During July 2010 median sold prices per square foot for single-family homes increased 6% and median sold prices in total dollars increased 22% compared to July 2009. On the other hand, the number of homes sold was down a whopping 34%, which seems to be the final aftermath of the tax credit lull. There has been a surge in supply along with the decrease in the number of homes purchased and more people are taking their home off the market without a sale. For those homes that are selling, it is taking slightly less time than last year. More homes are being leased at higher rates and in less time than last year as well.
To summarize, desirable homes that are priced competitively are selling at a relatively quick pace and for higher prices this year compared to last year. However, buyers are pickier and are tending to make offers on homes without major flaws, with good locations, and with competitive prices. Good deals are more common above $400K and on the periphery of the city where the commute reduces the number of prospective buyers and space to build increases sales competition. More people are leasing homes than last year so lease prices are going up slightly and there are fewer homes available for lease.
With July 2010 complete it appears that the worst is behind us for Austin’s housing market. Buyer activity has already picked up significantly .
Market Snapshot (July 2010 compared to July 2009)
• 34% decrease in the number of single-family homes sold
• 6% increase in median single-family sold price per square foot
• 22% increase in median sold price (total dollars)
• 1.5% decrease in the time it is taking to sell a home
• 22% increase in withdrawals
• 32% increase in supply
• 3.4% increase in the lease price per square foot
•21% decrease in the time it is taking to lease a home
