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Austin Texas Real Estate Statistics 2008

published on January 1, 2009

Below are detailed Austin real estate market statistics for the year 2008.

Sold:  During 2008 there were 8,351 homes sold in Austin Texas compared to 10,800 during the same period of time in 2007, which is a 22.7% reduction.  Overall home prices have increased slightly by .67% for the year with a median sold price of $120.84 per square foot ($245,000) in 2008 compared to $120.02 per square foot ($235,000) in 2007.  In 2008 these homes have averaged 81 days on the market compared to 60 days on the market in 2007, which is a 26% increase in the time it is taking to sell a home this year compared to last.

Active:  There are 3,204 single-family homes actively for sale in Austin Texas as of January 1, 2009, which are just 557 fewer homes on the market compared to a month ago.  These homes average 107 days on the market with a median price of $140.60 per square foot ($319,000), which is a list price 14% higher than the median sold price in Austin during 2008.  

Pending Sale: There are 562 houses pending sale in Austin as of 1/1/09, which is 13.5% less than a month ago.   These 562 homes average 73 days on the market with a median price of $115.36 per square foot ($227,500), which is a list price 4.5% lower than the median sold price in Austin during 2008. 

Withdrawn: There were 3,786 homes withdrawn from the Austin Texas real estate market between during 2008 as compared to 3,476 homes during the same period of time during 2007, which is an 8% increase in withdrawals.  The homes withdrawn in 2008 averaged 94 days on the market and were listed for sale with a median price of $145 per square foot ($324,900).
 
Austin Homes (all price ranges): During December 2008 there were 432 single-family homes sold in Austin Texas compared to 674 during the same time period in 2007, which is a 36% reduction in homes sold.  Between November and December of 2008 sold price have decreased by 2.9% compared to a price increase of 1.7% between October and November of 2008 and a price increase 1.4% between September and October of 2008.   Overall Austin home prices per square foot are almost identical when comparing December 2008 to December 2007 with a median sold price of $116.47 per square foot ($225,000) in December 2008 compared to $119.82 per square foot ($239,900) in December 2007.  387 homes were withdrawn from the market during the same time period in 2008 compared to 270 in 2007, which is a 30% increase. 

Austin Luxury Homes ($1,000,000+): During 2008 there were 184 single-family homes over $1 million that sold in Austin, a 33% 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 $288.66 per square foot ($1,300,000) and an average of 123 days on the market during 2008 compared to $289.92 per square foot ($1,400,000) and an average of 103 days on the market during 2007.  During December 2008 there were 15 homes over $1,000,000 sold in Austin Texas compared to 16 during the same time period in 2007.  Luxury sold prices decreased by 13.6% with a median sold price of $240.94 per square foot ($1,180,000) during December 2008 compared to $278.79 per square foot ($1,347,500) in December 2007.  As of 1/1/09 there are 297 single-family homes over $1 million actively for sale in Austin with a median list price of $344.48 per square foot ($1,600,000), 5,069 square feet and averaging 170 days on the market.  There is a 16.2% difference between the current median list price and the median sale price ($344.48 per square foot list price versus $288.66 per square foot sold price) for Austin luxury homes.  There are currently 17 luxury homes pending sale in Austin with a median list price of $452.33 per square foot ($1,595,000), 5,166 square feet, and an average of 105 days on the market.  18 luxury homes were withdrawn from the market during December 2008 compared to 18 in December 2007.

Austin Homes for sale ($500,000 to $1,000,000): During 2008 there were 853 single-family homes between $500,000 and $1,000,000 that sold in Austin, a 25% decrease compared 2007.  During 2008 median sold prices decreased slightly by 1.5% and time on the market has increased by 13% with a median sold price of $187.38 per square foot ($614,010) and an average of 82 days on the market compared to $190.18 per square foot ($620,500) and an average of 71 days on the market during the same period of time in 2007.  During December 2008 there were 43 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 58 during December 2007, which is a 26% reduction in homes sold.  81 homes were withdrawn from the market during the same time period in 2008 compared to 55 in 2007.  Sold prices decreased by 11.5% (this compares to an 18.8% decrease in our November update) with a median sold price of $173.15 per square foot ($599,276) during December 2008 compared to $195.77 per square foot ($620,000) in December 2007.

Austin Texas Real Estate ($250,000 to $500,000):   During 2008 there were 2,975 single-family homes between $250,000 and $500,000 that sold in Austin, a 19% decrease compared to 2007.  During 2008 median sold prices have remained flat and time on the market has increased by 24% with a median sold price of $135.96 per square foot ($325,000) and an average of 64 days on the market during 2008 compared to $136.87 per square foot ($327,000) and an average of 50 days on the market during 2007.  During December 2008 there were 141 homes between $250,000 and $500,000 sold in Austin Texas compared to 252 during the same time period in 2007, which is 44% reduction in homes sold.  135 homes were withdrawn from the market during 2008 compared to 98 in 2007, which is a 27% increase.  Sold prices decreased by 2.5% with a median sold price of $135.37 per square foot ($325,000) during December 2008 compared to $142.55 per square foot ($315,000) in December 2007.

Austin Home ($0 to $250,000):   During 2008 there were 4,339 single-family homes between $0 and $250,000 that sold in Austin, a 24% decrease compared to the same period of time during 2007.  During 2008 median sold prices have increased by 2.3% and time on the market has increased by 19% with a median sold price of $107.31 per square foot ($174,000) and an average of 48 days on the market during 2008 compared to $104.80 per square foot ($169,900) and an average of 39 days on the market during 2007.  During December 2008 there were 234 homes between $0 and $250,000 sold in Austin Texas compared to 344 during 2007, which is a 32% reduction in homes sold.  129 homes were withdrawn from the market during the same period in 2008 compared to 99 in 2007, which is a 23% increase.  Sold prices remained flat with a median sold price of $103.68 per square foot ($166,050) during December 2008 compared to $104.19 per square foot ($173,150) in December 2007.

Austin Leases: During 2008 there were 7,515 homes (all types) that leased in Austin, a 9.5% increase compared to the same period of time during 2007.  During 2008 median lease prices have increased by 4% and time on the market has remained flat with a median lease price of $1,200 per month and an average of 36 days on the market during 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 December 2008 there were 535 homes (all types) leased in Austin compared to 434 during the same time period in 2007, which is an 11% increase in the number of homes leased.  Lease prices increased by 1.3% with a median lease price of $1,195 per month in December 2008 compared to $1,180 per month in December 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. 

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