Residential Sales Report A RESEARCH TOOL PROVIDED BY THEAUSTIN BOARD OF REALTORS® July 2011 Quick Facts - 9.3% Change in Median Sales Price At the height of summer, we're finally beginning to move beyond comparisons to the 2010 incentive market. Even so, sudden changes in sales volumes are likely due to factors occurring at this time last year. Qualified buyers may find more attractive opportunities now than during either of the recent tax credits. Interest rates should hold their ground around five percent, though the shift in the federal credit rating could change that. Some indicators suggest improving conditions, but let’s see just how we’re faring locally. - 22.8% Change in Inventory + 22.9% Change in Closed Sales Market Overview 2 New Listings 3 Pending Sales 4 Closed Sales 5 Days On Market Until Sale 6 Median Sales Price 7 Average 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 Click on desired metric to jump to that page. New Listings in the Austin region decreased 14.1 percent to 3,156. Pending Sales were up 39.3 percent to 2,286. Inventory levels shrank 22.8 percent to 11,300 units, but consumers are still finding terrific opportunities. Strong affordability is partly driving purchase demand. Prices softened a bit. The Median Sales Price declined 9.3 percent to $191,975. Days on Market increased 5.2 percent to 74 days. Absorption rates improved as Months Supply of Inventory was down 16.1 percent to 6.7 months. Second quarter GDP growth was just 1.3 percent after a meager 0.4 percent gain in the first quarter. We added 117,000 new jobs in July, a stronger gain than expected after an embarrassing June. Even though a budget deal has been reached, several challenges persist. Changes to Fannie, Freddie and the mortgage interest deduction are still in play. As consumers absorb distressed inventory and labor market conditions improve, the wheels of recovery grind on. Percent of List Price Received
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All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for CoverPage | 2
New ListingsA count of the properties that have been newly listed on the market in a given month.
Month
Prior
Year
Current
Year+ / –
August 3,280 2,978 -9.2%
September 3,015 2,683 -11.0%
October 3,015 2,543 -15.7%
November 2,483 2,083 -16.1%
December 1,969 1,795 -8.8%
January 3,318 2,784 -16.1%
February 3,493 2,668 -23.6%
March 4,679 3,968 -15.2%
April 4,960 3,753 -24.3%
May 3,464 3,542 +2.3%
June 3,796 3,549 -6.5%
July 3,674 3,156 -14.1%
3,689 3,674
3,156
July
24,305
27,384
23,420
Year To Date
-14.5%-0.4% -14.1% +12.7%
12-Month Avg 3,429 2,959 -13.7%
All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for CoverPage | 3
Pending SalesA count of the properties on which contracts have been accepted in a given month.
Month
Prior
Year
Current
Year+ / –
August 2,045 1,529 -25.2%
September 1,922 1,398 -27.3%
October 1,839 1,424 -22.6%
November 1,251 1,293 +3.4%
December 1,108 1,164 +5.1%
January 1,479 1,450 -2.0%
February 1,795 1,574 -12.3%
March 2,429 2,043 -15.9%
April 2,873 2,117 -26.3%
May 1,445 2,285 +58.1%
June 1,659 2,262 +36.3%
July 1,641 2,286 +39.3%
2,086
1,641
2,286
July
12,964 13,32114,017
Year To Date
+5.2%-21.3% +39.3% +2.8%
12-Month Avg 1,791 1,735 -3.1%
All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for CoverPage | 4
Closed SalesA count of the actual sales that have closed in a given month.
Month
Prior
Year
Current
Year+ / –
August 1,975 1,686 -14.6%
September 1,959 1,425 -27.3%
October 1,969 1,346 -31.6%
November 1,745 1,340 -23.2%
December 1,519 1,573 +3.6%
January 993 1,059 +6.6%
February 1,264 1,225 -3.1%
March 2,011 1,781 -11.4%
April 2,252 1,853 -17.7%
May 2,307 2,063 -10.6%
June 2,211 2,316 +4.7%
July 1,654 2,033 +22.9%
2,285
1,654
2,033
July
11,74412,692 12,330
Year To Date
-2.9%-27.6% +22.9% +8.1%
12-Month Avg 1,822 1,642 -8.5%
All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for CoverPage | 5
Days on Market Until SaleAverage number of days between when a property is listed and when an offer is accepted in a given month.
Month
Prior
Year
Current
Year+ / –
August 73 72 -1.5%
September 69 77 +12.3%
October 72 88 +22.8%
November 75 86 +15.0%
December 79 92 +15.6%
January 79 88 +11.9%
February 72 93 +28.6%
March 69 92 +32.9%
April 66 81 +22.3%
May 62 76 +22.2%
June 67 72 +8.3%
July 70 74 +5.2%
7370
74
July
77
68
81
Year To Date
+18.4%-3.6% +5.2% -11.9%
12-Month Avg 70 81 +15.9%
All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for CoverPage | 6
Median Sales PriceMedian price point for all closed sales, not accounting for seller concessions, in a given month.
Month
Prior
Year
Current
Year+ / –
August $185,000 $194,000 +4.9%
September $183,000 $188,731 +3.1%
October $179,000 $190,000 +6.1%
November $174,000 $179,500 +3.2%
December $186,000 $189,000 +1.6%
January $175,000 $184,500 +5.4%
February $180,745 $185,000 +2.4%
March $178,000 $182,000 +2.2%
April $185,000 $189,900 +2.6%
May $186,000 $193,000 +3.8%
June $198,000 $198,425 +0.2%
July $211,555 $191,975 -9.3%
$186,500
$211,555
$191,975
July
$186,990 $188,000 $190,000
Year To Date
+1.1%+13.4% -9.3% +0.5%
12-Mo. Median $185,000 $190,000 +2.7%
All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for CoverPage | 7
Average Sales PriceAverage sales price for all closed sales, not accounting for seller concessions, in a given month.
Month
Prior
Year
Current
Year+ / –
August $235,796 $257,321 +9.1%
September $234,565 $241,609 +3.0%
October $232,209 $255,409 +10.0%
November $231,094 $243,559 +5.4%
December $248,772 $245,024 -1.5%
January $233,052 $241,053 +3.4%
February $233,103 $237,568 +1.9%
March $230,812 $241,053 +4.4%
April $228,668 $259,847 +13.6%
May $236,487 $260,360 +10.1%
June $265,235 $262,815 -0.9%
July $275,446 $258,763 -6.1%
$238,247
$275,446 $258,763
July
$236,694 $243,682$253,769
Year To Date
+ 4.1%+ 15.6% - 6.1% + 3.0%
12-Month Avg $240,468 $251,913 +4.8%
All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for CoverPage | 8
Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties sold in a given month,
not accounting for seller concessions.
93.9% 93.1% 93.5%
July
93.0% 94.1% 93.1%
Year To Date
-1.1%-0.9% +0.4% +1.2%
12-Month Avg 94.0% 92.6% -1.5%
All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for CoverPage | 9
This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary
to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
149 144
169
July
149159
170
Year To Date
July 144 169 +17.2%12-Month Avg 155 165 +6.4%
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 | 10
Inventory of Homes for SaleThe number of properties available for sale in active status at the end of a given month.
Month
Prior
Year
Current
Year+ / –
August 12,036 13,949 +15.9%
September 11,526 13,229 +14.8%
October 11,162 12,394 +11.0%
November 10,869 11,324 +4.2%
December 9,870 9,992 +1.2%
January 10,509 10,072 -4.2%
February 11,170 10,253 -8.2%
March 12,198 11,141 -8.7%
April 13,094 11,791 -10.0%
May 13,772 11,954 -13.2%
June 14,337 11,889 -17.1%
July 14,633 11,300 -22.8%
12,464
14,633
11,300
July
-22.8%-3.4%
12-Month Avg 12,098 11,607 -3.1%
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 | 11
Months Supply of InventoryThe inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.
Month
Prior
Year
Current
Year+ / –
August 7.3 7.8 +7.4%
September 6.9 7.6 +10.0%
October 6.5 7.3 +11.2%
November 6.2 6.8 +9.6%
December 5.6 6.0 +6.6%
January 6.0 6.0 +0.6%
February 6.3 6.1 -2.9%
March 6.8 6.7 -0.5%
April 7.1 7.3 +2.7%
May 7.1 7.7 +7.3%
June 7.7 7.3 -5.0%
July 8.0 6.7 -16.1%
7.58.0
6.7
July
-22.8%-3.4%
12-Month Avg 6.8 6.9 +2.2%
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 | 12