June was the kind of month that keeps the optimists happy in Austin, TX – there was absolutely no bad news for June when it comes to Austin homes and Austin condos. The numbers all bear it out – Austin is still a vibrant and healthy real estate market, and the positive changes of June fit with a larger year-over-year trend as opposed to just a blip on the radar screen. The biggest positive changes were in the average list and sold prices and another substantial drop in the average number of days that a home spent on the market.
What’s remarkable and these positive signs in june is that the numbers aren’t small increases – there were some MAJOR bumps particularly in the average listing and sales prices for Austin homes. And as far as the year over year numbers, they continue the trend of solid improvement from what can fairly be called a soft point in our market immediately following the economic downturn in late 2008.
The biggest changes to report as far as the June 2010 vs June 2009 numbers are as follows:
The average listing price of Austin homes jumped from about $255K to more than $338K over June 2009 – a remarkable improvement of more than 32%.
The average SOLD price of Austin homes jumped from about $244 to more than $327 over June 2009 – an improvement of more than 34%. This stat is all the more impressive in light of the recent economic news concerning real estate such as the rising number of foreclosures nationwide and the tightening of the credit market.
The listing and sold price when calculated on a per-square-foot basis jumped an incredible 45+% over June 2009.
The average number of days on the market dropped 13% from an average of 76 to just 67 days for Austin homes, condos, and town homes.
Overall these numbers reveal some irrefutable data in support of the claim that Austin is A) still on the upswing and B) probably bottomed out (to the extent that it actually happened in Austin) at some point last year and home prices show no sign of falling, at least by any significant margin, in the near future. Having weathered what can be fairly described as among the worst financial disruptions of the past half century, Austin home prices aren’t just holding – they’re improving.
The year-over-year figures also contribute some extremely positive information in terms of the overall Austin real estate market picture. The 2009 total number of sold listings as of June was 9460, whereas we’re already at 10883 for 2010. That’s a solid improvement of more than 15% over last year. The total volume shows and even bigger improvement – the June to June as wel as the year-over-year totals for the sold volume in Austin are both up more than 22%. This confirms that the June numbers are hardly an aberration.
Gus Rojo is the founder and CEO of Red Home Realty, a technology-focused residential Real Estate brokerage serving Austin, TX. Red Home Realty offers 20% cash back commission rebates to eligible buyers and provides a free MLS searching on its website, http://www.redhomerealty.com.
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