I was recently asked about Austin real estate market conditions and statistics for 2010 so I did a little research. Below will be 2010 numbers for all residential listings in the Austin real estate market. The following is a breakdown of all residential sales including single-family homes, condos and townhouses.
|
Price Range |
Units Sold |
Avg. Sold Price | DOM |
% of List |
| $0-$149,999 |
6,085 |
$109,013 |
65 |
92% |
| $150,000-$299,999 |
8,926 |
$204,709 |
72 |
94% |
| $300,00-$499,999 |
3,390 |
$367,769 |
81 |
93% |
| $500,000-$749,999 |
917 |
$574,747 |
92 |
92% |
| $750,000-$999,999 |
315 |
$814,651 |
115 |
91% |
| $1 million and up |
253 |
$1,471,098 |
134 |
86% |
As can clearly be seen, the $300,000 and under price range that saw the most movement. Overall, units sold were down from 2009, but prices were up slightly overall. In the higher price ranges, sales were quite slow and prices dropped in general. This is because so many buyers have been cut out of the Austin market. Some because jumbo mortgages are much more difficult to get and others because they can’t sell a house in another market for the price they want or need.
Sales early in the year through April were pretty good because of the new homebuyer tax credit. After that things really slowed down. Sales close to downtown and in parts of south central Austin were pretty strong throughout the year.
Sales of new homes in Bee Cave, a suburb to the west of Austin, were very hot. Falconhead West saw very strong sales because of several things. One was the low property tax rate. Another was because schools are in the Lake Travis Independent School District and that is one of the strongest districts in the state academically and in other areas. However, resale within the Lake Travis were generally pretty slow.
Sales in master-planned subdivisions like Steiner Ranch and Crystal Falls were fairly good. These communities generally do well because of the amenities and because the production builders building in them can get more aggressive than custom home builders.
Overall 2010 was not a strong year for the Austin real estate market, but it was much better than most other cities in the nation.
Sam Chapman is an