Residential Sales Report

A RESEARCH TOOL PROVIDED BY THE AUSTIN BOARD OF REALTORS®

March 2011 Quick Facts

This month's numbers are stuck in the shadow of the spring 2010 incentive
market. A number of factors hinder a full-scale housing recovery, yet there are
- 32.8% + 3.7% - 11.1%
positives that suggest improving consumer confidence. Slowing unemployment
claims, strong corporate balance sheets and 13 months of private job growth Change in Change in Change in
Closed Sales Median Sales Price Inventory
are cause for long-dormant optimism. Let's see if our local glass is half empty
or half full.

New Listings in the Austin region decreased 18.1 percent from last March to
3,831 new homes. Pending Sales decreased 7.7 percent to land at 2,241 Market Overview 2
contracts written. As a result, inventory levels decreased 11.1 percent from last New Listings 3
year to reach 9,999 active listings. Pending Sales 4
The price situation improved – the March Median Sales Price of $184,500 Closed Sales 5
increased 3.7 percent. Negotiations moved toward buyers as Percent of Days On Market Until Sale 6
Original List Price Received at Sale decreased 2.3 percent to 92.2 percent. The
Median Sales Price 7
market moved toward balance as Months Supply of Inventory decreased to 6.0
months. Average Sales Price 8
Percent of List Price Received 9
The national interest rate is 5.11 percent on a 30-year fixed; the national
Housing Affordability Index 10
unemployment rate dropped to 8.8 percent in March. Several important
changes to the mortgage industry are on the horizon. Ensuring access to Inventory of Homes for Sale 11
adequate mortgage capital for qualified buyers is key to housing recovery. This Months Supply of Inventory 12
will require substantial reforms to Fannie and Freddie.
Click on desired metric to jump to that page.

All data comes from the ABOR Multiple Listing Service. Powered by 10K Research and Marketing. | 1
Market Overview
Key market metrics for the current month and year-to-date.

Key Metrics Historical Sparklines 3-2010 3-2011 +/– YTD 2010 YTD 2011 +/–

New Listings 4,679 3,831 - 18.1% 11,490 9,279 - 19.2%

3-2008 3-2009 3-2010 3-2011

Pending Sales 2,428 2,241 - 7.7% 5,702 5,379 - 5.7%

3-2008 3-2009 3-2010 3-2011

Closed Sales 2,010 1,351 - 32.8% 4,267 3,603 - 15.6%

3-2008 3-2009 3-2010 3-2011

Days on Market Until Sale 69 95 + 36.4% 72 92 + 27.2%

3-2008 3-2009 3-2010 3-2011

Median Sales Price $178,000 $184,500 + 3.7% $178,000 $185,000 + 3.9%

3-2008 3-2009 3-2010 3-2011

Average Sales Price $230,630 $248,859 + 7.9% $231,926 $243,604 + 5.0%

3-2008 3-2009 3-2010 3-2011

Percent of Original
94.4% 92.2% - 2.3% 93.9% 92.1% - 1.9%
List Price Received
3-2008 3-2009 3-2010 3-2011

Housing Affordability Index 160 169 + 5.9% 160 169 + 5.6%

3-2008 3-2009 3-2010 3-2011

Inventory of Homes for Sale 11,242 9,999 - 11.1% -- -- --

3-2008 3-2009 3-2010 3-2011

Months Supply
6.4 6.0 - 6.6% -- -- --
of Homes for Sale
3-2008 3-2009 3-2010 3-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 2
New Listings
A count of the properties that have been newly listed on the market in a given month.

March Year To Date Month

Prior Current
+/–
Year Year
April 3,627 4,960 +36.8%
4,679
May 3,472 3,464 -0.2%
11,490 June 3,646 3,797 +4.1%
3,831
3,664 9,871 July 3,689 3,675 -0.4%
9,279
August 3,279 2,978 -9.2%
September 3,015 2,683 -11.0%
October 3,015 2,542 -15.7%
November 2,483 2,082 -16.1%
December 1,969 1,794 -8.9%
January 3,318 2,783 -16.1%
February 3,493 2,665 -23.7%
+27.7% -18.1% +16.4% -19.2%
March 4,679 3,831 -18.1%
2009 2010 2011 2009 2010 2011 12-Month Avg 3,307 3,105 -6.1%

Historical New Listing Activity

5,500

5,000

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 3
Pending Sales
A count of the properties that have offers accepted on them in a given month.

March Year To Date Month

Prior Current
+/–
Year Year
5,702
5,379 April 1,951 2,874 +47.3%
2,428 May 2,184 1,447 -33.7%
2,241 4,593 June 2,150 1,662 -22.7%
July 2,087 1,644 -21.2%
1,856
August 2,045 1,531 -25.1%
September 1,922 1,401 -27.1%
October 1,839 1,429 -22.3%
November 1,251 1,292 +3.3%
December 1,108 1,176 +6.1%
January 1,479 1,483 +0.3%
February 1,795 1,655 -7.8%
+30.8% -7.7% +24.1% -5.7%
March 2,428 2,241 -7.7%
2009 2010 2011 2009 2010 2011 12-Month Avg 1,853 1,653 -10.8%

Historical Pending Sales Activity

3,500

3,000

2,500

2,000

1,500

1,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 4
Closed Sales
A count of the properties that have closed in a given month.

March Year To Date Month

Prior Current
+/–
Year Year
4,267
April 1,708 2,252 +31.9%
2,010 3,611 3,603 May 1,868 2,307 +23.5%
June 2,272 2,211 -2.7%
July 2,285 1,654 -27.6%
1,501
1,351 August 1,975 1,686 -14.6%
September 1,959 1,425 -27.3%
October 1,969 1,346 -31.6%
November 1,745 1,340 -23.2%
December 1,519 1,566 +3.1%
January 993 1,056 +6.3%
February 1,264 1,196 -5.4%
+33.9% -32.8% +18.2% -15.6%
March 2,010 1,351 -32.8%
2009 2010 2011 2009 2010 2011 12-Month Avg 1,797 1,616 -8.4%

Historical Closed Sales Activity

3,500

3,000

2,500

2,000

1,500

1,000

500
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 5
Days on Market Until Sale
The average number of days between when a property is first listed and when an offer is accepted. Sold properties only.

March Year To Date Month

Prior Current
+/–
Year Year
95
92 April 76 66 -12.2%
83 83 May 75 62 -17.6%
72 June 76 67 -12.9%
69
July 73 70 -3.6%
August 73 72 -1.5%
September 69 77 +12.3%
October 72 88 +22.8%
November 75 86 +15.0%
December 79 92 +15.5%
January 79 88 +11.9%
February 72 93 +28.5%
-16.0% +36.4% -12.6% +27.2%
March 69 95 +36.4%
2009 2010 2011 2009 2010 2011 12-Month Avg 74 77 +4.7%

Historical Days on Market Until Sale

100

90

80

70

60

50

40
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 6
Median Sales Price
The median sales price for all closed sales in a given month. Sold properties only. Does not account for seller concessions.

March Year To Date Month

Prior Current
+/–
Year Year
April $185,000 $185,000 0.0%
$184,500 $180,000 $185,000
$179,000 $178,000 $178,000 May $190,000 $186,000 -2.1%
June $195,000 $198,000 +1.5%
July $186,500 $211,555 +13.4%
August $185,000 $194,000 +4.9%
September $183,000 $188,731 +3.1%
October $179,000 $190,000 +6.1%
November $174,000 $179,500 +3.2%
December $186,000 $189,000 +1.6%
January $175,000 $185,000 +5.7%
February $180,745 $186,000 +2.9%
-0.6% +3.7% -1.1% +3.9%
March $178,000 $184,500 +3.7%
2009 2010 2011 2009 2010 2011 12-Month Avg $184,864 $190,000 +2.8%

Historical Median Sales Price

$220,000

$210,000

$200,000

$190,000

$180,000

$170,000

$160,000

$150,000

$140,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 7
Average Sales Price
The average sales price for all closed sales in a given month. Sold properties only. Does not account for seller concessions.

March Year To Date Month

Prior Current
+/–
Year Year
April $227,607 $228,668 +0.5%
$248,859 May $246,641 $236,487 -4.1%
$243,604
$227,559 $230,630 $229,836 $231,926
June $244,680 $265,235 +8.4%
July $238,247 $275,446 +15.6%
August $235,796 $257,323 +9.1%
September $234,565 $241,609 +3.0%
October $232,209 $255,409 +10.0%
November $231,094 $243,559 +5.4%
December $248,772 $245,254 -1.4%
January $233,052 $241,602 +3.7%
February $233,103 $239,437 +2.7%
+ 1.3% + 7.9% + 0.9% + 5.0%
March $230,630 $248,859 +7.9%
2009 2010 2011 2009 2010 2011 12-Month Avg $236,612 $248,203 +4.9%

Historical Average Sales Price

$280,000

$270,000

$260,000

$250,000

$240,000

$230,000

$220,000

$210,000

$200,000

$190,000

$180,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 8
Percent of Original List Price Received
The average percentage found when dividing a property's sales price by the original list price. Sold properties only. Does not account for
list prices from any previous listing contracts or any seller concessions.

March Year To Date Month

Prior Current
+/–
Year Year
April 92.9% 94.8% +2.0%
92.3% 94.4% 92.2% 91.8% 93.9% 92.1%
May 93.4% 94.8% +1.5%
June 93.7% 94.1% +0.4%
July 93.9% 93.1% -0.9%
August 94.1% 92.4% -1.8%
September 94.0% 91.9% -2.2%
October 93.8% 91.2% -2.7%
November 93.9% 91.3% -2.8%
December 93.1% 91.5% -1.8%
January 93.1% 91.6% -1.6%
February 93.5% 92.3% -1.3%
+2.3% -2.3% +2.2% -1.9%
March 94.4% 92.2% -2.3%
2009 2010 2011 2009 2010 2011 12-Month Avg 93.7% 92.9% -0.9%

Historical Percent of Original List Price Received

99.0%

98.0%

97.0%

96.0%

95.0%

94.0%

93.0%

92.0%

91.0%
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 9
Housing Affordability Index
The Housing Affordability Index measures housing affordability for the region. An HAI of 120 would mean the median household income
was 120% of what's necessary to qualify for the median priced home under prevailing interest rates. The higher the number, the more affordable housing is.

March Year To Date Prior Current

Month +/–
Year Year
April 154 154 +0.0%
169 169
157 160 157 160 May 146 154 +5.5%
June 143 149 +4.7%
July 149 144 -3.4%
August 153 157 +2.5%
September 156 161 +3.2%
October 159 161 +1.3%
November 165 170 +2.7%
December 151 160 +6.2%
January 162 168 +3.9%
February 157 167 +5.8%
+1.4% +5.9% +1.8% +5.6%
March 160 169 +5.9%
2009 2010 2011 2009 2010 2011 12-Month Avg 155 160 +3.2%

Historical Housing Affordability Index

180

170

160

150

140

130

120
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 10
Inventory of Homes for Sale
The number of properties available for sale in active status at the end of the month.

March Prior Current

Month +/–
Year Year
April 11,938 12,355 +3.5%
11,373 11,242
May 12,375 13,085 +5.7%
9,999
June 12,381 13,766 +11.2%
July 12,522 14,401 +15.0%
August 12,477 14,596 +17.0%
September 12,009 13,925 +16.0%
October 11,550 13,216 +14.4%
November 11,165 12,354 +10.6%
December 10,869 11,221 +3.2%
January 9,908 9,930 +0.2%
February 10,533 9,985 -5.2%
-1.2% -11.1%
March 11,242 9,999 -11.1%
2009 2010 2011 12-Month Avg 11,581 12,403 +6.7%

Historical Inventory of Homes for Sale

15,000

14,000

13,000

12,000

11,000

10,000

9,000

8,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 11
Months Supply of Inventory
Compares the number of active listings available to the average monthly pending sales for the last twelve months.

March Prior Current

Month +/–
Year Year
April 6.9 6.9 +0.1%
6.4 6.4 May 7.3 7.1 -2.5%
6.0
June 7.5 7.3 -1.9%
July 7.6 7.7 +1.0%
August 7.6 8.0 +5.7%
September 7.4 7.7 +4.8%
October 7.1 7.5 +6.8%
November 6.6 7.3 +9.3%
December 6.3 6.7 +7.4%
January 5.7 5.9 +4.5%
February 6.0 6.0 -1.1%
+0.5% -6.6%
March 6.4 6.0 -6.6%
2009 2010 2011 12-Month Avg 6.9 7.0 +2.3%

Historical Months Supply of Inventory

9

3
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011

All data comes from the ABOR Multiple Listing Service. Provided by the Austin Board of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 12