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Austin Residential Sales Report | July 2011

Austin Residential Sales Report | July 2011

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Published by Bryce Cathcart

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Published by: Bryce Cathcart on Aug 17, 2011
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Residential Sales Report
A RESEARCH TOOL PROVIDED BY THE
 AUSTIN BOARD OF REALTORS®
July 2011Quick Facts
 
- 9.3%
Change in
Median Sales Price
 At the height of summer, we're finally beginning to move beyond comparisonsto the 2010 incentive market. Even so, sudden changes in sales volumes arelikely due to factors occurring at this time last year. Qualified buyers may findmore attractive opportunities now than during either of the recent tax credits.Interest rates should hold their ground around five percent, though the shift inthe federal credit rating could change that. Some indicators suggest improvingconditions, but let’s see just how we’re faring locally.
- 22.8%
Change in
Inventory
+ 22.9%
Change in
Closed Sales
 
2
3
4
5
6
7
89
10
11
12
 All data comes from the ABOR Multiple Listing Service. Powered by 10K Research and Marketing. | 1
Click on desired metric to jump to that page.
New Listings in the Austin region decreased 14.1 percent to 3,156. PendingSales were up 39.3 percent to 2,286. Inventory levels shrank 22.8 percent to11,300 units, but consumers are still finding terrific opportunities. Strongaffordability is partly driving purchase demand.Prices softened a bit. The Median Sales Price declined 9.3 percent to $191,975.Days on Market increased 5.2 percent to 74 days. Absorption rates improved asMonths Supply of Inventory was down 16.1 percent to 6.7 months.Second quarter GDP growth was just 1.3 percent after a meager 0.4 percentgain in the first quarter. We added 117,000 new jobs in July, a stronger gainthan expected after an embarrassing June. Even though a budget deal hasbeen reached, several challenges persist. Changes to Fannie, Freddie and themortgage interest deduction are still in play. As consumers absorb distressedinventory and labor market conditions improve, the wheels of recovery grind on.
 
Market Overview
Key market metrics for the current month and year-to-date.
Key MetricsHistorical Sparklines7-20107-2011+ / YTD 2010YTD 2011+ /
+ 5.2%68
81
+ 18.4%- 14.5%1,641
2,286
+ 39.3%13,321
14,017
+ 5.2%
23,420
3,674
3,156
- 14.1%27,3841,654
2,033
+ 22.9%12,692
New ListingsPending SalesClosed SalesDays on Market Until Sale
12,330
- 2.9%70
74
7-2008 7-2009 7-2010 7-20117-2008 7-2009 7-2010 7-20117-2008 7-2009 7-2010 7-20117-2008 7-2009 7-2010 7-2011
8.0
169
+ 17.2%- 22.8%- 16.1%
11,3006.7
159----------
Months Supplyof Homes for SaleInventory of Homes for Sale
- 9.3%$188,000
$190,000
- 1.1%+ 1.1%+ 0.4%94.1%
93.1%
93.1%
93.5%
Housing Affordability IndexMedian Sales Price Average Sales PricePercent of OriginalList Price Received
$275,44614414,633
170
+ 7.0%--$243,682
$253,769
+ 4.1%$211,555
$191,975$258,763
- 6.1%
7-2008 7-2009 7-2010 7-20117-2008 7-2009 7-2010 7-20117-2008 7-2009 7-2010 7-20117-2008 7-2009 7-2010 7-20117-2008 7-2009 7-2010 7-20117-2008 7-2009 7-2010 7-2011
 
New Listings
A count of the properties that have been newly listed on the market in a given month.
 
MonthPrior YearCurrent Year+ / – August
3,280
2,978
-9.2%
September
3,015
2,683
-11.0%
October
3,015
2,543
-15.7%
November
2,483
2,083
-16.1%
December
1,969
1,795
-8.8%
January
3,318
2,784
-16.1%
February
3,493
2,668
-23.6%
March
4,679
3,968
-15.2%
 April
4,960
3,753
-24.3%
May
3,464
3,542
+2.3%
June
3,796
3,549
-6.5%
July
3,674
3,156
-14.1%
3,6893,6743,156
July
24,30527,38423,420
Year To Date
-14.5%-0.4% -14.1%+12.7%
12-Month Avg 3,429 2,959 -13.7%
2009 2010 2011
1,0001,5002,0002,5003,0003,5004,0004,5005,0005,5001-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011
Historical New Listing Activity
2009 2010 2011

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