Austin Texas Real Estate Market Update and Statistics February 2009

Median sold prices for Austin homes (single-family) are down 3.2% and the number of homes sold is down 41% for February 2009 compared to February 2008.  Bank rates for a 30 year fixed mortgage remain very low at 5.25% as of 3/1/09 according to bankrate.com.  Due to the $787 billion U.S. Stimulus Plan recently signed by President Obama, first-time homebuyer’s now have the ability to receive an $8,000 tax credit for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  The credit does not require repayment.  With fewer homes being purchased and with low interest rates and tax incentives for first-time homebuyers, this is an excellent time to consider buying an Austin home.  Although home sellers are not “giving away” their homes, keep your eyes open for some “good deals” to pop on the market.  My recommendation is to price competitively and buy aggressively during 2009.

Find Austin homes for sale by clicking this link.  Contact Austin REALTOR® Brian Talley of Regent Property Group at 512-554-9714 if you need help buying or selling an Austin home or if you have a need for Austin office space.

Austin Real Estate Market Summary for February 2009:

Sold:  There were 378 homes sold in Austin Texas during January 2009 compared to 638 during the same period of time in 2008 (41% reduction) and 751 during January of 2007 (50% reduction when comparing 2009 to 2007).  Overall home prices have decreased by 3.2% during February 2009 compared to February 2008 with a median sold price of $117.45 per square foot ($216,265) in February 2008 compared to $113.79 per square foot ($240,000) in February 2009.  In February 2009 these sold homes have averaged 113 days on the market compared to 102 days on the market in 2008, which is an 11% increase in the time it is taking to sell a home this February compared to last.

Active: There are 3,356 single-family homes actively for sale within the city limits of Austin Texas as of March 1, 2009, which is a 5% increase from the 3,193 single-family homes for sale on February 1, 2009.  These homes average 98 days on the market with a median list price of $144.72 per square foot ($332,147).  

Pending Sale: There are 777 houses pending sale in Austin as of 3/1/09, which is 8% more than a month ago when there were 717 houses pending sale.   These 777 homes average 77 days on the market with a median price of $114.99 per square foot ($224,500), which is a list price 1% higher than the median sold price in Austin during February 2009. 

Withdrawn: There were 224 single-family homes withdrawn from the Austin Texas real estate market during February 2009 compared to 212 homes during the same period of time during 2008, which is a 6% increase in withdrawals.  The homes withdrawn in February 2009 averaged 123 days on the market and were listed for sale with a median price of $132.29 per square foot ($291,873). This compares to an average of 96 days on the market with a median price of $148.55 per square foot ($269,950) for homes withdrawn from the market during February 2008.
 
Austin Real Estate Market Summary for February 2008:
Austin Luxury Homes ($1,000,000+): During February 2009 there were 12 single-family homes over $1 million that sold in Austin compared to 11 during February 2008.  During February 2009 the median sold price was $276.13 per square foot ($1,625,000) and an average of 173 days on the market compared to $280.65 per square foot ($1,300,000) and an average of 109 days on the market during February 2008.  As of 3/1/08 there are 322 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $339.25 per square foot ($1,691,950), 5,009 square feet and averaging 143 days on the market.  There is a 23% difference between the current median list price and the median sale price ($339.25 per square foot list price versus $276.13 per square foot sold price) for Austin luxury homes.  There are currently 14 luxury homes pending sale in Austin with a median list price of $364.27 per square foot ($1,662,500), 4,444 square feet, and an average of 167 days on the market.  16 luxury homes were withdrawn from the market during February 2009 compared to 9 in February 2008.

Austin Homes for sale ($500,000 to $1,000,000): During February 2009 there were 39 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 55 during February 2008, which is a 29% reduction in homes sold.  47 homes were withdrawn from the market during February 2009 compared to 37 in February 2008.  Sold prices increased by 1.6% with a median sold price of $180.13 per square foot ($617,000) during February 2009 compared to $177.14 per square foot ($640,000) in February 2008.  As of 3/1/09 there were 664 single-family homes actively for sale with a median list price of $201.62 per square foot ($685,000) and averaging 106 days on the market.  There are currently 70 homes pending sale with a median list price of $176.76 per square foot ($652,495) and averaging 113 days on the market.  

Austin Texas Real Estate ($250,000 to $500,000):   During February 2009 there were 134 homes between $250,000 and $500,000 sold in Austin Texas compared to 196 during February 2008, which is a 32% reduction in homes sold.  Sold prices remained steady with a median sold price of $131.98 per square foot ($302,000) and averaging 85 days on the market during February 2009 compared to a median sold price of $133.30 per square foot ($328,500) and averaging 75 days on the market during February 2008.  As of 3/1/09 there were 1,268 single-family homes actively for sale with a median list price of $138.42 per square foot ($345,000) and averaging 93 days on the market.  There are currently 250 homes pending sale with a median list price of $132 per square foot ($329,450) and averaging 86 days on the market.   75 homes were withdrawn from the market during February 2009 compared to 68 in January 2008.

Austin Home ($0 to $250,000):   During February 2009 there were 198 homes between $0 and $250,000 sold in Austin Texas compared to 376 during February 2008, which is a 47% reduction in homes sold.  Sold prices decreased by 4% with a median sold price of $103.11 per square foot ($175,739) and averaging 59 days on the market during February 2009 compared to a median sold price of $107.37 per square foot ($170,000) and averaging 56 days on the market during February 2008.  As of 3/1/09 there were 1,103 single-family homes actively for sale with a median list price of $105.71 per square foot ($174,900) and averaging 87 days on the market.  There are currently 438 homes pending sale with a median list price of $99.32 per square foot ($165,000) and averaging 64 days on the market.   106 homes were withdrawn from the market during February 2009 compared to 98 in January 2008. 

Austin Leases: There are currently 1,441 homes for lease within the City of Austin with a median lease price of $.89 per square foot ($1,350 per month) and averaging 57 days on the market.  During February 2009 there were 490 homes (all types) leased in Austin compared to 528 during February 2008, which is a 7% decrease in the number of homes leased.  Lease prices increased 3.7% and days on the market increased by 27% with a median lease price of $.81 per square foot ($1,195 per month) and averaging 54 days on the market in February 2009 compared to $.78 per square foot ($1,150 per month) and averaging 39 days on the market in February 2008.

Source: The raw data in this report was provided by the Austin Board of REALTORS®  but interpreted by Austin REALTOR® Brian Talley of Regent Property Group.  The information contained herein is subject to errors, omissions and changes without notice.  Any information, statistics, analytics, recommendations or opinions provided in this report are subject to errors and/or omissions and are not in any way guaranteed as accurate or reliable by Brian Talley or by Regent Property Group LLC.