2011 2nd Quarter Review - Austin Real Estate Market

Home prices in Austin remained stable during the second quarter of 2011. Compared to the previous year, the median price of Austin homes rose three percent in April and four percent in May, finishing with a median price of $205,000 by the end of June. In addition, June saw an increase of Austin home sales, nine percent more than June of 2010.

During the first half of the year, a total of 9,299 homes were sold in Austin, five percent fewer than the same period in 2010. However, pending sales, which indicate the number of sales likely to close in the next month, were higher in the second quarter when compared to 2010, with a 53 percent increase in May and a 31 percent increase in June.

Austin homes spent an average of 88 days on market (DOM) in April, 81 days in May and 75 days in June, marking the shortest DOM figures since the Fall of 2010. While these numbers indicate that Austin real estate spent more time on market than during the same period one year ago, they were the lowest DOM figures seen in Austin since September 2010.

"Looking at the results, it's encouraging to see that the demand for homes is strong and that Austin-area homes continue to hold their value," said Judith Bundschuh, Chairman of the Austin Board of REALTORS®. "The increase in pending sales…coupled with stable prices and stronger sales [in June], are encouraging signs that the market is returning to a pre-recession seasonal cycle."

Austin Real Estate Report

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.