Austin Texas Housing

December 20, 2011 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,358 single-family homes were sold in the Austin area in November 2011, which is 11 percent more than November 2010. During the same time period, the median price for Austin-area homes was $189,300, three percent more than the same month of the prior year.

Judith Bundschuh, Chairman of the Austin Board of REALTORS®, commented, “For the sixth month in a row, the volume of home sales in Austin has outpaced 2010 and the inventory of available homes has decreased.”

Austin-area homes spent an average of 83 days on the market in November 2011, seven days less than the same month of the prior year. Compared to November 2010, the Austin market also featured the same number of new listings, 18 percent fewer active listings and 15 percent more pending sales in November 2011.

In November 2011, the Austin market had 4.5 months of inventory, 1.4 months less than November 2010 and the lowest figure reported since the organization began tracking the statistic in January 2009.

Chairman Bundschuh continued, “As we approach the end of the year, sellers should be encouraged that demand and prices are strong. Buyers should know the decrease in inventory combined with increased demand could mean they will encounter more competition for properties.”

The following sections describe trends in other sectors of the Austin real estate market.

Townhouses & Condominiums
The volume of townhouses and condominiums (condos) purchased in the Austin area in November 2011 was 123, which is 21 percent more than November 2010. In the same time period, the median price for condos was $157,500, one percent more than November 2010. When compared to the same month of the prior year, these properties spent 12 percent longer on the market, or an average of 114 days.

Leasing
In November 2011, 998 properties were leased in Austin, which is nine percent less than November 2010. The median price for Austin-area leases was $1,250, four percent higher than the same month of the prior year.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.