November Real Estate Market Update for Austin, Texas

If you are looking for a home in the Greater Austin/Round Rock MSA area--here is what is happening in our Real Estate market, November 2011. If you are new to the Austin area, you may be shocked at how well our market continues to perform compared to many parts of the nation. Note, this data is looking at a 90 day rolling quarter, Single Family Homes, Condos and Townhouses, across the Greater Austin area MLS.  

Sold during the past 90 days:

• 4,407* homes have sold
• Median sold price: $189,000
• Median days on market: 54 days
• Most expensive home sold: $4.26M
• Homes sold during same period in 2010: 4,037
• 2011 over 2010--better than 9% increase in 90 day sales volume
• Median home price for both years within $1,000 difference
• Sellers are pricing closer to market value and homes are selling with less discounting in 2011 than 2010; home prices appear stable

The 2011 year-to-date (YTD) thru Nov. 30, 2011*:

• Currently active listings: 8,510 homes
• Current homes under contract: 2,416
• Median home list price: $216,325
• Median price per square foot: $108 ppsf
• Median home features: 2,057 sf, 3 Bedrooms, 2 baths
• The median Days on Market YTD: 80 days
• Homes sold YTD:  18,887
  
• That is 1,717* sold per month--compared to 1,649 per month last YTD
• If you include pending contracts: 1,936 "sold" per month
• Inventory is just less than 5 months
• A slightly favored Seller's market
  
• In this market, Sellers are not seriously considering low-ball offers on homes that show well and homes that are priced to market; low ball offers are being considered non-serious buyers.
• Inventory is low and homes are still selling during "off season"

90 day Stats in Travis County:

• Homes sold in Travis County: 2,434
• Median sold value: $210,175
• Median DOM: 51 days on market
• Median size: 1,858 sf
• Median ppsf: $ 116 psf
• SOLD Price as a % of active list price: 97.1%

90 day Stats in Williamson County:

• Homes sold in Williamson County:1,306
• Median sold value: $175,000
  
• Median DOM: 53 days on market
• Median size: 2,043 sf
• Median ppsf: $ 88 psf
• SOLD Price as a % of list price: 97.5%

Summary:

2011 is shaping up to be a stronger year for sales volume than recent years (as predicted) and prices are stable over-all. Homes are selling fairly close to their listing price after typically going through at least one small price adjustment. We are seeing price appreciation in select areas and some price declines in select areas where foreclosures have been localized and prominent. 

We have entered a clearly favored seller's market now where inventory is comparably low and buyers are starting to enter multiple bids again. Low ball offers have never been popular in the Austin market, and are increasing ignored by sellers--who often choose not respond to such offers at all now...including bank owned properties. 

While much of the nation is still not sure if they have reached the bottom of the Real Estate market or not, Austin remains fairly flat to slightly gaining in home values. In the words of Dr. Jim Gaines, Research Economist at The Real Estate Center at Texas AandM University "Flat is the new up!"  (Click for lnterview Link with Dr. Gaines).

*Note: This data is subject to change as new data and information comes into the MLS daily.

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