austin residential sales report february 2011

8/7/2019 Austin Residential Sales Report February 2011

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Residential Sales ReportA RESEARCH TOOL PROVIDED BY THE AUSTIN BOARD OF REALTORS

February 2011 Quick Facts

Market Overview 2

New Listings 3

Pending Sales 4

Closed Sales 5

Days On Market Until Sale 6

Median Sales Price 7Average Sales Price 8

9

Housing Affordability Index 10

Inventory of Homes for Sale 11

Months Supply of Inventory 12

All data comes from the ABOR Multiple Listing Service. Powered by 10K Research and Marketing. | 1

+ 3.5%

Change in

Median Sales Price

Click on desired metric to jump to that page.

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

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

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

1,786 contracts written. This meant inventory levels decreased 6.2 percent from

last year to reach 9,874 active listings.

Prices climbed upward the February Median Sales Price of $187,000

increased 3.5 percent. Negotiations moved toward buyers as Percent of

Original List Price Received at Sale decreased 1.3 percent to 92.3 percent. Theabsorption rate decreased 2.1 percent as Months Supply of Inventory checked

in at 5.9 months.

The national average interest rate was 5.23 percent on a 30-year fixed. The U.S.

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

an already fragile recovery. The Center for Responsible Lending states that it

would take 14 years for the typical American family to save enough money for a

20 percent downpayment, based on national average home prices.

- 6.2%

Change in

Inventory

- 15.9%

Change in

Closed Sales

Percent of List Price Received


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Market OverviewKey market metrics for the current month and year-to-date.

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

2,106 - 6.7%

157

10,532

72 92

167 + 4.0%

--

$233,081 $242,647 + 4.1%

$180,745 $187,000

$242,821 + 4.2%

93.5% 92.3%

Housing Affordability Index

Days on Market Until Sale

Median Sales Price

Average Sales Price

Percent of Original

List Price Received

$233,103

1,264 1,063 - 15.9% 2,257

New Listings

Pending Sales

Closed Sales

- 20.3%

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

5,4293,493 2,647 - 24.2% 6,811

+ 3.5% $177,000 $186,000

- 1.5%

+ 27.5% 75 90 + 19.6%

+ 5.1%

- 1.3% 93.4% 91.9%

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

6.0

166 + 5.4%

- 6.2%

- 2.1%

9,874

5.9

160

--

-- --

--

--Months Supply

of Homes for Sale

Inventory of Homes for Sale

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

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

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

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

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

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

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

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

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

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


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New ListingsA count of the properties that have been newly listed on the market in a given month.

Month

Prior

Year

Current

Year+ /

March 3,664 4,679 +27.7%

April 3,627 4,960 +36.8%

May 3,472 3,464 -0.2%

June 3,646 3,797 +4.1%

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%

February 3,493 2,647 -24.2%

12-Month Avg 3,223 3,174 -1.5%


3,067

3,493

2,647

2009 2010 2011

February

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

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

Historical New Listing Activity

6,2076,811

5,429

2009 2010 2011

Year To Date

-20.3%+13.9% -24.2% +9.7%


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Pending SalesA count of the properties that have offers accepted on them in a given month.

Month

Prior

Year

Current

Year+ /

March 1,856 2,428 +30.8%

April 1,951 2,874 +47.3%

May 2,184 1,447 -33.7%

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%

February 1,795 1,786 -0.5%

12-Month Avg 1,806 1,683 -6.8%


1,398

1,795 1,786

2009 2010 2011

February

1,000

1,500

2,000

2,500

3,000

3,500

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

Historical Pending Sales Activity

2,737

3,275 3,301

2009 2010 2011

Year To Date

+0.8%+28.4% -0.5% +19.7%


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Closed SalesA count of the properties that have closed in a given month.

Month

Prior

Year

Current

Year+ /

March 1,501 2,010 +33.9%

April 1,708 2,252 +31.9%

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%

February 1,264 1,063 -15.9%

12-Month Avg 1,755 1,657 -3.9%


1,1961,264

1,063

2009 2010 2011

February

500

1,000

1,500

2,000

2,500

3,000

3,500

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

Historical Closed Sales Activity

2,1102,257

2,106

2009 2010 2011

Year To Date

-6.7%+5.7% -15.9% +7.0%


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Median Sales PriceThe median sales price for all closed sales in a given month. Sold properties only. Does not account for seller concessions.

Month

Prior

Year

Current

Year+ /

March $179,000 $178,000 -0.6%

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%

February $180,745 $187,000 +3.5%

12-Month Avg $184,910 $189,000 +2.2%


$187,900$180,745

$187,000

2009 2010 2011

February

$140,000

$150,000

$160,000

$170,000

$180,000

$190,000

$200,000

$210,000

$220,000

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

Historical Median Sales Price

$182,000 $177,000$186,000

2009 2010 2011

Year To Date

+5.1%-3.8% +3.5% -2.7%


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Average Sales PriceThe average sales price for all closed sales in a given month. Sold properties only. Does not account for seller concessions.

Month

Prior

Year

Current

Year+ /

March $227,559 $230,630 +1.3%

April $227,607 $228,668 +0.5%

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%

February $233,103 $242,821 +4.2%

12-Month Avg $236,540 $246,639 +4.3%


$236,506 $233,103$242,821

2009 2010 2011

February

$180,000

$190,000

$200,000

$210,000

$220,000

$230,000

$240,000

$250,000

$260,000

$270,000

$280,000

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

Historical Average Sales Price

$231,457 $233,081$242,647

2009 2010 2011

Year To Date

+ 4.1%- 1.4% + 4.2% + 0.7%


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Percent of Original List Price Received

Month

Prior

Year

Current

Year+ /

March 92.3% 94.4% +2.3%

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%

February 93.5% 92.3% -1.3%

12-Month Avg 93.5% 93.1% -0.5%


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.

91.7% 93.5% 92.3%

2009 2010 2011

February

91.0%

92.0%

93.0%

94.0%

95.0%

96.0%

97.0%

98.0%

99.0%

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

Historical Percent of Original List Price Received

91.5% 93.4% 91.9%

2009 2010 2011

Year To Date

-1.5%+2.0% -1.3% +2.0%


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Housing Affordability Index

Month

Prior

Year

Current

Year + /

March 157 160 +1.4%

April 154 154 +0.0%

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%

February 157 166 +5.4%

12-Month Avg 154 159 +2.8%

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.


147157

166

2009 2010 2011

February

120

130

140

150

160

170

180

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

Historical Housing Affordability Index

151160

167

2009 2010 2011

Year To Date

+4.0%+7.0% +5.4% +6.0%


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Inventory of Homes for SaleThe number of properties available for sale in active status at the end of the month.

Month

Prior

Year

Current

Year+ /

March 11,373 11,241 -1.2%

April 11,938 12,354 +3.5%

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%

February 10,532 9,874 -6.2%

12-Month Avg 11,591 12,489 +7.4%


10,94710,532

9,874

2009 2010 2011

February

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

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

Historical Inventory of Homes for Sale

-6.2%-3.8%


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Months Supply of InventoryCompares the number of active listings available to the average monthly pending sales for the last twelve months.

Month

Prior

Year

Current

Year+ /

March 6.4 6.4 +0.5%

April 6.9 6.9 +0.1%

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%

February 6.0 5.9 -2.1%

12-Month Avg 6.9 7.0 +2.7%


6.0 6.0 5.9

2009 2010 2011

February

3

4

5

6

7

8

9

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

Historical Months Supply of Inventory

-2.1%+0.5%

austin residential sales report february 2011

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