Austin Real Estate News

The Austin Board of Realtors (ABOR) recently released info from the MLS about the Austin housing market. Here are the details:

• Active Listings: 8,605 homes on the market in February 2011; 9,335 homes on the market in February 2010 (down 8%)

• Median Home Price: $193,000 in February 2011; $190,000 in February 2010 (up 1.6%)

• Average Sales Price: $$244,382 in February 2011; $$244,220 in February 2010 (statistically unchanged)

• Homes Sold: 1,112 homes sold in February 2011; 1,115 sold in February 2010 (statistically unchanged)

The report from ABOR also notes that there are 24% fewer new listings and 11% fewer pending sales in February 2011 as compared to February 2010. These numbers mean buyers have fewer homes from which to choose, and sellers will have to be patient for their buyer with homes spending an average of 98 days on the market. We expect activity to pick up as we are getting into the typically busy Spring and Summer selling seasons.

For more information about the Austin real estate market, please call Reilly Realtors at 512.600.1800. We would love to give you our insight into the Austin market and help you with your home sale or purchase in the area.

Today’s Austin American Statesman reports that “Austin-area existing home sales were up 14 percent last month compared to a year earlier” (see Home Sales Improving). Over the last two months, our brokerage has seen the increase, and we’ve noticed fewer homes than normal on the market. The improvement in the economy and the popular Spring buying season lead us to believe sales will continue to increase. These factors also mean that great deals are disappearing quickly, so buyers need to know the market and act fast when a potential home becomes available.

Having a Reilly Realtor on your side in a tightening market could mean finding THE house before others do. And if you are considering selling, let our marketing and sales skills go to work for you. Call us at 512.600.1800 and let us know how we can be of service!

According to an August report by the Real Estate Center at Texas A&M University (see http://recenter.tamu.edu/econ/), the Texas (and Austin) economy is doing pretty well as compared to the rest of the United States. The key data that support this include:

• Texas has had a third month of positive annual employment growth. From July 2009 – July 2010 the Texas employment growth rate was 1.3% as compared to close to 0% in the rest of the U.S.
• The private sector employment growth rate in Texas for the same time period was 1.2% compared to 0% in the rest of the U.S.
• For the same period, Austin-Round Rock was one of 19 Texas metro areas (up from 16 metro areas from June 2009-2010) to experience positive employment growth rate.

We love hearing that our state and our town are thriving in the midst of a difficult economy…but what does this mean for home buyers and sellers in the Austin area? Well, nationwide housing sales are down which is partly the result of the economic situation but also a result of the expired $8,000 tax credit. In Austin, home sales were down 25% in July (as reported in the Austin Board of Realtors July 2010 real estate statistics) – which is largely attributed to the expired tax credit. However, the good news is the median price of homes was up 15% from July 2009 and days on market decreased by 3% for the same month last year. Overall, the year has been good for Austin real estate with a year-to-date increase in sales of 5%, a median price up 2%, and days on market down 12%.

For buyers, the housing data for Austin means there are lots of homes from which to choose, and for sellers, the good news is property values are holding steady.

We hope you will let Reilly Realtors know if you are ready to buy or sell Austin real estate. Call us at 512.600.1800 – we would love to be of service!

The Austin Board of Realtors (ABOR) released data indicating strong sales in the Austin area:  “the volume of Austin area home sales in April 2010 was 2,043, up 31 percent from the same month in 2009.” Noteworthy is the increase in condo and townhome sales up 63% as compared to April 2009.  ABOR attributes the increase to the April 30th tax credit deadline but thinks the positive economic outlook in the Austin area will help the numbers stay strong.

If you are interested in selling your Austin area home, we hope you will call us! We not only provide great buyer representation, but professionally market Austin area homes as well. Check out a couple of our listings online to see what we mean (12007 Pleasant Panorama and  5708 Travis Green) and please call us at 512.600.1800 to learn more.

The Austin Board of Realtors reported last week that home sales are up 27% in March as compared to March 2009. ABOR attributes this substantial increase to the home buyer tax credits set to expire April 30th. The median for home prices remained at $180,000.

The following information is from the Austin Board of Realtors website:

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.

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The Austin Board of Realtors (ABOR) just released October sales data, and there’s good news for home sellers in the Austin area – home sales surged for the month. “In October 2009, 1,823 homes were sold, a 38 percent increase from 1,322 in October 2008.” (ABOR October 2009 real estate statistics)

ABOR notes the increase is likely due to the first time home buyer tax credit. Since the government extended and expanded this tax credit, we hope to see home sales continue to rise.

Here is a snapshot of the market provided by ABOR:

Learn more about Austin Real Estate through our Austin Homes for Sale search or by calling Reilly Realtors at 512.600.1800.

The National Association of Realtors reported today that nationwide, home sales are up 7.2%, for a fourth consecutive month of national home sale increases. The Austin board of Realtors reported positive news for July sales as well. Austin home sales volume for 2009 is equal to the 2008 volume for the first time this year while the median home price is only slightly lower than the median price in July 2008.

You can read more about the national report at “July Home Sales Surge More than 7 Percent” on Yahoo Finance.

For more on Austin’s market in July, see the information below from the Austin Board of Realtors:

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

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas.

The Austin Board of Realtors (ABOR) compiles monthly statistics for the Austin real estate market. Below is a chart from ABOR showing data for the month of June 2009 as well as the summary posted by the Board.

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.

The Austin Board of REALTORS® (ABOR) compiles monthly home sales statistics. Here is a snapshot from ABOR showing just released sales data comparing October 2007 to October 2008.

Home sales have declined about 25% from October 2007 to October 2008, but the median home price has gone up 7% since last year indicating that Austin homes are still a sound investment, even in the midst of economic uncertainty.

With interest rates declining and 5% more homes on the market now than at this same time last year, it’s a good time to buy Austin real estate.