Austin Texas Real Estate Market Update and Statistics November 2008

Median sold prices for Austin homes (single-family) are up 1.1% for the year and 1.7% for November 2008 compared to November 2007.  The number of homes sold in Austin is down 23% for the year and 54% for November 2008 compared to November 2007, the biggest overall decrease in the number of homes sold that we have seen yet this year.  The national market volatility is clearly the culprit of this low sales volume, which has instilled fear and wonder into home buyers and sellers about whether we will continue to experience a depressed national economy as we move into the New Year.  The Austin real estate market remains one of the strongest in the country having experienced an overall price increase for the year.  My recommendation of selling competitively and buying aggressively remains for now.

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 – November 2008:
Sold:  So far between January and November of 2008 there were 7,839 homes sold in Austin Texas compared to 10,130 during the same period of time in 2007, which is a 22.6% reduction.  Overall home prices have increased by 1.1% for the year (down from 1.3% a month ago) with a median sold price of $121.40 per square foot ($240,000) in 2008 compared to $120.02 per square foot ($235,000) in 2007.  In 2008 these homes have averaged 58 days on the market compared to 46 days on the market in 2007, which is a 20.6% increase in the time it is taking to sell a home this year compared to last.

Active: There are 3,761 single-family homes actively for sale in Austin Texas as of November 30, 2008, which are just 196 fewer homes on the market compared to a month ago.  These homes average 100 days on the market with a median price of $141.71 per square foot ($318,000), which is a list price 14% higher than the median sold price in Austin through November of 2008.  

Pending Sale: There are 650 houses pending sale in Austin as of 11/30/08, which is 8% less than a month ago.   These 650 homes average 69 days on the market with a median price of $117.59 per square foot ($226,728), which is a list price 3% lower than the median sold price in Austin between January and October 2008. 

Withdrawn: There were 3,394 homes withdrawn from the Austin Texas real estate market between January and November of 2008 as compared to 2,342 homes during the same period of time during 2007, which is a 34% increase in withdrawals.  The homes withdrawn in 2008 averaged 91 days on the market and were listed for sale with a median price of $143.84 per square foot ($320,000).
 
Austin Real Estate Market Summary for November 2008:

Austin Homes (all price ranges): During November 2008 there were 303 single-family homes sold in Austin Texas compared to 657 during the same time period in 2007, which is a 54% reduction in homes sold.  The monthly sold prices for Austin single-family homes increased for the second month in a row in November 2008.   Between October and November 2008 sold price have increased by 1.7% compared to a price increase of 1.4% between September and October of 2008 and a price decrease of 4.3% between August and September of 2008.   Overall Austin home prices per square foot are almost identical when comparing November 2008 to November 2007 with a median sold price of $120.01 per square foot ($237,500) in November 2008 compared to $121.30 per square foot ($232,000) in November 2007.  363 homes were withdrawn from the market during the same time period in 2008 compared to 353 in 2007, which is a 2.8% increase. 

Austin Luxury Homes ($1,000,000+): Between January and November of 2008 there were 168 single-family homes over $1 million that sold in Austin, a 35% decrease compared to the same period of time during 2007.  During 2008 median sold prices have remained flat and time on the market has increased by 19% with a median sold price of $291.20 per square foot ($1,300,000) and an average of 126 days on the market between January and November of 2008 compared to $290.63 per square foot ($1,410,000) and an average of 102 days on the market during the same period of time in 2007.  During November 2008 there were 6 homes over $1,000,000 sold in Austin Texas compared to 19 during the same time period in 2007, which is a 68% reduction in homes sold.  Luxury sold prices decreased by 10.3% with a median sold price of $285.38 per square foot ($1,237,500) during November 2008 compared to $318.09 per square foot ($1,770,250) in November 2007.  As of 11/30/08 there are 339 single-family homes over $1 million actively for sale in Austin with a median list price of $341 per square foot ($1,679,000), 5,166 square feet and averaging 165 days on the market.  There is a 16.3% difference between the current median list price and the median sale price ($341 per square foot list price versus $285.38 per square foot sold price) for Austin luxury homes.  There are currently 21 luxury homes pending sale in Austin with a median list price of $355.26 per square foot ($1,495,000), 5,447 square feet, and an average of 92 days on the market.  36 luxury homes were withdrawn from the market during November 2008 compared to 34 in November 2007.

Austin Homes for sale ($500,000 to $1,000,000): Between January and November of 2008 there were 806 single-family homes between $500,000 and $1,000,000 that sold in Austin, a 25% decrease compared to the same period of time during 2007.  During 2008 median sold prices have remained flat and time on the market has increased by 16% with a median sold price of $188.73 per square foot ($614,505) and an average of 83 days on the market between January and November of 2008 compared to $189.67 per square foot ($622,400) and an average of 70 days on the market during the same period of time in 2007.  During November 2008 there were 39 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 66 during November 2007, which is a 41% reduction in homes sold.  61 homes were withdrawn from the market during the same time period in 2008 compared to 81 in 2007.  Sold prices decreased by 18.8% (this compares to a 10.6% decrease in our October update) with a median sold price of $170 per square foot ($600,000) during November 2008 compared to $209.44 per square foot ($649,450) in November 2007.

Austin Texas Real Estate ($250,000 to $500,000):   Between January and November of 2008 there were 2,811 single-family homes between $250,000 and $500,000 that sold in Austin, a 17.3% decrease compared to the same period of time during 2007.  During 2008 median sold prices have remained flat and time on the market has increased by 24% with a median sold price of $136.06 per square foot ($325,000) and an average of 63 days on the market between January and November of 2008 compared to $136.47 per square foot ($327,500) and an average of 48 days on the market during the same period of time in 2007.  During November 2008 there were 106 homes between $250,000 and $500,000 sold in Austin Texas compared to 231 during the same time period in 2007, which is 54% reduction in homes sold.  136 homes were withdrawn from the market during the same period in 2008 compared to 142 in 2007, which is a 4% decrease.  Sold prices decreased by 2.5% with a median sold price of $131.79 per square foot ($312,500) during November 2008 compared to $135.14 per square foot ($325,379) in November 2007.

Austin Home ($0 to $250,000):   Between January and November of 2008 there were 4,056 single-family homes between $0 and $250,000 that sold in Austin, a 25% decrease compared to the same period of time during 2007.  During 2008 median sold prices have increased by 2.7% and time on the market has increased by 19% with a median sold price of $107.69 per square foot ($174,450) and an average of 47 days on the market between January and November of 2008 compared to $104.75 per square foot ($169,495) and an average of 38 days on the market during the same period of time in 2007.  During November 2008 there were 154 homes between $0 and $250,000 sold in Austin Texas compared to 340 during the same time period in 2007, which is 55% reduction in homes sold.  130 homes were withdrawn from the market during the same period in 2008 compared to 96 in 2007, which is a 26% increase.  Sold prices decreased by 2% with a median sold price of $102.11 per square foot ($171,000) during November 2008 compared to $104.19 per square foot ($173,150) in November 2007.

Austin Leases: Between January and November of 2008 there were 6,923 homes (all types) that leased in Austin, an 8% increase compared to the same period of time during 2007.  During 2008 median lease prices have increased by 6% and time on the market has remained flat with a median lease price of $1,225 per month and an average of 35 days on the market between January and November of 2008 compared to $1,150 per month and an average of 34 days on the market during the same period of time in 2007.  During November 2008 there were 469 homes (all types) leased in Austin compared to 417 during the same time period in 2007, which is a 11% increase in the number of homes leased.  Lease prices decreased by 3.8% with a median lease price of $1,150 per month in November 2008 compared to $1,195 per month in November 2007.

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.