Austin Texas Real Estate Statistics July 2008

Austin Realtor Report:

Austin Lease prices are rising, home sold prices increase overall with some decreases, and the number of homes sold stays flat.    This is the state of our Austin real estate market.

If you are looking to buy a home between $250,000 and $500,000, home prices have begun to decrease slightly by 2.4% so you may begin to find more deals in this sector of the market.  For those who want to sell, my suggestion is to get on the ball with prices strong.  For those who want to wait, it may be several years before we see significant appreciation so my suggestion is that you seriously consider making a move sooner than later.  For those worried about the bottom falling out, Austin is and remains one of the most desirable places to live in the country with a solid workforce and low unemployment.  The chances of losing your shirt due to real estate losses are minimal so long as you do not over extended yourself, requiring you to sell for short term cash.

Market Summary:

On July 19th Regent Property Group reported a 23% decline in homes sold and a 2.1% median sold price increase when evaluating January 1 – July 19th, 2008 compared to the same time period during the previous year.  So far this year (January 1, 2008 – July 28, 2008), 5,181 homes have sold in Austin, which is 24% less than the 6,819 that sold during the same time last year, although the median sold price for homes has actually increased by 2.7% from $119.80 or $235,000 in 2007 to $122.43 or $240,000 in 2008.

Austin Luxury Homes ($1,000,000+): During July 1 – July 28th, 2008 there were 12 homes over $1,000,000 sold in Austin Texas compared to 25 during the same time period in 2007, which is a 52% reduction in homes sold.  21 luxury homes were withdrawn from the market during the same time period in 2008 compared to 13 in 2007, which is a 38% increase.  Luxury sold prices actually increased by 21% with a median sold price of $273.45 ($1,295,000) in July 1-28, 2007 to $346.05 ($1,402,000) during July 1-28, 2008. 

Austin Homes for sale ($500,000 to $1,000,000): During July 1 – July 28th, 2008 there were 70 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 99 during the same time period in 2007, which is a 29% reduction in homes sold.  60 homes were withdrawn from the market during the same time period in 2008 compared to 33 in 2007, which is a 45% increase.  Sold prices actually increased by 3.9% with a median sold price of $196.78 ($610,000) in July 1-28, 2007 to $204.82 ($623,000) during July 1-28, 2008.

Austin Texas Real Estate ($250,000 to $500,000):   During July 1 – July 28th, 2008 there were 214 homes between $250,000 and $500,000 sold in Austin Texas compared to 303 during the same time period in 2007, which is 29% reduction in homes sold.  137 homes were withdrawn from the market during the same period in 2008 compared to 78 in 2007, which is a 43% increase.  Sold prices actually decreased by 2.4% with a median sold price of and $144.18 ($334,057) in July 1-28, 2007 to $140.75 ($330,000) in July 1-28, 2008.

Austin Leases: During July 1 – July 28th, 2008 there were 710 homes leased in Austin compared to 626 during the same time period in 2007, which is 11.8% increase in homes leased.  Lease prices have increased by 2.4% with a median lease price of $.83 ($1,200) per square foot per month in July 1-28, 2007 to $.87 ($1,250) per square foot per month in July 1-28, 2008.

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