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Austin Real Estate Market Remains Stable Despite Expiration of Tax Credits
Austin Board of REALTORS® releases June 2010 real estate statistics
July 20, 2010 – According to the Multiple Listing Service (MLS) report by the Austin Board of REALTORS®, demand for real estate in Austin has remained stable despite the expiration of federal homebuyer tax credits at the end of April.

The volume of Austin area home sales in June 2010 was 1,987, down four percent from the same month in 2009. The median price of real estate in Austin increased four percent from June 2009 to $208,750 for June 2010.

“I think this report shows there is life for Austin real estate after tax credits,” said John Horton, Chairman of the Austin Board of REALTORS®. “Sales volume was down only four percent compared to June 2009, which was last summer’s peak month. In addition, the average time it takes to sell a home in Austin decreased for the sixth month in a row. Both of these factors point to long-term stability for our market.”

Despite a decrease in the volume of homes sold in June 2010, the total dollar volume of real estate sold increased six percent compared to June 2009, primarily due to increased demand for properties in higher price ranges.

Chairman Horton explained, “The federal tax credits were most successful in getting first-time homebuyers into the real estate market, with most purchasing ‘entry-level’ homes. This helped existing homeowners purchase ‘move up’ homes, which in turn helped spur activity in higher price ranges.”

In June 2010, homes remained on the market an average of 70 days, a 14 percent decrease from the same month in 2009. In the same time period, pending sales decreased 23 percent to 1,610; new listings increased two percent to 3,287; and active listings increased by 16 percent to 11,749.

June 2010 Statistics
• $553,882,211 – Total dollar volume of single-family properties sold, a six percent increase from June 2009.
• $208,750 – Median price for single-family homes, a four percent increase from June 2009.
• 1,987 – Single-family homes sold, a four percent decrease from June 2009.
• 70 – Days on market, a 14 percent decrease from June 2009.
• 11,749 – Active single-family home listings on the market, a 16 percent increase from June 2009.
• 1,610 – Pending sales for single-family homes, down 23 percent from June 2009.

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Area Apr 2009Avg LP Apr 2010Avg LP Apr 2009Avg SP Apr 2010Avg SP 2009/10 %Change SP Apr 2009SP/LP Apr 2010SP/LP Apr 2009Avg CDOM Apr 2010Avg CDOM Apr 2009Units Apr 2010Units
MKT $238,367 $241,585 $227,912 $233,288 2.36% 0.95 0.96 107 89 1710 2013
10N $191,009 $178,361 $182,686 $174,833 -4.30% 0.96 0.98 84 54 31 37
10S $179,326 $185,863 $176,966 $182,763 3.28% 0.99 0.98 80 56 46 64
11 $98,351 $110,800 $97,794 $107,127 9.54% 0.99 0.97 65 52 19 20
1A $330,289 $370,131 $317,391 $357,276 12.57% 0.96 0.97 85 85 27 37
1B $652,607 $559,751 $603,458 $534,967 -11.35% 0.92 0.96 183 122 15 32
1N $305,410 $303,322 $296,870 $296,672 -0.07% 0.97 0.98 78 86 29 49
2 $252,708 $227,937 $243,453 $218,842 -10.11% 0.96 0.96 71 75 32 57
2N $134,538 $131,109 $131,145 $126,579 -3.48% 0.97 0.97 65 56 30 32
3 $196,699 $210,590 $190,225 $204,738 7.63% 0.97 0.97 113 93 34 36
3E $157,808 $128,156 $151,332 $121,489 -19.72% 0.96 0.95 62 108 14 7
4 $320,475 $326,765 $307,394 $315,419 2.61% 0.96 0.97 77 78 30 27
5 $193,837 $176,825 $188,257 $173,881 -7.64% 0.97 0.98 103 158 27 25
5E $97,178 $99,330 $96,886 $96,570 -0.33% 1 0.97 82 85 13 9
6 $292,443 $299,154 $280,303 $288,156 2.80% 0.96 0.96 89 129 29 29
7 $391,933 $448,650 $377,771 $430,448 13.94% 0.96 0.96 124 77 12 16
8E $702,706 $897,964 $646,050 $826,568 27.94% 0.92 0.92 97 89 16 22
8W $611,325 $527,141 $591,583 $507,854 -14.15% 0.97 0.96 147 90 12 26
9 $118,790 $106,850 $111,485 $104,309 -6.44% 0.94 0.98 153 93 10 8
BU $203,062 $235,888 $184,315 $219,336 19.00% 0.91 0.93 124 138 12 16
BW $127,580 $154,685 $117,359 $148,458 26.50% 0.92 0.96 227 156 15 13
CLN $180,184 $173,043 $173,234 $168,495 -2.74% 0.96 0.97 86 60 69 97
CLS $233,306 $229,589 $224,547 $223,418 -0.50% 0.96 0.97 94 81 79 89
DT $241,225 $323,196 $224,750 $308,265 37.16% 0.93 0.95 89 177 4 12
GTE $147,368 $170,253 $140,270 $160,526 14.44% 0.95 0.94 98 121 22 28
GTW $254,623 $230,420 $242,997 $222,253 -8.54% 0.95 0.96 156 114 53 61
HD $328,798 $300,172 $320,512 $287,216 -10.39% 0.97 0.96 162 91 35 25
HH $160,005 $165,204 $157,526 $161,141 2.29% 0.98 0.98 103 69 57 117
HU $153,551 $144,191 $174,101 $141,925 -18.48% 0.96 0.98 131 94 37 48
LH $327,358 $185,556 $301,850 $179,575 -40.51% 0.92 0.97 65 116 5 12
LN $326,883 $263,364 $299,225 $248,333 -17.01% 0.92 0.94 197 229 12 39
LS $471,331 $409,723 $438,463 $391,724 -10.66% 0.93 0.96 174 123 65 84
LW $824,150 $289,475 $727,000 $265,719 -63.45% 0.88 0.92 282 90 6 8
MA $118,063 $113,054 $115,182 $110,522 -4.05% 0.98 0.98 112 60 30 29
N $187,999 $199,124 $182,765 $195,410 6.92% 0.97 0.98 65 48 40 36
NE $153,624 $157,518 $174,656 $153,159 -12.31% 0.96 0.97 89 59 29 35
NW $238,823 $237,191 $231,482 $232,529 0.45% 0.97 0.98 51 65 58 86
PF $167,295 $164,851 $160,398 $160,620 0.14% 0.96 0.97 94 84 105 110
RN $420,039 $468,220 $393,499 $446,520 13.47% 0.94 0.95 112 115 25 33
RRE $200,974 $176,891 $194,154 $173,305 -10.74% 0.97 0.98 116 90 105 92
RRW $237,478 $262,705 $227,274 $257,356 13.24% 0.96 0.98 104 78 97 102
SC $200,745 $165,193 $191,311 $157,643 -17.60% 0.95 0.95 72 113 11 9
SE $133,881 $108,504 $127,496 $105,729 -17.07% 0.95 0.97 102 52 11 11
SWE $255,432 $250,100 $246,851 $243,891 -1.20% 0.97 0.98 83 69 58 54
SWW $295,689 $281,837 $286,604 $275,516 -3.87% 0.97 0.98 84 50 54 57
UT $258,383 $231,836 $245,165 $223,840 -8.70% 0.95 0.97 117 85 15 14
W $384,193 $382,640 $369,930 $369,656 -0.07% 0.96 0.97 122 109 23 27

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Austin reported the highest increase in residential real estate inventory between March and April, 8.6 percent, when compared with 26 U.S. metros, according to ZipRealty Inc. (Nasdaq: ZIPR).
A total 10,124 homes were for sale in Austin as of April 30 this year, compared to 10,076 listed a month before. The city reported a 4.7 decrease, however, from the same month last year when 8,881 houses were for sale. Homes reduced prices an average 1.81 percent.
The average inventory change across all cities included in the report was 2.59 percent increase between March and April and and negative 9.61 percent year-over-year.
The percent of homes for sale that reduced prices also increased from March to April, rising to 42.1 percent lowering price tags to 38.6 percent in March. About 42.6 percent of homes for sale lowered prices in April 2009.

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