Austin Texas Real Estate Statistics August 2008

If you pay attention, real estate market statistics tell a story.  Here is what the data from my August 2008 Austin real estate market update is saying:

1) Austin real estate home prices are still very robust.  While overall Austin home prices are down 1% when comparing August 2008 to August 2007, prices are up 27% since the market peak in the year 2000 from $90 per square foot to over $122 per square foot in 2008. 
2) Home sellers in Austin who price their home aggressively are getting deals done. The median list price for homes pending sale in Austin are 1% lower than the median sold price in Austin.  This is opposed to the fact that the median list price for all homes available for sale in Austin are priced 16% higher than Austin’s median sold price.  Homes listed aggressively are getting contracts. 
3) With the benefit of time and patience, the aggressive buyer can often find a good deal on a purchase.  Sold homes in Austin through August of 2008 are sitting on the market 28% longer than the same time period during 2008. Home prices have dipped by 1% in August 2008 compared to August 2007.  These statistics combined with the credit crunch, which is making it harder for people to refinance their loan and/or harder to secure a new loan to purchase a home, results in increased home sales competition and therefore better deals.  Drastically reduced gas prices could have the opposite effect so consider taking advantage of this current market trend.

Selling competitively and buying aggressively is my current recommendation to home buyers and sellers in Austin.  Don’t be afraid of taking less on your home sale.  Statistics show that getting a home sold fast will most likely result in getting more for your home than pricing it high and reducing the price incrementally.  Prices are still robust and will still result in a significant gain for many sellers.  Furthermore, there is opportunity to get a deal on your purchase so long as you have time on your side. 

Austin Real Estate Market Summary (January – August 2008):

There are 4,133 houses actively for sale in Austin Texas as of 9/04/08 averaging 84 days on the market with a median price of $145.02 per square foot ($329,900), which is a list price 16% higher than the median sold price in Austin through August of 2008.   There are 814 houses pending sale in Austin as of 9/04/08 averaging 58 days on the market with a median price of $121.59 per square foot ($235,000), which is a list price 1% lower than the median sold price in Austin through August 2008.  So far through August of 2008 there have been 6,181 homes sold in Austin Texas compared to 8,022 during the same period of time in 2007, a 23% reduction.  Overall home prices have increased by 2% for the year so far with a median sold price of $122.42 per square foot ($241,500) in 2008 compared to $120.09 per square foot ($236,953) in 2007.

Austin Homes (all price ranges): During August 2008 there were 744 homes sold in Austin Texas compared to 1,097 during the same time period in 2007, which is a 32% reduction in homes sold.  387 homes were withdrawn from the market during the same time period in 2008 compared to 265 in 2007, which is a 31.5% increase.  Austin sold prices decreased for the first time this year by less than 1% with a median sold price of $123.15 per square foot ($248,000) in August 2007 to $122.27 per square foot ($249,950) in August 2008.

Austin Luxury Homes ($1,000,000+): During August 2008 there were 26 homes over $1,000,000 sold in Austin Texas compared to 27 during the same time period in 2007, which is a 3.7% reduction in homes sold.  32 luxury homes were withdrawn from the market during the same time period in 2008 compared to 19 in 2007, which is a 41% increase.  Luxury sold prices decreased by 11% with a median sold price of $308.73 ($1,450,000) in August 2007 to $275.92 ($1,235,000) during August 2008. 

Austin Homes for sale ($500,000 to $1,000,000): During August 2008 there were 70 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 152 during the same time period in 2007, which is a 54% reduction in homes sold.  72 homes were withdrawn from the market during the same time period in 2008 compared to 58 in 2007, which is a 19% increase.  Sold prices decreased by 6% with a median sold price of $193.29 ($623,000) in August 2007 to $180.91 ($615,000) during August 2008.

Austin Texas Real Estate ($250,000 to $500,000):   During August 2008 there were 295 homes between $250,000 and $500,000 sold in Austin Texas compared to 371 during the same time period in 2007, which is 20% reduction in homes sold.  155 homes were withdrawn from the market during the same period in 2008 compared to 94 in 2007, which is a 39% increase.  Sold prices remained virtually flat with a median sold price of and $136.20 ($333,500) in August 2007 to $136.09 ($322,000) during August 2008.

Austin Leases: During August 2008 there were 405 homes leased in Austin compared to 412 during the same time period in 2007, which is a 1.7% decrease in homes leased.  Lease prices have increased by 13% with a median lease price of $1,300 per month in August 2007 to $1,495 per month in August 2008.

Source: Raw real estate data provide by Austin Board of Realtors with analysis and article provided by Brian Talley of Regent Property Group.