Austin home prices are up. Home sales are down. Is your neighborhood safe?

Austin homes: Prices are up 2% for the year for single-family homes in Austin Texas.  But does this indicate that all areas of Austin have gone up in value?  Likewise, the number of single-family homes sold in Austin is down 23% for the year, but does this mean that all areas of Austin have slowing home sales? In order to determine the answer to these questions we decided to compare 2008 sold home prices and the number of homes sold to those during the same time period in 2007 (January 1, 2008 – September 18, 2008) within 51 zip codes in the Austin area.  These Austin real estate statistics are shocking!

Let’s start with the great news.  Out of 51 zip codes that we tracked in the Austin area, 73% of them have increased in value when comparing sold prices in 2008 compared to 2007.  This is a phenomenal statistic that indicates strength in the Austin real estate market as opposed to other markets around the country that have seen significant price decreases this year.  When you look at these “appreciating” zip codes on a map you will find areas have gone up in value all over Austin with little or no pattern or trend.  The zip code with the most appreciation is *78741 located in central Austin and contain subdivisions such as Riverside Meadows, Edgewick, and Fawn Ridge.  The other zip codes in the top five “appreciating” areas of Austin include 78723 in central Austin, 78669 in northwest Austin, 78724 in east Austin, and 78652 in south Austin.  These top five “appreciating” zip codes average a 9% increase in home sold prices in 2008 over 2007.

When looking at a map at the “depreciating” zip codes in Austin, you will see that these zip codes seem to encircle the *central core of Austin outside of areas that are highly desirable such as West Lake Hills, Tarrytown, and downtown.  The top five zip codes with “depreciating” value are 78617 and 78747 in south Austin, 78725 in east Austin, and 78628 and 78626 in north Austin.  The top three “depreciating” zip codes average 9% price reductions in 2008 compared to 2007, which include 78617, 78725, and 78628.  Of the 14 zip codes that are “depreciating”, the average depreciation is 3%.  Below is the chart showing the details but don’t stop here because there are more statistics to be found just below this chart.

Area-Zip Code: % Sold Price Increase/Decrease
Central 78741: 9.44%
Central 78723: 9.19%
NW 78669: 9.09%
East 78724: 7.79%
South 78652: 7.37%
North 78750: 6.87%
North 78729: 6.73%
Central 78703: 6.02%
West 78730: 5.85%
NW 78645: 5.36%
North 78758: 4.76%
North 78727: 4.46%
South 78745: 4.39%
Central 78731: 3.94%
North 78759: 3.40%
North 78728: 2.94%
Central 78705: 2.62%
West 78735: 2.54%
South 78744: 2.52%
Central 78751: 2.51%
South 78748: 2.47%
North 78660: 2.35%
NW 78641: 2.30%
South 78749: 2.18%
North 78613: 2.08%
West 78736: 1.71%
Central 78721: 1.49%
Central 78752: 1.23%
North 78664: 1.18%
East 78754: 1.16%
North 78681: 1.09%
Central 78756: 1.05%
North 78717: 0.97%
West 78620: 0.76%
West 78733: 0.63%
Central 78704: 0.56%
Central 78746: 0.47%
West 78738: -0.77%
North 78726: -0.86%
South 78739: -1.06%
East 78753: -1.09%
South 78737: -1.41%
West 78732: -1.56%
Central 78757: -1.59%
Central 78702: -1.92%
West 78734: -2.16%
North 78626: -2.35%
South 78747: -2.43%
North 78628: -7.92%
East 78725: -8.11%
South 78617: -9.67%

Article continued in my next blog at the following link: http://www.regentpg.com/blog/brian-talley/continuedaustin-home-prices-up-austin-home-sales-are-down-what-about-your-neighborhood-/show/

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