11 percent from 2007. Meanwhile, the median price for single family homes showed no change from last September, remaining at $182,600.
Active listings for September rose two percent from one year ago to 10,217, while pending sales dropped ten percent to 1,520 and new listings fell 11 percent to 2,617. The average amount of time these properties sat on the market rose 18 percent from 2007 to 71 days.
“National economic troubles and limited access to credit continue to impact the local housing industry,” says ABoR Chairman Socar Chatmon-Thomas. “However, Austin’s economy has avoided many of the ups and downs experienced by other parts of the U.S., and our city is poised to remain on the forefront of the country’s economic turnaround.”
September 2008 – Single Family Homes
1,670 was the number of homes sold, down 8 percent from one year ago
$182,600 was the median price, unchanged from September 2007
$406,955,620 was the total dollar volume of properties sold, down 11 percent from last year
Central Texas Home Values Continue to Rise
September 18, 2008 - The national economy may be struggling, but Central Texas homes remain a wise investment, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. In the Austin area, the median price for single family homes reached $195,000 in August 2008, up two percent from one year ago and a record for the month.
The 1,992 single-family homes sold in August represent a 20 percent decrease from one year ago. These sales contributed $521,503,608 to the Austin economy, a 20 percent decrease from August 2007. The 1,792 pending sales and 3,114 active listings recorded for this month each slipped 18 percent from one year ago, while active listings rose five percent to 10,348. The average number of days a single-family home remained on the market also increased this month, up 19 percent from last August to 69 days.
“The fundamentals of Austin’s economy are solid,” says ABoR Chairman Socar Chatmon-Thomas. “Our city’s job market receives high marks for its consistency, which in turn drives more people to move here. A robust labor pool and an expanding population are key to maintaining a healthy housing industry.”
August 2008 - Single Family Homes
1,992 was the number of homes sold, down 20 percent from one year ago
$195,000 was the median price, up 2 percent increase from one year ago and a record for August
$521,503,608 was the total dollar volume of properties sold, down 20 percent from one year ago
Austin Homes Remain Valuable Investment
August 18, 2008 - Austin-area home prices continue their upward trend, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. The median price for single family homes reached a record high for July, up three percent from one year ago to $195,000. In July, 2,071 single-family homes were sold, down 21 percent from one year ago. These sales contributed $534,206,166 to the local economy. July saw active listings rise 15 percent from one year ago to 10,913, representing five-and-a-half months of housing inventory.
“Unlike many other areas of the country, Austin continues to enjoy increasing home values,” says ABoR Chairman Socar Chatmon-Thomas. “This, coupled with low unemployment rates and a steadily growing population, makes Central Texas a great choice for home buyers.”
While housing sales relaxed, the leasing market remained strong. The 1,469 properties leased in July reflect a 20 percent increase from the previous year, while the median price of these properties rose by two percent to $1,200. The average number of days a lease property sat on the market totaled 37 in July, an eight percent decrease from July 2007.
July 2008 - Single-Family Homes 2,071 was the number of homes sold, a 21 percent decrease from one year ago $195,000 was the median price, a 3 percent increase from one year ago and a record for July $534,206,166 was the total dollar volume of properties sold, a 21 percent decrease from 2007
Report Shows Continued Rise in Central Texas Home Sales
July 18, 2008 - Both single-family home sales and leased property in Central Texas have reached their highest point this year to date, according to the June Austin Board of REALTORS® Multiple Listing Service (MLS) Report.
“Austin remains one of the best cities to become a homeowner,” said ABoR Chairman Socar Chatmon-Thomas. “Locally, our homes are holding their value and the average mortgage payment is not much higher than renting.”
Last month 2,211 single-family homes were sold, with their median price rising four percent to $200,000. These homes spent an average of 65 days on the market and contributed $577,471,191 to the economy. There were 10,886 active listings in June. Leased property rose two percent since last year to total 1,146. With a median price of $1,250, these properties contributed $1,541,370 to the Austin-area economy, a nine percent increase from June 2007.
June 2008 - Single-Family Homes 2,211 was the number of single-family homes sold, a 20 percent decrease from one year ago $200,000 was the median price for single-family homes, a four percent increase from June 2007 $577,471,191 was the total dollar volume of properties sold, a 20 percent decrease from last year
Austin-Area Real Estate Market Remains Stable
June 19, 2008 – As buying season heats up in Central Texas, the May 2008 Austin Board of REALTORS® Multiple Listing Service (MLS) report indicates single-family home sales are up slightly since April 2008, homes are spending fewer days on the market and overall, the real estate market continues to reflect conditions similar to those of 2005.
“Despite economic conditions across the nation, Austin continues to have a relatively low unemployment rate and cost of living index,” said ABoR Chairman Socar Chatmon-Thomas. “While we’re not enjoying the booming real estate markets of 2006 and 2007, we have seen steady increases in sales volume since January 2008.”
Single-family home sales in May 2008 reached their highest point in eight months, totaling 2,154 and contributing $566,827,254 to the local economy. The median price for single-family properties was $196,120 while active listings increased to 10,577. Homes sold in May 2008 also fell, averaging a total of 64 days on the market . May 2008 - Single-Family Homes 2,154 was the number of single-family homes sold, a 20 percent decrease as compared to May 2007 $196,120 was the median price for single-family homes, a seven percent increase from May 2007 $566,827,254 was the total dollar volume of properties sold, a 16 percent decrease from May 2007.
Source: Austin Board of REALTORS
