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Residential Sales Report

September 2010
With this month's report, be mindful of the fact that activity was uniquely New Listings 2
strong last year at this time due to the approaching deadline for the 2009
tax credit. This means that we're entering an apples-to-oranges Pending Sales 3
comparison period which may make this year's activity look especially Cl
Closed
d Sales
S l 4
slow for the next few months. Combine that with the fact that this time of
year typically endures slowed sales activity and that buyers in 2010 were Days On Market Until Sale 5
driven to enter contracts by April 30, 2010, and you'll see that September Median Sales Price 6
2010's numbers should be taken with a grain of proverbial salt.
Average Sales Price 7
Pending Sales in the Austin region decreased by 19.3 percent from last
Percent of Original List Price Received at Sale 8
September to arrive at 1,551. New Listings decreased by 11.2 percent
since last September and the overall inventory of 13,313 increased by Housing Affordability Index 9
27.0 percent.
Housing Supply Outlook
Median Sales Price increased by 6.6 percent compared to last All Residential Properties 10
September, registering in at $195,000. Average Days on Market, at 78,
increased by 13.4 percent versus last year. Months Supply of Inventory
Under $125,000 and $125,001 to $175,000 11
decreased by 13.1 percent to weigh in at 7.7 months. $175,001 to $250,000 and $250,001 to $400,000 12
For the sake of long-term market stability, be wary of an overabundance
$400,001 to $750,000 and $750,001 and above 13
of listing activity. If homes aren't selling like they used to, but listings Market Overview 14
remain fairly flat, inventory will climb and prices may adjust downward.
Balanced supply and demand, as always, is the ultimate goal.
Annual Review 15

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 1
 New Listings
A Monthly Indicator from the Austin Board of REALTORS®

September Year to Date

33,050
3,022 3,019 31,175 30,629
2,682

One Year One Year

Change: Change:

- 11.2% + 7.9%
Two Year Two Year
Change: Change:

- 11.3% + 6.0%

2008 2009 2010 2008 2009 2010

Historical Market Activity

5,500

New Listings Pending Sales Closed Sales

5,000

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 2
 Pending Sales
A Monthly Indicator from the Austin Board of REALTORS®

September January through April

April Year to Date
18,851
18,851
16,932 16,552
16,932 16,552
1,922
1,922
1,546 1,551
1,546 1,551

One Year One Year

Change: Change:
- 19.3% - 2.2%
Two Year Two Year
Change: Change:
+ 0.3% - 12.2%
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010

Historical Market Activity

5,000

New Listings Pending Sales Closed Sales

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 3
 Closed Sales
A Monthly Indicator from the Austin Board of REALTORS®

September January through April

April Year to Date
18,490
18,490
1,959 15,674 15,630
1,830 1,959 15,674 15,630
1,830

1,302
1,302

One Year One Year

Change: Change:

- 33.5% - 0.3%
Two Year Two Year
Change: Change:
- 28.9% - 15.5%
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010

Historical Market Activity

5,500

New Listings Pending Sales Closed Sales

5,000

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 4
Days on Market Until Sale
A Monthly Indicator from the Austin Board of REALTORS®

September January through April

April Year to Date
76
76
78
78 69
69
65
65
69
69
66
66

One Year One Year

Change: Change:
+ 13.4% - 8.5%
Two Year Two Year
Change: Change:
+ 17.5% + 6.0%
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010

Historical Days on Market Until Sale

90

80

70

60

50

Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 5
 Median Sales Price
A Monthly Indicator from the Austin Board of REALTORS®

September January through April

April Year to Date Figures do not take into account seller concessions.
$188,867 $186,000 $189,138

$195,000
$195,000 $188,867 $189,138
$181,750 $183,000
$183,000 $186,000
$181,750

One Year One Year

Change: Change:
+ 6.6% + 1.7%
Two Year Two Year
Change: Change:
+ 7.3% + 0.1%
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010

Historical Median Prices

$220,000

$210,000

$200,000

$190,000

$180,000

$170,000

$160,000

$150,000

$140,000

Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 6
 Average Sales Price
A Monthly Indicator from the Austin Board of REALTORS®

September January through April

April Year to Date Figures do not take into account seller concessions.

$247,604 $245,345 $245,533

$239,483 $234,946 $247,604 $245,345 $236,489 $245,533
$239,483 $234,946 $236,489

One Year One Year

Change: Change:
+ 5.4% + 3.8%
Two Year Two Year
Change: Change:
+ 3.4% + 0.1%
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010

Historical Average Prices

$300,000

$275,000

$250,000

$225,000

$200,000

$175,000

Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 7
 Percent of Original List Price Received at Sale
A Monthly Indicator from the Austin Board of REALTORS®

September Year to Date The Percent of Original List Price Received at Sale is calculated by
comparing the final sales prices of closed sales to their original list prices.
This does not account for list prices from any previous listing contracts. The
sales price does not account for seller concessions.

94.8%
94.0% 94.0% 93.8%
93.3%
91.8%

One Year
Change: One Year
Change:
- 2.3%
+ 0.5%
Two Year
Change: Two Year
Change:
- 2.3%
- 1.1%

2008 2009 2010 2008 2009 2010

Historical Percent of Original List Price Received at Sale

100.0%

95.0%

90.0%

85.0%

80.0%

Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 8
 Housing Affordability Index
A Monthly Indicator from the Austin Board of REALTORS®

The HAI formula measures housing affordability for the Austin Housing Market. An HAI of
September
April 120 means the median family income is 120% of the necessary income to qualify for the
median priced home using a 20% down, 30-year fixed rate mortgage.

156
156
140
135
140
135

One Year
Change:
- 13.1%
Two Year
Change:
- 3.4%
2008 2009 2010
2008 2009 2010

Historical Housing Affordability Index

180

170

160

150

140

130

120

Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 9
Housing Supply Outlook
A Monthly Indicator from the Austin Board of REALTORS®

Inventory of Active Listings

Previously Owned
Single-Family Condo-Townhouse
New Construction
10,245 2,608
2,503 2,464

1,501 1,548

975

390 319 300 282

1,354 1,198 114 51
258
Up to $125,000 $125,001 to $175,001 to $250,001 to $400,001 to $750,001 and
$175,000 $250,000 $400,000 $750,000 above
Single-Family Condo-Townhouse

Months Supply of Inventory

Previously Owned Single-Family
New Construction Condo-Townhouse
All All
10.0 38.3

8.4 8.6
7.8 7.7 7.7 7.6
6.9
6.5
20.9 21.4

12.9
11.2 10.2
10.0
7.3 8.4 7.3 7.6 7.8
6.0 6.3 6.3 7.1 6.4 7.2

All Single-Family Condo-Townhouse Up to $125,000 $125,001 to $175,001 to $250,001 to $400,001 and $750,001 and
$175,000 $250,000 $400,000 above above

A market is considered balanced between buyers and sellers when there is roughly a 5- to 6-month supply of homes available for purchase.

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 10
Housing Supply Outlook
A Monthly Indicator from the Austin Board of REALTORS®

Under $125,000
Inventory Months Supply
Previously Owned Previously Owned
1,831
New Construction New Construction
7.5

1,453 6.6
6.3 6.1 6.0

4.6

378

60 48 12

All Single-Family Condo-Townhouse All Single-Family Condo-Townhouse

$125,001 to $175,000
Inventory Months Supply
Previously Owned Previously Owned
New Construction New Construction 7.4
2,477
2,210 6.6 6.5
6.1
5.6 5.5

345 293 267

52

All Single-Family Condo-Townhouse All Single-Family Condo-Townhouse

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 11
Housing Supply Outlook
A Monthly Indicator from the Austin Board of REALTORS®

$175,001 to $250,000
Inventory Months Supply
Previously Owned Previously Owned
New Construction New Construction
2,509
2,267 9.9

8.1
7.6 7.6

5.8
5.4

399 341
242
58

All Single-Family Condo-Townhouse All Single-Family Condo-Townhouse

$250,001 to $400,000
Inventory Months Supply
2,335 Previously Owned Previously Owned
2,142 New Construction New Construction
11.9
10.9

8.1 7.9
6.7
6.0

411
322
193
89

All Single-Family Condo-Townhouse All Single-Family Condo-Townhouse

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 12
Housing Supply Outlook
A Monthly Indicator from the Austin Board of REALTORS®

$400,001 to $750,000
Inventory Months Supply
Previously Owned Previously Owned
1,403 New Construction New Construction
1,317
19.8

11.6
10.3 10.2
9.6 9.0

259 231
86
28

All Single-Family Condo-Townhouse All Single-Family Condo-Townhouse

$750,001 and above

Inventory Months Supply
Previously Owned Previously Owned
888
856 New Construction 27.6
New Construction

23.8 24.0
20.7 20.6

138 119
32 19 0.0

All Single-Family Condo-Townhouse All Single-Family Condo-Townhouse

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 13
 Market Overview
A Monthly Indicator from the Austin Board of REALTORS®

5-Year
This Year Last Year
September 2010 This Year Last Year
Percent
Change
5-Year
Average
Year-to-
Date
Year-to-
Date
Percent
Change
Year-to-
Date
Average
New Listings Jul 3,674 3,690 - 0.4% 3,938 27,388 24,329 + 12.6% 26,495
Aug 2,980 3,281 - 9.2% 3,563 30,368 27,610 + 10.0% 30,058
Sep 2,682 3,019 - 11.2% 3,070 33,050 30,629 + 7.9% 33,128
Pending Sales Jul 1,680 2,089 - 19.6% 2,297 13,391 12,965 + 3.3% 15,893
Aug 1,610 2,045 - 21.3% 2,111 15,001 15,010 - 0.1% 18,004
Sep 1,551 1,922 - 19.3% 1,769 16,552 16,932 - 2.2% 19,773
Closed Sales Jul 1,644 2,285 - 28.1% 2,435 12,674 11,740 + 8.0% 14,889
Aug 1,654 1,975 - 16.3% 2,353 14,328 13,715 + 4.5% 17,242
Sep 1,302 1,959 - 33.5% 1,935 15,630 15,674 - 0.3% 19,177
Days on Market Until Sale Jul 70 73 - 3.9% 62 68 77 - 12.0% 65
Aug 72 73 - 2.0% 64 69 77 - 10.7% 65
S
Sep 78 69 + 13.4%
13 4% 64 69 76 - 8.5%
8 5% 65
Median Sales Price Jul $211,850 $187,000 + 13.3% $190,370 $188,000 $187,000 + 0.5% $183,362
Aug $194,750 $185,370 + 5.1% $188,367 $189,000 $186,500 + 1.3% $184,080
Sep $195,000 $183,000 + 6.6% $181,302 $189,138 $186,000 + 1.7% $183,601
Average Sales Price Jul $276,099 $238,589 + 15.7% $250,806 $243,693 $236,841 + 2.9% $240,068
Aug $258,005 $235,928 + 9.4% $246,811 $245,345 $236,710 + 3.6% $240,937
Sep $247,604 $234,946 + 5.4% $239,171 $245,533 $236,489 + 3.8% $240,727
Total Active Listings Available Jul 14,573 11,449 + 27.3%
Aug 13,706 10,940 + 25.3% -- -- -- -- --
Sep 13,313 10,486 + 27.0%
Percent of Original List Jul 93.2% 93.9% - 0.8% 95.1% 95.1% 93.0% + 2.3% 94.1%
Price Received at Sale Aug 92.4% 94.1% - 1.8% 94.7% 94.7% 93.2% + 1.7% 93.9%
Sep 91.8% 94.0% - 2.3% 94.3% 94.3% 93.3% + 1.2% 93.8%
Housing Affordability Index Jul 126 149 - 15.5% 137
Aug 136 152 - 10.9% 139 -- -- -- --
Sep 135 156 - 13.1% 145
Months Supply of Inventory Jul 8.1 6.9 - 15.5%
Aug 7.8 6.5 - 10.9% -- -- -- -- --
Sep 7.7 6.1 - 13.1%

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 14
Annual Review
A free research tool from the Austin Board of REALTORS®

Closed Sales January through April

April Days on Market Until Sale
$184,000
76
30,293 30,293 $171,500
67 67
28,051 28,051 $160,000
26,891 26,891
59 57
22,437
20,905

+ 12.7% - 7.4% - 20.0% - 6.8% - 12.8% - 2.4% + 17.1% + 12.5%

96.3% 96.8% 96.1% 96.3% 96.8% 96.1%

2005 2006 2007 2008 2009 2005 2006 2007 2008 2009

Median Sales Price Percent of Original List Price Received at Sale

$184,000 $187,500 $185,000
$171,500
$160,000

96.8%
96.3% 96.1%

94.3%

93.4%

+ 7.2% + 7.3% + 1.9% - 1.3%

+ 0.5% - 0.7% - 1.8% - 1.0%

2005 2006 2007 2008 2009 2005 2006 2007 2008 2009

All data from the ABOR Multiple Listing Service. Reports are created and maintained by 10K Research and Marketing. 15