2008 Home Sales in Austin Texas Could Be Much Worse

The number of homes sold in Austin Texas in 2008 compared to the same time period in 2007 from January 1 thru February 28 is down 35% and homes taken off the sale block is up 52% in 2008 when comparing the same time periods.  In 2007 there were 1,690 homes sold from February 1 thru February 28 with 336 homes withdrawn from the market.  In 2008 there have been 1,099 homes sold from February 1 thru February 28 with 696 homes withdrawn from the market.  With that said, the median home sold price during the same period in 2007 was $205,000 ($119 per square foot) with an average 59 days on the market.  During the same period in 2008 the median home prices have risen slightly by 4% to $213,986 ($123 per square foot) with an average of 69 days on the market. 

So what does this mean?  Although there is less demand for homes, more homeowners are choosing to take their home off the market rather than take a low price for the sale of their home.  One might conclude that few Austinites are being forced to sell due to financial pressures, which is why home values have remained steady.  For those that do sell their home, it is taking on average 14% longer to get a home sold in Austin in 2008 compared to 2007.  Things could be much worse in Austin, and they are in other parts of the country.

Source: Austin Board of Realtors