Austin Real Estate Statistics 2nd Quarter 2008

The Austin Texas real estate market is remaining steady when comparing the 1st and 2nd Quarter performances.  While the number of homes sold in the 2nd Quarter 2008 are down and the number of homes withdrawn are up compared to 2007, Austin home prices continue to climb slightly.  With Austin unemployment remaining low at 4.5% and home prices remaining steady, Austin real estate continues to outperform the rest of the country for the most part.  Following is a more detailed analysis of the Austin Texas real estate market.  Pay close attention to the luxury and higher priced market compared to the $250K-$500K homes.  The $250K-$500K homes continue to outperform the higher end homes with a higher volume of homes sold.  Luxury and higher priced homes are sitting longer with fewer takers.

During the 1st Quarter of 2008 we reported that 2,219 homes were sold and 1,004 homes withdrawn from the market in Austin, which was a 25% decline in homes sold and 43% increase in homes withdrawn from the market respectively from the same period in 2007.  The 2nd Quarter 2008 has produced comparable statistics with 2,870 homes sold and 1,050 withdrawn from the market in Austin as of 6/26/08, which is a 27% decline in homes sold and 41% increase in homes withdrawn from the market respectively from the same period in 2007.  As with the 1st Quarter 2008 compared to 2007, home prices have actually increased from the 2nd Quarter 2007 to the 2nd Quarter 2008 by 2.4%!  The median price for homes sold during the 2nd Quarter in 2007 was $126.61 per square foot and rose by 2.4% to $129.72 per square foot during the 2nd Quarter 2008. 

Austin Luxury Homes ($1,000,000+): During the 2nd Quarter of 2008 there were 56 homes over $1,000,000 sold in Austin Texas compared to 84 during the 2nd Quarter 2007, which is 33% less homes this year compared to last.  About the same number of homes were withdrawn from the market during the same time period with 48 withdrawn in 2008 while 49 were withdrawn in 2007.  Luxury sold prices actually increased by 2.5% with a median sold price of $290.23 during the 2nd Quarter 2008 and $282.92 during the 2nd Quarter 2007. 

Austin Homes for sale ($500,000 to $1,000,000): During the 2nd Quarter of 2008 there were 273 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 373 during the 2nd Quarter 2007, which is 27% less homes this year compared to last.  178 homes were withdrawn from the market during the 2nd Quarter 2008 compared to 99 in 2007, a 44% increase in homes withdrawn this year.  Sold prices actually increased by 5.2% with a median sold price of $202.66 during the 2nd Quarter 2008 and $192.20 during the 2nd Quarter 2007. 

Austin Texas Real Estate ($250,000 to $500,000):   During the 2nd Quarter of 2008 there were 992 homes between $250,000 and $500,000 sold in Austin Texas compared to 1,239 during the 2nd Quarter 2007, which is 20% less homes this year compared to last.  417 homes were withdrawn from the market during the 2nd Quarter 2008 compared to 218 in 2007, a 48% increase in homes withdrawn this year.  Sold prices actually increased by 3.6% with a median sold price of $148.40 during the 2nd Quarter 2008 and $143.02 during the 2nd Quarter 2007. 

Information provided by the Austin Board of Realtors was collected from 4/1/08 through 6/26/08.