October Austin Real Estate Market Numbers

A total of 1,455 single-family homes on the Austin real estate market sold during the month of October, 2011 according to the Multiple Listing Service released by the Austin Board of Realtors. The number of single-family homes in Austin that sold was up 19 percent from the 1,219 that were sold during the same month the previous year.

The Chairman of the Austin Board of Realtors, Judith Bundschuh, had great things to say about the current market.

“With October marking the fifth straight month in which home sales volume has outpaced the prior year, it’s clear that demand for real estate continues to drive the economic recovery in Austin. The inventory of Austin-area homes continues to decrease and was lower than any month since 2008, indicating continued momentum in Austin real estate,”

Homes on the Austin real estate market averaged 82 days on market during the month of October 2011 which is an incredible 10 days less than the year before. New listings on the market were two percent lower, and there a total of 18 percent fewer active listings (down to 7,926) from the year before.

The Austin real estate market had five months of inventory during the month of October, that was 1.4 months less than October 2010 and the lowest figure reported since ABoR began tracking the statistic in January 2009.

Texas Expected To Reach Pre-Recession Employment Numbers In 2012

According to a report from the IHS Global Insight group, there is strong belief that Texas could be back to pre-recession employment numbers as early as January 2012. In fact, it is possible that those numbers could surpass those before the economy dropped, says Jim Diffley, the chief regional economist for IHS.

There are two main contribuiting factors, according to Diffley, that will help Texas get back to peak employment levels, those being the security of the oil and energy market and the lack of a major housing recession in the Lone Star State.

“Oil and energy continues to be a factor (in job growth) and there was an earlier recovery in the high-tech sector in Austin and Dallas. There is no doubt that [job growth] will continue to improve.”

Although the majority of states probably won’t see as bright of futures so quickly, there are a few other states that are expected to be back to pre-recession employment numbers as soon as 2013. Aside from Texas those states are: Louisiana, Oklahoma, New York, Massachusetts, Virginia and Vermont.

The capital city has been a national leader in both real estate and employment since the recession happened. The Austin real estate market, while effected, did not see as drastic a downturn as most of the rest of the country, in fact Austin is expected to have one of the greatest markets to watch in the upcoming year. Employment levels have dipped slightly in Austin, but they are still much lower than the national average, and are continuing to get better, especially with all the big construction plans the city has in mind for the next few years.

5113 Park at Woodlands, Austin, TX 78724 – Sold

 The home was just taken off the Austin real estate market as it closed on 11/10/11.

We're sorry, but we couldn't find MLS # 9475195 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

3609 Vineland, Austin, TX 78722 – Sold

This is a new construction home that just got on to the Austin Real Estate market at 3609 Vineland located in French Place. This home for sale has a 3 bedroom, 2.5 bath layout and has bamboo flooring, granite counter tops and all new stainless steel appliances. The Patriot Builders really hit this one out of the park, with another one of its timelass classic homes. So bring your picky buyers, because it is sure to impress.

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We're sorry, but we couldn't find MLS # 3285246 in our database. This property may be a new listing or possibly taken off the market. Please check back again.


Austin/National Rental Rates Climb

According to data from a research done by MPF Research – a division of RealPage Inc. – Austin rental rates saw the fifth largest jump nationally. Austin apartment rental rates grew by 6.9 percentage points over the last year.

Four west coast cities outranked Austin for the tops spots for the highest rate growth in national metro areas. Those cities were San Francisco, which increased 13.4 percent, it’s neighbor San Jose, which jumped 13.1 percent, Oakland, up 7.7 percent and finally Seattle which was saw a growth of 7.3 percent.

Nationally rental rates increased 4.2 percent.

MPF Vice President Greg Willett had this to say:

“All the bad news that’s out there about the state of the overall economy is making apartment owners and managers a little nervous. To date, however, operators clearly aren’t letting some uncertainty about the future play much of a role when setting current rents.”

MPF Research said they anticipate that 2012 will very much the same as this year has gone so far. Occupancy rates are expected to rise another half to full percentage point, and rents are again expected to rise anywhere between 4 and 5 percent.

With rental rates on an annual rise it’s actually a great thing for the Austin real estate market. As lease rates begin to approach costs for mortgages those savvy to the idea will start working on buying properties as opposed to leasing. As recently as August, 2011 the average rental rate for a 1 bedroom was $772, and $1043 for a 2 bedroom. And with mortgage rates dropping so much, it is beginning to make more sense to make the switch from leasing to buying.

Austin Real Estate Market Stats For August

Things are looking up in the current Austin real estate market stats. Released earlier today (9/21) were the market stats by the Multiple Listing Service by the Austin Board of Realtors, and the numbers show a great increase in activity over where they were last year. A total of 1,978 homes were sold during the month of August 2011, which is nearly a 33 percent increase from the same month in 2010. In the same time median prices for homes went up, however slightly, to $200,000 year-over-year.

Following the recent trend of sales going up from the year before, Judith Bundschuh, Chairman of the ABoR made this remark:

“With the impact of the homebuyer tax credits fully behind us, it’s encouraging to see three consecutive months of year-over-year growth in sales volume for Austin-area homes, particularly the strong growth seen late this summer.”

Sales were up 32 percent in July this year over 2010, and June saw an increase of 9 percent.

The average days on market was at 79 as of August 2011, which is only two days more than 2010. The market also had 9 percent fewer new listings, and 22 percent fewer active listings in the same time. Pending sales were up 19 percent.

“The trend of decreasing inventory of single-family homes that we’ve seen in recent months accelerated in August 2011, dropping below six months of inventory for the first time since February 2011,” said Bundschuh.

Austin A Great Place For Realtors

The Austin Real Estate market was ranked as one of the best in the whole country. The capital city ranked 9th on the list comprised by Inman News. Inman had this to say about the position:

“The area had the highest year-over-year median sales price jump among the markets in May, up 9.3 percent to $203,125. The area also had the highest sales rate by population, with 1 sale for every 58 people; and the fastest-moving inventory in May, with homes on the market an average 75 days before selling.”

Numbers supporting the how well the Austin real estate market is are also shown in the fact that home prices in Austin, when including distressed sales, went up 0.1 percent between the months of June 2011 and July 2011. Without distressed sales over home prices went up 0.7 percent. The national number for prices of homes including distressed sales were down 5.2 percent, with without distressed sales the number was only down 0.6 percent.

This is obviousloy a great sign for the Austin real estate market as it shows that while most of the country is slowly trying to piece things together still, Austin has remained a vigilant and, for the most part, steady market. Where the country saw huge hits the Austin market saw dips far less frightening. In fact, several Texas metropolitans made the top of the list.

Inman News made this list based on a breakdown of average transactions per realtor in their localized markets, and has the top 10 markets for Real Estate Agents broken down as such:

10. Nashville, Tennessee
9. Austin, Texas
8. Kansas City, Missouri/Kansas
7. Dallas, Texas
6. Pitssburgh, Pennsylvania
5. San Antonio, Texas
4. Salt Lake City, Utah
3. Denver, Colorado
2. Fort Worth, Texas
1. Seattle, Washington