August 2011 Austin Real Estate Update

If you are looking for a home in Greater Austin--here is my current market update and information that may be helpful in your research.

 

The 2011 year-to-date (YTD) thru 8/31/11:

• Currently active listings: 9,097 single family residences (SFR)


• Current homes under contract: 2,354


• Median home list price: $225,240 


• Median price per square foot: $107 ppsf


• Median home features: 2156 sf, 3 Bedrooms, 2 baths


• The median Days on Market: 77 days


• Homes sold YTD:  12,816
  


• That is 1068 sold per month


• If you include pending contract, 1263 "sold" per month


• Inventory is approximately 7 - 8.5 months


• A slightly favored buyer's market
  


• In this market, the homes that show well and are priced right, tend to sell faster, and at a higher price


• Median DOM: 51 days on market


• Median size: 2033 sf


• Median ppsf: $97.69 psf


• SOLD Price as a % of Listing price: 97.3% 

August 2011 Stats:

• Homes sold in August: 1,721


• Median DOM: 49 days on market


• Median size: 2045 sf


• Median ppsf: $ 204,000 psf


• SOLD Price as a % of Listing price: 97.3%

Summary:
Homes that are selling around 97% of their listing price are often going through at least one price adjustment before they go under contract. August has turned out to be a good month; a large number of homes are currently under contract to close in the Austin area. Median sold price is very similar Year over Year from 2010. The Austin market remains very stable, compared to much of the nation and with good job growth in the areas of high tech, venture capital start-ups, health care and entertainment I believe we should expect to see a continued increase in home values and sales volume.

Notice the difference between days on market for homes that are currently on the market and homes that have sold. There is ~50% increase in the number of days on market between homes "For Sale" and homes "Sold". Seller should understand that homes that are selling are selling faster because they are priced right and show better in the beginning of the listing period.





If you are looking to buy or sell your Austin area home, Let's talk. 

Tim Thornton, Realtor ®
Top Producer 2010, 2009, 2008
Century Club member
Zip Realty, Inc.
Austin, Texas
(512) 914.4665

TeamThorntonRealEstate@gmail.com