2011 Year in Review

According to a report released on January, 20th, by the Austin Board of REALTORS®, single-family home sales in December, 2011 outpaced the same month of the prior year for the seventh straight month in a row!  And, year-end figures show tremendous momentum for the Austin real estate market as we head into 2012.

In December, 2011, a total of 1,581 single-family homes were sold in the greater Austin area, which is an 11% increase over December, 2010. During the same time period, the median price for an Austin area home came in at $187,940, a one% decline from December, 2011, but still, a very solid performance overall.

The “Average Days on Market” (the amount of days it took for the average home to be sold counting from the day it was listed) for homes sold was 89 days.  This is nine days LESS than in December of last year!  The Austin real estate market also featured 12% FEWER new listings, 19% FEWER active listings and 12% MORE pending sales than in December, 2010.

“Months of Available Inventory” – a KEY INDICATOR of market strength - decreased to 4.1 months,  a drop of 1.4 months over December, 2010 AND the lowest figure reported since the Board began tracking this statistic in January of 2009.

Below are a few of the key statistics

December 2011 Statistics

• 1,581 – Single-family homes sold, 11% more than December 2010.
• $187,940 – Median price for single-family homes, 1% less than December 2010.
• 89 – Average number of days that single-family homes spent on the market, nine days less than December 2010.
• 1,383 – New single-family home listings on the market, 12% less than December 2010.
• 6,605 – Active single-family home listings on the market, 19% less than December 2010.
• 1,229 – Pending sales for single-family homes, 12% more than December 2010.
• 4.1 – Months of inventory* of single-family homes, 1.4 months less than December 2010.
• $385,035,159 – Total dollar volume of single-family properties sold, 9% more than December 2010.

2011 Year-End Totals

• 19,220 – Single-family homes sold, seven% more than 2010.
• $193,000 – Median price for single-family homes, unchanged from 2010.
• 84 – Average number of days that single-family homes spent on the market, seven days more than 2010.
• 30,668 – New single-family home listings on the market, 12% less than 2010.
• 8,609 – Active single-family home listings on the market, 15% less than 2010.
• 21,002 – Pending sales for single-family homes, seven% more than 2010.
• $4,931,910,843 – Total dollar volume of single-family properties sold, nine% more than 2010.
  

Townhouses and condominiums purchased in the Austin area in December, 2011, was 157, a dramatic 17% increase over December, 2010.

And if you’re interested in investment property the median price for Austin-area leases was up 9% at $1,250 when compared to the December, 2010. In all of 2011, a total of 15,948 properties were leased in Austin, an increase of 3% over 2010, but, the median lease price rose to $1,250, an increase of 4% over 2010.

Bottom line?  The Austin and the surrounding area is one of the most solidly and consistently performing real estate markets in the country.  Across the board.

If I can be of any service whatsoever with your real estate needs please don’t hesitate to give me a call or shoot me an email.

Best regards,