Austin Texas Real Estate Market Update and Statistics October 2008

Austin real estate home prices are steady, the number of Austin homes sold is still low, and the number of homes withdrawn from the market is still high.  With a new President on the way and the chance for the $700 billion dollar bailout to kick in, we may be looking at much higher number of homes sold in Austin Texas during the summer of 2009 compared to 2008. If sales volume does pickup in the summer of 2009 then the time period between November 2008 and April 2009 may very well be the bottom of the Austin real estate market and the best time to find a deal on purchasing a new home in Austin.  My recommendation of selling competitively and buying aggressively remains for now with an emphasis on buying between now and the summer of 2009. 

Austin real estate prices for single-family homes have increased overall by 1.4% since last month (October 2008 compared to September 2008), a pleasant sign of price stability given the current market woes.  This compares to price decreases of 4.3% between August and September of 2008 and 3.2% between July and August of 2008.  However, the number of homes sold is down by 30% and the number of homes withdrawn are up 34% when comparing October 2008 to October 2007, which translates to $60 Million less in sales dollars going to home sellers when comparing the same period of time.  The lower sales volume and higher rate of withdrawals is par for the course during 2008.  

Overall sold prices for single-family homes in Austin have increased 1.3% for the year (January – October 2008).  The number of homes actively for sale is about the same as last month while the number of homes pending sale is down 20%.  The list price for homes pending sale are listed at 1.5% below the overall sold prices for Austin during 2008, which is evidence that Sellers are keeping their prices competitive to get their homes sold.  Homes withdrawn from the market have increased by 34% during 2008 compared to 2007 (January – October).

Luxury Austin homes (homes over $1M) have seen sold prices decreas by 21% while sold prices for homes between $500K and $1M have decreased by 10.6%.  Sold prices for homes under $500K have remained flat.  Lease prices have remained flat but the number of homes leased is up 14.6% when comparing October 2008 to October 2007.  Find a more detailed Austin market update below the next paragraph.

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 – October 2008:

Sold:  So far through October of 2008 there were 7,464 homes sold in Austin Texas compared to 9,474 during the same period of time in 2007, which is a 22% reduction.  Overall home prices have increased by 1.3% for the year (down from 1.5% a month ago) with a median sold price of $121.49 per square foot ($240,000) in 2008 compared to $119.94 per square foot ($235,800) in 2007.  In 2008 these homes have averaged 57 days on the market compared to 46 days on the market in 2007, which is a 19% increase in the time it is taking to sell a home this year compared to last.

Active: There are 3,957 single-family homes actively for sale in Austin Texas as of November 2, 2008, which is almost the same number of homes on the market compared to a month ago.  These homes average 93 days on the market with a median price of $142.79 per square foot ($318,000), which is a list price 15% higher than the median sold price in Austin through October of 2008.  

Pending Sale: There are 598 houses pending sale in Austin as of 11/2/08, which is 20% less than a month ago.   These 598 homes average 65 days on the market with a median price of $119.66 per square foot ($229,985), which is a list price 1.5% lower than the median sold price in Austin through October 2008. 

Withdrawn: There were 3,027 homes withdrawn from the Austin Texas real estate market between January and October of 2008 as compared to 1,989 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 $135.33 per square foot ($318,500).  

Austin Real Estate Market Summary for October 2008:

Austin Homes (all price ranges): The monthly sold prices for Austin single-family homes increased for the first time since July 2008.   Between September and October 2008 sold price have increased by 1.4% compared to price decreases of 4.3% between August and September of 2008 and 3.2% between July and August of 2008.   Overall Austin home prices per square foot are almost identical when comparing October 2007 to October 2008 with a median sold price of $117.93 per square foot ($241,500) in October 2008 compared to $117.91 per square foot ($231,100) in October 2007.  During October 2008 there were 502 single-family homes sold in Austin Texas compared to 709 during the same time period in 2007, which is a 30% reduction in homes sold.  498 homes were withdrawn from the market during the same time period in 2008 compared to 328 in 2007, which is a 34% increase. 

Austin Luxury Homes ($1,000,000+): During October 2008 there were 9 homes over $1,000,000 sold in Austin Texas compared to 16 during the same time period in 2007, which is a 44% reduction in homes sold.  30 luxury homes were withdrawn from the market during the same time period in 2008 compared to 24 in 2007.  Luxury sold prices decreased by 21% with a median sold price of $254.11 per square foot ($1,160,000) during October 2008 compared to $322.30 per square foot ($1,572,500) in October 2007. 

Austin Homes for sale ($500,000 to $1,000,000): During October 2008 there were 45 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 60 during October 2007, which is a 25% reduction in homes sold.  86 homes were withdrawn from the market during the same time period in 2008 compared to 87 in 2007.  Sold prices decreased by 10.6% (this compares to a 1% increase in our September update) with a median sold price of $183.17 per square foot ($570,850) during October 2008 compared to $204.87 per square foot ($666,750) in October 2007.

Austin Texas Real Estate ($250,000 to $500,000):   During October 2008 there were 180 homes between $250,000 and $500,000 sold in Austin Texas compared to 232 during the same time period in 2007, which is 22.4% reduction in homes sold.  199 homes were withdrawn from the market during the same period in 2008 compared to 106 in 2007, which is a 47% increase.  Sold prices remained flat with a median sold price of $134.03 per square foot ($325,250) during October 2008 compared to $135.27 per square foot ($333,098) in October 2007.

Austin Home ($0 to $250,000):   During October 2008 there were 268 homes between $0 and $250,000 sold in Austin Texas compared to 398 during the same time period in 2007, which is 33% reduction in homes sold.  183 homes were withdrawn from the market during the same period in 2008 compared to 111 in 2007, which is a 39% increase.  Sold prices remained flat with a median sold price of $103.60 per square foot ($178,489) during October 2008 compared to $103.37 per square foot ($169,900) in October 2007.

Austin Leases: During October 2008 there were 583 homes (all types) leased in Austin compared to 498 during the same time period in 2007, which is a 14.6% increase in the number of homes leased.  Lease prices have remained flat with a median lease price of $1,198 per month in October 2007 to $1,200 per month in October 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. 

Find an Austin home 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.