Residential Sales Report

A RESEARCH TOOL PROVIDED BY THE AUSTIN BOARD OF REALTORS®

February 2011 Quick Facts

Market activity may appear to be low in year-over-year comparisons due to the
2010 tax credit. We knew this was coming. Several other themes warrant
- 15.9% + 3.5% - 6.2%
attention before we dig into the numbers. First, we've had several months in a
row of private job growth. Second, interest rates, in concert with food and Change in Change in Change in
Closed Sales Median Sales Price Inventory
energy costs, are rising. Third, the anticipation of rising rates often motivates
buyers. A recovery looms. Now, let's take a look at those numbers.

New Listings in the Austin region decreased 24.2 percent from last February to
2,647 new homes. Meanwhile, Pending Sales decreased 0.5 percent to arrive at Market Overview 2
1,786 contracts written. This meant inventory levels decreased 6.2 percent from New Listings 3
last year to reach 9,874 active listings. Pending Sales 4
Prices climbed upward – the February Median Sales Price of $187,000 Closed Sales 5
increased 3.5 percent. Negotiations moved toward buyers as Percent of Days On Market Until Sale 6
Original List Price Received at Sale decreased 1.3 percent to 92.3 percent. The
Median Sales Price 7
absorption rate decreased 2.1 percent as Months Supply of Inventory checked
in at 5.9 months. Average Sales Price 8
Percent of List Price Received 9
The national average interest rate was 5.23 percent on a 30-year fixed. The U.S.
Housing Affordability Index 10
government would like to play second fiddle to the private sector in the
mortgage market. Shifting the risk burden makes fiscal sense but could threaten Inventory of Homes for Sale 11
an already fragile recovery. The Center for Responsible Lending states that it Months Supply of Inventory 12
would take 14 years for the typical American family to save enough money for a
20 percent downpayment, based on national average home prices. Click on desired metric to jump to that page.

All data comes from the ABOR Multiple Listing Service. Powered by 10K Research and Marketing. | 1
Market Overview
Key market metrics for the current month and year-to-date.

Key Metrics Historical Sparklines 2-2010 2-2011 +/– YTD 2010 YTD 2011 +/–

New Listings 3,493 2,647 - 24.2% 6,811 5,429 - 20.3%

2-2008 2-2009 2-2010 2-2011

Pending Sales 1,795 1,786 - 0.5% 3,275 3,301 + 0.8%

2-2008 2-2009 2-2010 2-2011

Closed Sales 1,264 1,063 - 15.9% 2,257 2,106 - 6.7%

2-2008 2-2009 2-2010 2-2011

Days on Market Until Sale 72 92 + 27.5% 75 90 + 19.6%

2-2008 2-2009 2-2010 2-2011

Median Sales Price $180,745 $187,000 + 3.5% $177,000 $186,000 + 5.1%

2-2008 2-2009 2-2010 2-2011

Average Sales Price $233,103 $242,821 + 4.2% $233,081 $242,647 + 4.1%

2-2008 2-2009 2-2010 2-2011

Percent of Original
93.5% 92.3% - 1.3% 93.4% 91.9% - 1.5%
List Price Received
2-2008 2-2009 2-2010 2-2011

Housing Affordability Index 157 166 + 5.4% 160 167 + 4.0%

2-2008 2-2009 2-2010 2-2011

Inventory of Homes for Sale 10,532 9,874 - 6.2% -- -- --

2-2008 2-2009 2-2010 2-2011

Months Supply
6.0 5.9 - 2.1% -- -- --
of Homes for Sale
2-2008 2-2009 2-2010 2-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 2
New Listings
A count of the properties that have been newly listed on the market in a given month.

February Year To Date Month

Prior Current
+/–
Year Year
March 3,664 4,679 +27.7%
3,493 April 3,627 4,960 +36.8%
6,811
6,207 May 3,472 3,464 -0.2%
3,067
5,429 June 3,646 3,797 +4.1%
2,647
July 3,689 3,675 -0.4%
August 3,279 2,978 -9.2%
September 3,015 2,683 -11.0%
October 3,015 2,542 -15.7%
November 2,483 2,082 -16.1%
December 1,969 1,794 -8.9%
January 3,318 2,782 -16.2%
+13.9% -24.2% +9.7% -20.3%
February 3,493 2,647 -24.2%
2009 2010 2011 2009 2010 2011 12-Month Avg 3,223 3,174 -1.5%

Historical New Listing Activity

5,500

5,000

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 3
Pending Sales
A count of the properties that have offers accepted on them in a given month.

February Year To Date Month

Prior Current
+/–
Year Year
3,275 3,301
1,795 1,786 March 1,856 2,428 +30.8%
April 1,951 2,874 +47.3%
2,737
May 2,184 1,447 -33.7%
1,398
June 2,150 1,662 -22.7%
July 2,088 1,645 -21.2%
August 2,045 1,532 -25.1%
September 1,922 1,401 -27.1%
October 1,839 1,429 -22.3%
November 1,250 1,299 +3.9%
December 1,108 1,182 +6.7%
January 1,480 1,515 +2.4%
+28.4% -0.5% +19.7% +0.8%
February 1,795 1,786 -0.5%
2009 2010 2011 2009 2010 2011 12-Month Avg 1,806 1,683 -6.8%

Historical Pending Sales Activity

3,500

3,000

2,500

2,000

1,500

1,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 4
Closed Sales
A count of the properties that have closed in a given month.

February Year To Date Month

Prior Current
+/–
Year Year
1,264 2,257 March 1,501 2,010 +33.9%
1,196 2,110 2,106 April 1,708 2,252 +31.9%
1,063
May 1,868 2,307 +23.5%
June 2,272 2,211 -2.7%
July 2,285 1,654 -27.6%
August 1,975 1,686 -14.6%
September 1,959 1,425 -27.3%
October 1,969 1,345 -31.7%
November 1,744 1,338 -23.3%
December 1,519 1,555 +2.4%
January 993 1,043 +5.0%
+5.7% -15.9% +7.0% -6.7%
February 1,264 1,063 -15.9%
2009 2010 2011 2009 2010 2011 12-Month Avg 1,755 1,657 -3.9%

Historical Closed Sales Activity

3,500

3,000

2,500

2,000

1,500

1,000

500
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 5
Days on Market Until Sale
The average number of days between when a property is first listed and when an offer is accepted. Sold properties only.

February Year To Date Month

Prior Current
+/–
Year Year
92 March 83 69 -16.0%
90
84 83 April 76 66 -12.2%
72 75 May 75 62 -17.6%
June 76 67 -12.9%
July 73 70 -3.6%
August 73 72 -1.5%
September 69 77 +12.3%
October 72 88 +22.8%
November 75 86 +15.0%
December 79 92 +15.5%
January 79 88 +11.1%
-14.1% +27.5% -9.6% +19.6%
February 72 92 +27.5%
2009 2010 2011 2009 2010 2011 12-Month Avg 75 75 +0.3%

Historical Days on Market Until Sale

100

90

80

70

60

50

40
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 6
Median Sales Price
The median sales price for all closed sales in a given month. Sold properties only. Does not account for seller concessions.

February Year To Date Month

Prior Current
+/–
Year Year
March $179,000 $178,000 -0.6%
$187,900 $187,000 $186,000
$180,745 $182,000 $177,000 April $185,000 $185,000 0.0%
May $190,000 $186,000 -2.1%
June $195,000 $198,000 +1.5%
July $186,500 $211,555 +13.4%
August $185,000 $194,000 +4.9%
September $183,000 $188,731 +3.1%
October $179,000 $190,000 +6.1%
November $173,750 $179,500 +3.3%
December $186,000 $188,991 +1.6%
January $175,000 $185,000 +5.7%
-3.8% +3.5% -2.7% +5.1%
February $180,745 $187,000 +3.5%
2009 2010 2011 2009 2010 2011 12-Month Avg $184,910 $189,000 +2.2%

Historical Median Sales Price

$220,000

$210,000

$200,000

$190,000

$180,000

$170,000

$160,000

$150,000

$140,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 7
Average Sales Price
The average sales price for all closed sales in a given month. Sold properties only. Does not account for seller concessions.

February Year To Date Month

Prior Current
+/–
Year Year
March $227,559 $230,630 +1.3%
$242,821 $242,647 April $227,607 $228,668 +0.5%
$236,506 $233,103 $233,081
$231,457
May $246,641 $236,487 -4.1%
June $244,680 $265,235 +8.4%
July $238,247 $275,446 +15.6%
August $235,796 $257,323 +9.1%
September $234,565 $241,609 +3.0%
October $232,209 $254,476 +9.6%
November $231,122 $243,632 +5.4%
December $248,772 $245,554 -1.3%
January $233,052 $242,468 +4.0%
- 1.4% + 4.2% + 0.7% + 4.1%
February $233,103 $242,821 +4.2%
2009 2010 2011 2009 2010 2011 12-Month Avg $236,540 $246,639 +4.3%

Historical Average Sales Price

$280,000

$270,000

$260,000

$250,000

$240,000

$230,000

$220,000

$210,000

$200,000

$190,000

$180,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 8
Percent of Original List Price Received
The average percentage found when dividing a property's sales price by the original list price. Sold properties only. Does not account for
list prices from any previous listing contracts or any seller concessions.

February Year To Date Month

Prior Current
+/–
Year Year
March 92.3% 94.4% +2.3%
91.7% 93.5% 92.3% 91.5% 93.4% 91.9%
April 92.9% 94.8% +2.0%
May 93.4% 94.8% +1.5%
June 93.7% 94.1% +0.4%
July 93.9% 93.1% -0.9%
August 94.1% 92.4% -1.8%
September 94.0% 91.9% -2.2%
October 93.8% 91.3% -2.7%
November 93.9% 91.3% -2.8%
December 93.1% 91.5% -1.8%
January 93.1% 91.6% -1.7%
+2.0% -1.3% +2.0% -1.5%
February 93.5% 92.3% -1.3%
2009 2010 2011 2009 2010 2011 12-Month Avg 93.5% 93.1% -0.5%

Historical Percent of Original List Price Received

99.0%

98.0%

97.0%

96.0%

95.0%

94.0%

93.0%

92.0%

91.0%
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 9
Housing Affordability Index
The Housing Affordability Index measures housing affordability for the region. An HAI of 120 would mean the median household income
was 120% of what's necessary to qualify for the median priced home under prevailing interest rates. The higher the number, the more affordable housing is.

February Year To Date Month

Prior Current
+/–
Year Year
March 157 160 +1.4%
166 167
157 160 April 154 154 +0.0%
147 151
May 146 154 +5.5%
June 143 149 +4.7%
July 149 144 -3.4%
August 153 157 +2.5%
September 156 161 +3.2%
October 159 161 +1.3%
November 166 170 +2.6%
December 151 160 +6.2%
January 162 168 +3.9%
+7.0% +5.4% +6.0% +4.0%
February 157 166 +5.4%
2009 2010 2011 2009 2010 2011 12-Month Avg 154 159 +2.8%

Historical Housing Affordability Index

180

170

160

150

140

130

120
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 10
Inventory of Homes for Sale
The number of properties available for sale in active status at the end of the month.

February Month
Prior Current
+/–
Year Year
March 11,373 11,241 -1.2%
10,947 April 11,938 12,354 +3.5%
10,532
9,874 May 12,375 13,084 +5.7%
June 12,381 13,765 +11.2%
July 12,522 14,400 +15.0%
August 12,476 14,594 +17.0%
September 12,008 13,922 +15.9%
October 11,549 13,207 +14.4%
November 11,164 12,343 +10.6%
December 10,869 11,199 +3.0%
January 9,907 9,889 -0.2%
-3.8% -6.2%
February 10,532 9,874 -6.2%
2009 2010 2011 12-Month Avg 11,591 12,489 +7.4%

Historical Inventory of Homes for Sale

15,000

14,000

13,000

12,000

11,000

10,000

9,000

8,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 11
Months Supply of Inventory
Compares the number of active listings available to the average monthly pending sales for the last twelve months.

February Month
Prior Current
+/–
Year Year
March 6.4 6.4 +0.5%
April 6.9 6.9 +0.1%
6.0 6.0 5.9
May 7.3 7.1 -2.5%
June 7.5 7.3 -1.9%
July 7.6 7.7 +1.0%
August 7.6 8.0 +5.7%
September 7.4 7.7 +4.8%
October 7.1 7.5 +6.7%
November 6.6 7.3 +9.2%
December 6.3 6.7 +7.2%
January 5.7 5.9 +4.2%
+0.5% -2.1%
February 6.0 5.9 -2.1%
2009 2010 2011 12-Month Avg 6.9 7.0 +2.7%

Historical Months Supply of Inventory

9

3
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 12