September 20, 2011 â€“ According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORSÂ®, 1,978 single-family homes were sold in the Austin area in August 2011, totaling a 33 percent increase from August 2010. During the same time period, the median price for Austin-area homes was $200,000, a figure that was unchanged compared to the same month of the prior year.
Judith Bundschuh, Chairman of the Austin Board of REALTORSÂ® commented, â€œWith the impact of the homebuyer tax credits fully behind us, itâ€™s encouraging to see three consecutive months of year-over-year growth in sales volume for Austin-area homes, particularly the strong growth seen late this summer.â€
As reported previously, a total of 1,973 Austin-area homes sold in July 2011, which is 32 percent more than July 2010. Additionally, 2,145 single-family homes were sold in June 2011, nine percent more than June 2010.
Austin-area homes spent an average of 79 days on the market in August 2011, which is two days longer than August 2010. The Austin market also featured nine percent fewer new listings, 22 percent fewer active listings and 19 percent more pending sales than August 2010.
â€œThe trend of decreasing inventory of single-family homes that weâ€™ve seen in recent months accelerated in August 2011, dropping below six months of inventory for the first time since February 2011,â€ said Bundschuh.
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 past 12 months. In August 2011, the Austin market had 5.7 months of inventory, compared to 6.9 months of inventory in August 2010. 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.
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 August 2011 was 215, which is 16 percent more than August 2010. In the same time period, the median price for condos was $162,000, one percent less than August 2010. When compared to the same month of the prior year, these properties spent 30 percent longer on the market, or an average of 107 days.
In August 2011, 1,949 properties were leased in Austin, three percent more than August 2010. The median price for Austin-area leases was $1,300, seven percent higher than the same month of the prior year.
August 2011 Statistics
1,978 â€“ Single-family homes sold, 33 percent more than August 2010.
$200,000 â€“ Median price for single-family homes, unchanged from August 2010.
79 â€“ Average number of days single-family homes spent on the market, two days longer than August 2010.
2,386 â€“ New single-family home listings on the market, nine percent less than August 2010.
8,705 â€“ Active single-family home listings on the market, 22 percent less than August 2010.
1,789 â€“ Pending sales for single-family homes, 19 percent more than August 2010.
5.7 â€“ Months of inventory of single-family homes, 1.2 months less than August 2010.
$516,797,994 â€“ Total dollar volume of single-family properties sold, 31 percent more than August 2010.