Austin Texas Real Estate Market Update and Statistics January 2009

Median sold prices for Austin homes (single-family) are down 2.2% and the number of homes sold is down 47% for January 2009 compared to January 2008.  Bank rates for a 30 year fixed mortgage remained low at 5.33% as of 2/1/09 according to bankrate.com.  With fewer homes being purchased and with low interest rates, this is an excellent time to consider buying.  Keep your eyes open for “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 a home or if you have a need for Austin office space.

Austin Real Estate Market Summary for January 2009:
Sold:  There were 279 homes sold in Austin Texas during January 2009 compared to 528 during the same period of time in 2008 (47% reduction) and 622 during January of 2007  (55% reduction when comparing 2009 to 2007).  Overall home prices have decreased by 2.2% during January 2009 compared to January 2008 with a median sold price of $116.41 per square foot ($230,500) in January 2008 compared to $113.74 per square foot ($223,642) in January 2009.  In January 2009 these sold homes have averaged 76 days on the market compared to 69 days on the market in 2008, which is a 9.2% increase in the time it is taking to sell a home this January compared to last.
Active: There are 3,193 single-family homes actively for sale within the city limits of Austin Texas as of February 1, 2009, which is almost identical to the 3,204 single-family homes for sale on January 1, 2009.  These homes average 104 days on the market with a median list price of $143.28 per square foot ($324,900).  
Pending Sale: There are 717 houses pending sale in Austin as of 2/1/09, which is 21.6% more than a month ago when there were 562 houses pending sale.   These 717 homes average 79 days on the market with a median price of $117.25 per square foot ($231,507), which is a list price 3% higher than the median sold price in Austin during January 2009. 
Withdrawn: There were 311 single-family homes withdrawn from the Austin Texas real estate market during January 2009 compared to 237 homes during the same period of time during 2007, which is a 24% increase in withdrawals.  The homes withdrawn in January 2009 averaged 122 days on the market and were listed for sale with a median price of $135.35 per square foot ($279,900). This compares to an average of 113 days on the market with a median price of $144.44 per square foot ($349,000) for homes withdrawn from the market during January 2008.
 
Austin Real Estate Market Summary for January 2008:
Austin Luxury Homes ($1,000,000+): During January 2009 there were 7 single-family homes over $1 million that sold in Austin, a 53% decrease compared to the same period of time during January 2008 when there were 15 luxury homes sold.  During January 2008 median sold prices have decreased by 8% and time on the market has decreased by 26% with a median sold price of $280.67 per square foot ($1,400,000) and an average of 127 days on the market during January 2009 compared to $306.67 per square foot ($1,650,000) and an average of 172 days on the market during the same period of time in 2008.  As of 2/1/08 there are 313 single-family homes over $1 million actively for sale within the city limits of Austin with a median list price of $333.33 per square foot ($1,600,000), 5,068 square feet and averaging 153 days on the market.  There is a 15.8% difference between the current median list price and the median sale price ($333.33 per square foot list price versus $280.67 per square foot sold price) for Austin luxury homes.  There are currently 18 luxury homes pending sale in Austin with a median list price of $319.07 per square foot ($1,637,000), 5,480 square feet, and an average of 201 days on the market.  19 luxury homes were withdrawn from the market during January 2009 compared to 15 in January 2008.
Austin Homes for sale ($500,000 to $1,000,000): During January 2009 there were 17 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 52 during January 2008, which is a 67% reduction in homes sold.  50 homes were withdrawn from the market during the same time period in 2009 compared to 57 in January 2008.  Sold prices decreased by 15.4% with a median sold price of $169.41 per square foot ($575,000) during January 2009 compared to $200.34 per square foot ($611,000) in January 2008.  As of 2/1/09 there were 610 single-family homes actively for sale with a median list price of $203.86 per square foot ($689,254) and averaging 114 days on the market.  There are currently 67 homes pending sale with a median list price of $184.47 per square foot ($663,429) and averaging 110 days on the market.  
Austin Texas Real Estate ($250,000 to $500,000):   During January 2009 there were 103 homes between $250,000 and $500,000 sold in Austin Texas compared to 176 during January 2008, which is a 41% reduction in homes sold.  Sold prices remained flat with a median sold price of $134.23 per square foot ($325,000) and averaging 85 days on the market during January 2009 compared to a median sold price of $134.94 per square foot ($319,000) and averaging 68 days on the market during January 2008.  As of 2/1/09 there were 1,143 single-family homes actively for sale with a median list price of $139.08 per square foot ($344,900) and averaging 99 days on the market.  There are currently 246 homes pending sale with a median list price of $134.57 per square foot ($332,745) and averaging 89 days on the market.   122 homes were withdrawn from the market during the same time period in 2009 compared to 89 in January 2008.
Austin Home ($0 to $250,000):   During January 2009 there were 154 homes between $0 and $250,000 sold in Austin Texas compared to 289 during January 2008, which is a 47% reduction in homes sold.  Sold prices decreased by 2.8% with a median sold price of $101.11 per square foot ($169,900) and averaging 63 days on the market during January 2009 compared to a median sold price of $104.02 per square foot ($173,500) and averaging 59 days on the market during January 2008.  As of 2/1/09 there were 1,143 single-family homes actively for sale with a median list price of $104.84 per square foot ($174,000) and averaging 90 days on the market.  There are currently 395 homes pending sale with a median list price of $100.84 per square foot ($169,500) and averaging 62 days on the market.   122 homes were withdrawn from the market during January 2009 compared to 77 in January 2008. 
Austin Leases: During January 2009 there were 621 homes (all types) leased in Austin compared to 492 during January 2008, which is a 21% increase in the number of homes leased.  Lease prices increased 6% with a median lease price of $.85 per square foot ($1,195 per month) in January 2009 compared to $.80 per square foot ($1,195 per month) in January 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.