Austin Real Estate turned in a pretty admirable performance in 2011. In spite of the doom and gloom reported on the national news almost every day--the Austin market has been resilient and a bell-weather of things we hope to come.
While we have stopped trying to compare the Real Estate markets to the peak years of 2006-2007, the Greater Austin area has a great deal to be thankful for and continues to be the envy of most major markets in jobs, business growth, economy, standard of living and Real Estate performance.
Here is a snapshot of the 2011 market stats and comparisons to *2010:
- 20,579 total home sold -- 4.5% increase over 2010
- 18,639 were single family (SF) homes -- 5% increase over 2010
- Median home in Travis County listed for ~ $235,000; sold for ~$228,000
- Median home in Greater Austin listed for ~ $200,000; sold for ~$195,000
- The SF median ppsf in Travis County was $115 psf
- The SF median ppsf in Greater Austin was $ 97 psf
- Percentage SF foreclosures: 15%
- Price point hit hardest by Foreclosure: Under $150k -- 71%
- Inventory and consumption:
- 6,365 SF homes Available today
- Closed contracts during past 6 months: 9,314
- Add 80% Pending contracts to close: 1,766 x .8 = 1,412
- 9314 + 1412 = 10,726 / 6 = 1,787 homes per month
- Currently, we have approx 3.5 - 4 months of inventory
- Conclusion: We are in a Seller's Weighted Market
- Luxury Market Sales:
- $400k: 2,632 homes -- 7% increase over 2010
- Premium Luxury Market Sales:
- $1M: 299 homes -- 24% increase over 2010
- The most expensive home sold for $7.25M
The Austin market continues to be quite healthy compared to much of the national Real Estate market and doing well compared to the previous 2 years. Home values are flat to up slightly in many communities. One of the biggest increases we have seen is in the luxury and premium luxury home market sales. We have seen some Foreclosure activity in certain areas of Greater Austin, but in general, bank owned properties have been mostly localized to specific communities. We have also seen a return of investors from both inside and outside the Austin area. Sustained low interest rates have driven home owners and investors alike to the closing table during the peak summer months and buyers put in a very strong close of the year in Q4.
If you are planning to BUY or SELL Real Estate in the Greater Austin Area in 2012--Let's Talk.