Austin Residential Sales Report - August 2011

Residential Sales Report
A RESEARCH TOOL PROVIDED BY THE AUSTIN BOARD OF REALTORS
August 2011
Despite some choppy waters in August, there have been noteworthy shifts on
both sides of the closing table. Nationally, buyer activity is moving back in line
with historical trends while sellers are making fewer concessions in order to sell
their homes. Falling supply and improving absorption rates in many regions also
suggest that market balance is realigning towards neutral. Locally, both sales
and prices posted positive movement over August 2010, but do the rest of the
numbers p
provide reason for optimism?
p
New Listings in the Austin region decreased 9.4 percent to 2,698. Pending
Sales were up 35.6 percent to 2,074. Inventory levels shrank 24.2 percent to
10,570 units, dampening any potential oversupply issues down the road.
Prices were fairly stable. The Median Sales Price increased 0.5 percent to
$195,000. Days on Market increased 5.5 percent to 76 days. Absorption rates
improved as Months Supply of Inventory was down 21.2 percent to 6.1 months.
The economy bobbed along just this side of positive in August. Consumer
confidence, which often affects housing demand, showed some slack even as
personal income and spending both increased modestly. Low interest rates,
declining supply and stabilizing prices are beacons of hope in the harbor, but
the recovery still needs wind in its sails.
Quick Facts
+ 18.7%
+ 0.5%
- 24.2%
Change in
Closed Sales
Change in
Median Sales Price
Change in
Inventory
Market Overview
New Listings
Pending Sales
Closed Sales
Days On Market Until Sale
Median Sales Price
Average Sales Price
Percent of List Price Received
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory
2
3
4
5
6
7
8
9
10
11
12
Click on desired metric to jump to that page.
Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported.Current as of September 9, 2011. All data from ABOR Multiple Listing Service. Powered by 10K Research and Marketing.
Market Overview
Key market metrics for the current month and year-to-date.
Key Metrics
Historical Sparklines
New Listings
8-2008
8-2009
8-2010
8-2009
8-2010
8-2009
8-2010
8-2009
8-2010
8-2009
8-2010
8-2009
8-2010
8-2009
8-2010
8-2009
8-2010
8-2009
8-2010
8-2009
8-2010
26,122
- 14.0%
1,529
2,074
+ 35.6%
14,849
15,927
+ 7.3%
1,686
2,001
+ 18.7%
14,378
14,480
+ 0.7%
72
76
+ 5.5%
69
80
+ 16.6%
$194,000
$195,000
+ 0.5%
$188,900
$190,000
+ 0.6%
$257,321
$253,705
- 1.4%
$245,281
$253,676
+ 3.4%
92.4%
93.1%
+ 0.8%
93.9%
93.1%
- 0.9%
157
171
+ 9.0%
160
175
+ 8.9%
13,952
10,570
- 24.2%
--
--
--
7.8
6.1
- 21.2%
--
--
--
8-2011
Months Supply
of Homes for Sale
8-2008
30,362
8-2011

8-2008
- 9.4%
8-2011

8-2008
2,698
8-2011
Percent of Original
List Price Received
8-2008
2,978
8-2011
Average Sales Price

8-2008
+/
8-2011
Median Sales Price

8-2008
YTD 2010 YTD 2011
8-2011
Days on Market Until Sale

8-2008
+/
8-2011
Closed Sales
8-2008
8-2011
8-2011
Pending Sales
8-2008
8-2010
8-2011
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.
August
Year To Date
3,280
30,362
2,978
27,585
2,698
2009
-9.2%
-9.4%
2010
2011
2009
26,122
+10.1%
-14.0%
2010
2011
Month
Prior
Year
Current
Year
+/
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
3,160
-14.0%
August
2,978
2,698
-9.4%
12-Month Avg
3,404
2,936
-13.8%
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
Pending Sales
A count of the properties on which contracts have been accepted in a given month.
August
Year To Date
2,074
2,045
15,009
15,927
14,849
1,529
2009
-25.2%
+35.6%
2010
2011
2009
-1.1%
+7.3%
2010
2011
Month
Prior
Year
Current
Year
+/
September
1,922
1,398
-27.3%
October
1,839
1,424
-22.6%
November
1,251
1,293
+3.4%
December
1,108
1,164
+5.1%
January
1,479
1,450
-2.0%
February
1,795
1,571
-12.5%
March
2,429
2,043
-15.9%
April
2,873
2,111
-26.5%
May
1,445
2,274
+57.4%
June
1,659
2,224
+34.1%
July
1,640
2,180
+32.9%
August
1,529
2,074
+35.6%
12-Month Avg
1,747
1,767
+1.1%
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
Closed Sales
A count of the actual sales that have closed in a given month.
August
Year To Date
13,719
2,001
1,975
14,480
14,378
1,686
2009
-14.6%
+18.7%
2010
2011
2009
+4.8%
+0.7%
2010
2011
Month
Prior
Year
Current
Year
+/
September
1,959
1,425
-27.3%
October
1,969
1,346
-31.6%
November
1,745
1,340
-23.2%
December
1,519
1,573
+3.6%
January
993
1,059
+6.6%
February
1,264
1,225
-3.1%
March
2,011
1,781
-11.4%
April
2,252
1,856
-17.6%
May
2,307
2,080
-9.8%
June
2,211
2,341
+5.9%
July
1,654
2,137
+29.2%
August
1,686
2,001
+18.7%
12-Month Avg
1,798
1,680
-5.0%
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
Days on Market Until Sale

Average number of days between when a property is listed and when an offer is accepted in a given month.
August
73
Year To Date
72
Current
Year
+/
September
69
77
+12.3%
October
72
88
+22.8%
November
75
86
+15.0%
December
79
92
+15.6%
January
79
88
+11.9%
February
72
93
+28.6%
March
69
92
+32.9%
April
66
81
+22.2%
May
62
76
+22.1%
June
67
72
+8.5%
July
70
74
+5.5%
August
72
76
+5.5%
12-Month Avg
70
82
+16.4%
76
80
77
69
2009
Prior
Year
Month
-1.5%
+5.5%
2010
2011
2009
-10.6%
+16.6%
2010
2011
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
Median Sales Price

Median price point for all closed sales, not accounting for seller concessions, in a given month.
August
Year To Date
$186,324
$185,000
2009
$194,000
$190,000
$188,900
$195,000
+4.9%
+0.5%
2010
2011
2009
Prior
Year
Current
Year
+/
September
$183,000
$188,731
+3.1%
October
$179,000
$190,000
+6.1%
November
$174,000
$179,500
+3.2%
December
$186,000
$189,000
+1.6%
January
$175,000
$184,500
+5.4%
February
$180,745
$185,000
+2.4%
March
$178,000
$182,000
+2.2%
April
$185,000
$189,900
+2.6%
May
$186,000
$192,000
+3.2%
June
$198,000
$198,000
0.0%
July
$211,555
$191,000
-9.7%
August
$194,000
$195,000
+0.5%
12-Mo. Median
$185,000
$190,000
+2.7%
Month
+1.4%
+0.6%
2010
2011
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
Average Sales Price

Average sales price for all closed sales, not accounting for seller concessions, in a given month.
August
Year To Date
$257,321
$253,705
$235,796
2009
$236,565
+ 9.1%
- 1.4%
2010
2011
2009
Prior
Year
Current
Year
+/
September
$234,565
$241,609
+3.0%
October
$232,209
$255,409
+10.0%
November
$231,094
$243,559
+5.4%
December
$248,772
$245,024
-1.5%
January
$233,052
$241,053
+3.4%
February
$233,103
$237,568
+1.9%
March
$230,812
$241,053
+4.4%
April
$228,668
$260,083
+13.7%
May
$236,487
$260,203
+10.0%
June
$265,235
$263,288
-0.7%
July
$275,446
$257,213
-6.6%
August
$257,321
$253,705
-1.4%
12-Month Avg
$242,213
$251,592
+3.9%
Month
$253,676
$245,281
+ 3.7%
+ 3.4%
2010
2011
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
Percent of Original List Price Received

Percentage found when dividing a propertys sales price by its original list price, then taking the average for all properties sold in a given month,
not accounting for seller concessions.
August
94.1%
2009
Year To Date
92.4%
93.2%
93.1%
-1.8%
+0.8%
2010
2011
2009
93.9%
93.1%
+0.8%
-0.9%
2010
2011
Month
Prior
Year
Current
Year
+/
September
94.0%
91.9%
-2.2%
October
93.8%
91.2%
-2.7%
November
93.9%
91.3%
-2.8%
December
93.1%
91.5%
-1.8%
January
93.1%
91.6%
-1.7%
February
93.5%
92.3%
-1.3%
March
94.4%
92.6%
-1.9%
April
94.8%
93.4%
-1.4%
May
94.8%
93.4%
-1.4%
June
94.1%
93.8%
-0.3%
July
93.1%
93.5%
+0.4%
August
92.4%
93.1%
+0.8%
12-Month Avg
93.9%
92.7%
-1.3%
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

This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary
to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
August
Year To Date
171
153
175
157
152
+2 5%
+2.5%
2009
2010
+9 0%
+9.0%
2011
160
+5 4%
+5.4%
2009
Prior
Year
Current
Year
September
156
161
+3.2%
October
159
161
+1.3%
November
165
170
+2.7%
December
151
160
+6.2%
January
162
168
+4.1%
February
157
167
+6.3%
Month
+8 9%
+8.9%
2010
2011
+/
March
160
171
+7.1%
April
154
166
+7.7%
May
154
168
+8.9%
June
149
165
+10.4%
July
144
169
+17.7%
August
157
171
+9.0%
12-Month Avg
156
167
+7.1%
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

The number of properties available for sale in active status at the end of a given month.
August
Prior
Year
Current
Year
+/
September
11,526
13,232
+14.8%
October
11,162
12,397
+11.1%
November
10,869
11,327
+4.2%
December
9,870
9,995
+1.3%
January
10,509
10,076
-4.1%
February
11,170
10,260
-8.1%
March
12,198
11,150
-8.6%
April
13,094
11,812
-9.8%
May
13,772
11,994
-12.9%
June
14,337
12,014
-16.2%
July
14,634
11,617
-20.6%
August
13,952
10,570
-24.2%
12-Month Avg
12,258
11,370
-6.1%
Month
13,952
12,036
10,570
2009
+2.5%
-24.2%
2010
2011
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
Months Supply of Inventory

The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.
August
Prior
Year
Current
Year
+/
September
6.9
7.6
+10.1%
October
6.5
7.3
+11.3%
November
6.2
6.8
+9.6%
December
5.6
6.0
+6.6%
January
6.0
6.0
+0.6%
February
6.3
6.1
-2.8%
March
6.8
6.7
-0.4%
April
7.1
7.3
+2.9%
May
7.1
7.7
+7.7%
June
7.7
7.4
-3.9%
July
8.0
6.9
-13.5%
August
7.8
6.1
-21.2%
12-Month Avg
6.8
6.8
-0.0%
Month
7.8
7.3
6.1
2009
+2.5%
-24.2%
2010
2011
Historical Months Supply of Inventory

9
3
1-2004
1-2005
1-2006
1-2007
1-2008
1-2009
1-2010
1-2011

Austin Residential Sales Report - August 2011

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Residential Sales Report

A RESEARCH TOOL PROVIDED BY THE AUSTIN BOARD OF REALTORS

Click on desired metric to jump to that page.

Inventory of Homes for Sale

Housing Affordability Index

Average Sales Price

Median Sales Price

YTD 2010 YTD 2011

Days on Market Until Sale

Historical New Listing Activity

Historical Pending Sales Activity

Historical Closed Sales Activity

Days on Market Until Sale

Historical Days on Market Until Sale

Median Sales Price

Historical Median Sales Price

Average Sales Price

Historical Average Sales Price

Percent of Original List Price Received

Historical Percent of Original List Price Received

Housing Affordability Index

Historical Housing Affordability Index

Inventory of Homes for Sale

Historical Inventory of Homes for Sale

Months Supply of Inventory

Historical Months Supply of Inventory

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