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Average Sale Price Climbs in Austin Housing for March 2011

Posted by James DeLoney on Monday, April 11th, 2011 at 2:55pm.

The sales numbers for March 2011 are in, and it’s time to take a closer look at how the Austin Real Estate is doing so far in 2011.  January and February are historically slow months in the Austin real estate market, so I was excited to take a look at the March numbers to get a pulse on the 2011 housing market.  Here is a snapshot of the market numbers.

The average sales price in the Austin area is up 6.8% compared to March of 2010.  The amount of time it is taking for properties to sell is up 35% from 2010.  In March of 2010 the average time it took home to sell was 69 days, and this year it is up to 94 days.  The overall volume of homes sold so far in 2011 is down -9.1% from the same time last year. 

The most obvious explanation for the increase in days on market and decrease in sales volume is the expiration of the Home Buyer Tax Credit that was in play last spring.  You may remember that the government extended the tax credit through June of 2010, resulting in an artificially stimulated real estate market in the first half of last year.  The fact that the average sales price has improved over last year without the benefit of the tax credit spurring demand makes the increase even more impressive.

Other factors impacting the housing market include the consumer confidence index hitting a 3-year high in February, interest rates still hovering at the 5% level, and a high level of home inventory that still tilts the playing field in favor of buyers.

 

The statistics below are for all MLS areas in the Austin market. 
 MedianAverage
 Mar 2011Mar 2010% ChangeMar 2011Mar 2010% Change
List Price $189,850$182,875+ 3.8%$255,961$239,596+ 6.8%
Sold Price $182,500$178,000+ 2.5%$244,682$230,630+ 6.1%
Square Feet 1,9271,828+ 5.4%2,1422,036+ 5.2%
LP/SF $101$102- 1.4%$117$117+ 0.4%
SP/SF $97$99- 2.2%$112$113- 0.5%
SP/LP 96.9%97.8%- 0.9%96.0%97.0%- 1.0%
DOM 6241+ 51.2%9469+ 35.0%
Price RangeQuantityDOM Price RangeQuantityDOM
$149,999 or under55285$500,000- $549,99921120
$150,000- $199,99933994$550,000- $599,99918126
$200,000- $249,99919692$600,000- $699,99929126
$250,000- $299,99915789$700,000- $799,9991380
$300,000- $349,999106108$800,000- $899,99911121
$350,000- $399,9996994$900,000- $999,99910155
$400,000- $449,9993579$1,000,000 or over23137
$450,000- $499,99941115Total:1,62062
 Mar 2011Mar 2010% Change2011 YTD2010 YTD% Change
Sold Listings1,6202,010-19.4%3,8784,267-9.1%
Volume$396,385,537$463,565,732-14.5%$938,255,066$989,628,822-5.2%
Based on information from the Austin Board of REALTORS® (alternatively, from ACTRIS) for the month indicated on the header. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided ‘AS IS’ and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market. Copyright 2010 Austin Central Texas Realty Information Services, Inc.

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