The Carvajal Group Blog

General Residential Market Update: November 2, 2010

November 2nd, 2010

The Austin real estate market has somewhat weathered the nationwide real estate crisis and has remained stable overall. Due to incredible job growth and future growth of the city many people from all over the United States are relocating to Austin and calling it home. With the nation’s largest public university, The University of Texas at Austin, we see a great amount of students and professors needing temporary housing which has a positive impact on residential rentals. This pool of tenants has allowed many homeowners that need to sell, a viable option of keeping the property as it produces income. This factor has limited the drastic decreases in values we have see nationwide. Austin’s unemployment rate decreased from 7.2% to 6.8% in September 2010 with 4,200 more people employed in the Austin/Round Rock/San Marcos area. The national unemployment rate is at 9.2%

As of November 2, 2010 there are:

-12,734 active residential listings ranging from $11,500 to $20,000,000 with an average price of $360,211
-453 active multi family listings ranging from $29,900 to $1,521,000 with an average price of $215,199
-4,784 active Lot listings ranging from $1,400 to $7,900,00 with an average price of $149,071
-1243 active Farm/Ranch listings ranging from $18,500 to $49,950 with an average price of $880,271

Between January 1st and October 22, 2010 there were 6,530 single-family homes sold within the Austin city limits with a median sold price of $120.81 per square foot ($245,000), which is a 3.25% increase in the median sold price per square foot compared to the same time period in 2009, and averaging 63 days on the market.  During the same time period in 2009 there were 6,908 homes sold (5.8% more than during same time period in 2010) with a median sold price of $117.01 per square foot ($232,500), and averaging 68 days on the market.

What about multifamily properties? According to data released by Marcus and and published by the Austin Business Journal the near South Central part of the city is expected to experience to highest decline in vacancy, a 5.1 percent shift to 7.2 percent. Though the North Travis area will have the lowest vacancy at 7 percent. Southeast is expected to see the highest vacancy at 11.1 percent, which is mostly stable from 2009. Central Austin is the only region where vacancy rates will rise, jumping 3.6 percent to 9.4 percent, likely because of its highest average rent of about $1,014.

Tags: Austin Homes for Sale · Buying a home in Austin