Austin Texas Real Estate Statistics September 2008

Austin real estate continues to feel the effects of the economy but so far has been able to buck the national trend with an overall price increase for the year.  Homeowners are increasingly pulling their homes off the market rather than taking a “below market” price for their home. 

Single-family home sold prices are up 1.5% for the year, the number of homes sold is down 22%, the median price of homes pending sale is 1% below the median sold price, and there were 34% more homes withdrawn from the market in 2008 compared to 2007.

The month of September 2008 compared to 2007 showed signs of continued softening in the Austin real estate market, however so slight.  There was an overall price decrease of 2.2% in September 2008 when comparing the same period of time in 2007.  The number of homes sold was down 24% and withdrawals were up 28%.

Selling competitively and buying aggressively continues to be my current recommendation to home buyers and sellers in Austin.  Don’t be afraid to take less on your home sale in order to compete for buyers, especially if you have experienced substantial price appreciation over the last few years.  Statistics show that getting a home sold fast will most likely result in getting more for your home. 

I recently met with a homeowner who plans to sell their home, move into an apartment, and then purchasing a new home when or if prices get lower.  In my opinion, the chances that prices will decrease are higher than the chances of prices skyrocketing, so I believe this homeowner is making a good decision. 

Austin Real Estate Market Summary for January – September 2008:

Sold:  So far through September of 2008 there were 6,861 homes sold in Austin Texas compared to 8,768 during the same period of time in 2007, which is a 22% reduction.  Overall home prices have increased by 1.5% for the year (down from 1.9% a month ago) with a median sold price of $121.83 per square foot ($240,000) in 2008 compared to $120.03 per square foot ($236,298) in 2007.  In 2008 these homes have averaged 57 days on the market compared to 45 days on the market in 2007, which is a 21% increase in the time it is taking to sell a home this year compared to last.

Active: There are 3,980 single-family homes actively for sale in Austin Texas as of October 1, 2008, which is 3.7% less homes on the market than a month ago.  These homes average 89 days on the market with a median price of $145.42 per square foot ($329,900), which is a list price 16% higher than the median sold price in Austin through September of 2008.  

Pending Sale: There are 750 houses pending sale in Austin as of 10/1/08, which is 7.9% less than a month ago.   These 750 homes average 64 days on the market with a median price of $120.51 per square foot ($244,950), which is a list price 1% lower than the median sold price in Austin through September 2008. 

Withdrawn: There were 2,528 homes withdrawn from the Austin Texas real estate market between January and September of 2008 as compared to 1,661 homes during the same period of time during 2007, which is a 34% increase in withdrawals.  The homes withdrawn in 2008 averaged 88 days on the market and were listed for sale with a median price of $133.59 per square foot ($310,999).  

Austin Real Estate Market Summary for September 2008:

Austin Homes (all price ranges): Austin sold prices decreased for the second consecutive month this year by 2.2% compared to a decrease of less than 1% in August 2008.   The median sold price decreased from $119.34 per square foot ($234,900) in September 2007 to $116.75 per square foot ($229,000) in September 2008.  During September 2008 there were 569 single-family homes sold in Austin Texas compared to 746 during the same time period in 2007, which is a 24% reduction in homes sold.  373 homes were withdrawn from the market during the same time period in 2008 compared to 267 in 2007, which is a 28% increase. 

Austin Luxury Homes ($1,000,000+): During September 2008 there were 17 homes over $1,000,000 sold in Austin Texas compared to 22 during the same time period in 2007, which is a 23% reduction in homes sold.  24 luxury homes were withdrawn from the market during the same time period in 2008 compared to 23 in 2007.  Luxury sold prices decreased by 9% with a median sold price of $351.82 ($1,450,000) in September 2007 to $321.67 ($1,520,000) during September 2008. 

Austin Homes for sale ($500,000 to $1,000,000): During September 2008 there were 60 homes between $500,000 and $1,000,000 sold in Austin Texas compared to 72 during the same time period in 2007, which is a 17% reduction in homes sold.  66 homes were withdrawn from the market during the same time period in 2008 compared to 42 in 2007, which is a 36% increase.  Sold prices increased by 1% (this compares to a 6% decrease in our August update) with a median sold price of $182.53 ($601,500) in September 2007 to $184.31 ($623,607) during September 2008.

Austin Texas Real Estate ($250,000 to $500,000):   During September 2008 there were 179 homes between $250,000 and $500,000 sold in Austin Texas compared to 243 during the same time period in 2007, which is 26% reduction in homes sold.  150 homes were withdrawn from the market during the same period in 2008 compared to 109 in 2007, which is a 27% increase.  Sold prices increased by 1% with a median sold price of $132.96 ($325,000) in September 2007 to $134.41 ($320,000) during September 2008.

Austin Home ($0 to $250,000):   During September 2008 there were 314 homes between $0 and $250,000 sold in Austin Texas compared to 409 during the same time period in 2007, which is 22% reduction in homes sold.  133 homes were withdrawn from the market during the same period in 2008 compared to 93 in 2007, which is a 30% increase.  Sold prices increased by 2% with a median sold price of $104.48 ($170,000) in September 2007 to $106.98 ($175,000) during September 2008.

Austin Leases: During September 2008 there were 582 homes leased in Austin compared to 563 during the same time period in 2007, which is a 3% increase in homes leased.  Lease prices have remained flat with a median lease price of $1,195 per month in September 2007 to $1,200 per month in September 2008.

Source: This report has been provided by Brian Talley of Regent Property Group, an Austin real estate agent helping those looking to buy or sell a home or lease Austin office space.  The raw data in this report was provided by the Austin Board of Realtors but analyzed by Brian Talley of Regent Property Group.  Contact Brian Talley at 512-554-9714 if you need help buying or selling a home or if you have a need for Austin office space.