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Austin Real Estate Blog



Late night observations about Austin Texas Real Estate and other random thoughts by an Austin Realtor Signup for this Blog | Search the Austin MLS | Meet Us or Call 512-740-7762



Last Build Date: Sun, 17 Feb 2013 21:49:57 -0600

Copyright: Copyright 2013
 



Austin Real Estate Inventory Hits Record Low

Sun, 17 Feb 2013 21:49:57 -0600

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I have been hearing the phrase "it seems like there are not many homes on the market". And the truth is there is not. In fact, the last time we has less than 6 thousand homes on the market was in 2001. Compared to January 2012 the amount of inventory is down 28.5%.

The inventory seems to have fallen more in central Austin. Here are the drops in inventory for the central Austin mls areas.

10N - Down 56.7%
10S - Down 58.1%
1B - Down 38.3%
2 - Down 76.5%
4 - Down 50.0%
6 - Down 63.2%
7 - Down 43.8%

It's hard to know where the market goes from here. While sales are up the one thing that is lowering sales volume is a lack of inventory. Part of the problem is the current waits at the city for permits. Currently the wait for a permit to build or remodel is running around 4-5 months. So there is some pent of inventory we should be seeing released onto the market in the next few months.

Austin Real Estate Inventory Hits Record Low from Austin Real Estate Blog



The Summer is Over - Where Does the Austin Texas Real Estate Market Stand

Mon, 24 Sep 2012 11:58:50 -0600

So the Austin Market so far this year has been more or less on fire. We went from an extremely slow market to a rather heated market. Most analysis of the market has been comparing year over year. So comparing August of this year to August of last year. I find this analysis somewhat uninteresting. Why? We know the market is moving faster than last year. In fact if the market started to cool we would still be outpacing the sales numbers from last year for several months. My question is whether the market is heating up or slowing down month to month. So how does the market of today compare to a few months ago. In order to do this I compare the rate of change from say July to August compared to the typical rate of change over the last 10 years. First lets look at Sales. Sales MonthHistorical AverageAverage Change2012 Change Jan1,143.400.72 0.67 Feb1,339.201.18 1.22 Mar1,758.801.32 1.45 Apr1,841.301.06 1.03 May2,043.701.11 1.20 Jun2,224.801.09 1.10 Jul 2,094.400.94 0.90 Aug 2,084.700.99 1.04 Sep1,762.700.85 x Oct1,592.100.91 x Nov 1,445.700.91 x Dec 1,603.101.13 x Generally we don't see much of a change in Sales from July to August. Over the last 10 years on average we have seen a decline of 1%. This year we saw an increase of 4% moving from July to August. But last month we saw the opposite. The number of sales dropped a little more than what is typical. So in essence the Austin market got pretty hot earlier in the year. Over the last few months the market is not getting hotter or cooler. Its basically maintaining the same level level. Another data point we like to look is pending sales. These are homes that have accepted contracts but are waiting to close. This is somewhat seen as a future indicator. Basically for the last two months we are seeing patterns that are almost identical to the change we usually see going from June to July and going from July to August. Pending Sales MonthHistorical Average Average Change2012 Change Jan1,623.901.301.33 Feb1,734.501.071.18 Mar 2,186.101.261.21 Apr 2,302.501.051.06 May2,252.300.991.05 Jun2,239.701.000.94 Jul2,154.300.970.95 Aug2,036.900.950.96 Sep1,701.500.85x Oct1,646.600.96x Nov1,475.400.93x Dec1,290.500.88x So in summary the market started hot at the beginning of the summer. Over the last few months the market has not gotten hotter or colder. Moving forward we expect the market to cool as we move into winter (this is very very typical). We then usually see a spike in January so it will be interesting how the January Bouce compares to the last several years. As always if you have any specific questions about the market feel free to contact me. You can use our search for Homes in the Austin MLS. If you are looking for a knowledgeable realtor in Austin you can contact me here. The Summer is Over - Where Does the Austin Texas Real Estate Market Stand from Austin Real Estate Blog [...]



Where is the Austin Real Estate Market Headed

Sat, 30 Jun 2012 21:06:24 -0600

So anyone who has been watching the Austin real estate market knows that the market has been incredibly strong for the first half of 2012. All the year over year comparisons show the market to be easily outpacing the sales we saw in 2012. Sales in May 2012 were up 25% over May 2011. The amount of current inventory on the market is down 23% compared to last year. Generally a market with less than 6 months of inventory is considered a strong market. In May 2011 we had 5.20 months of inventory. In May 2012 we were down to 3.23 months of inventory. This is the lowest months of inventory we have had since August 2006. So obviously the market is hotter than last year and it has been this way since February. I have talked to some realtors that felt as the summer dragged on the market got hotter and some felt it was cooling down (although it was still doing better than last year). It was an interesting question since the stock market was falling throughout May. The Dow started May at 13279 and was down to 12118.57 by June 1st for a one month drop of 9%. So how do we determine what is happening in May compared to April. May had more sales than April but historically May always has more sales than April. So to figure it out I looked at the last 10 years of data for the Austin real estate market and looked at the average month to month changes in sales. Sales MonthHistorical AverageAverage Change2012 Change Jan1,143.400.72 0.67 Feb1,339.201.18 1.22 Mar1,758.801.32 1.45 Apr1,841.301.06 1.03 May2,043.701.11 1.22 Jun2,224.801.09 x Jul 2,094.400.94 x Aug 2,084.700.99 x Sep1,762.700.85 x Oct1,592.100.91 x Nov 1,445.700.91 x Dec 1,603.101.13 x So although April was very strong for the Austin market we see that sales increased 22% from April to May. The average change from April to May is only 11%. So next let's look at pending sales. This is more of a leading indicator of where the market is going. So again we looked at the historical average for the last 10 years to see the average month to month changes. Pending Sales MonthHistorical Average Average Change2012 Change Jan1,623.901.301.33 Feb1,734.501.071.18 Mar 2,186.101.261.21 Apr 2,302.501.051.06 May2,252.300.991.05 Jun2,239.701.00x Jul2,154.300.97x Aug2,036.900.95x Sep1,701.500.85x Oct1,646.600.96x Nov1,475.400.93x Dec1,290.500.88x Over the last 10 years on average there are slightly less pending sales recorded in May than in April (down 1%). In 2012 pendings are up 5% in May over the number of pendings in April. So long story short the market has been hot for the last several months but it seems like, even after accounting for seasonal fluctuations, May was hotter than April. And based on the pending sales data June will probably be hotter than May. To be honest I was unsure what the data was going to show before I ran the numbers. There has been a lot of pent up demand in the market for the last few years and I thought what we saw early in 2012 was many people that had stayed on the sidelines moving into the market once they felt more confidence in the economy. But apparently at least for now we are working in a hot market that is getting hotter. It will be interesting what the second half of 2012 brings. As always if you have any specific questions about the market feel free to contact me. If you want to search for properties in the Austin MLS you can use our search here. If you are looking for a knowledgeable realtor in Austin you can contact me here. Where is the Austin Real Estate Market Headed from Austin Real Estate Blog [...]



Austin Real Estate Market For October

Sun, 27 Nov 2011 12:24:05 -0600

Let's start off high level. For the general Austin real estate market we saw 1455 sales in October. That is up from 1219 sales in October 2010 for an increase of 19.4%. I would say looking at those numbers out of context exaggerates the strength of the market. At the beginning of 2010 we had the housing credit so anyone that was going to buy bought and it sapped out the strength of the last half of 2010. That said I do think 2011 in general is stronger than 2010. In fact if we look at year to date we are up 7% from Jan-Oct 2011 compared to Jan-Oct 2010. I would expect that by the end of the year 2011 will have around 8% more sales than 2010. So in summary the market is improved compared to 2010 but it's not a wild everything is wonderful kind of the improvement that the numbers from October might suggest. What I am a little more excited about is inventory. Inventory is down. Currently we have 7926 homes on the market. Looking at the last few years Oct 2009 8948 Oct 2010 9703 Oct 2011 7926 The current months of inventory is 5.45. Generally anything below 6 is a sign of a healthy market. Now part of sales we are seeing are due to foreclosures. But all in all from what I am seeing in the field and looking at the numbers the Austin market is doing ok. So looking down the road there are a few things to be worried about. The first is interest rates. Mortgage rates are hovering near all time lows again. We broke below 4% recently which is unprecedented. If rates start to rise that could sap some strength out of the market. Additionally, there is the shadow inventory problem. Shadow inventory is basically homes held by lenders that have not hit the market. Lenders are holding back inventory all over the country to avoid flooding the market. Instead they are slowly letting it leak onto the market. Shadow inventory is probably a bigger problem in markets like California and Florida that are seeing more foreclosures. Austin does have some shadow inventory it's just not as great as other markets. The third thing is a drop in the stock market. If the market has another rapid fall that is going to sap some strength out of the market. So currently the market is improving but it's not the same red hot market that we saw in 2006 and 2007 and to be honest I don't see that type of market returning for a long long long time. Ok so submarkets what are we seeing. First off abor has something called a hotness ratio that they assign to areas. More or less totally ignore that. Why? Basically it's based on the time properties sit on the market before selling. The problem is that foreclosures tend to sell quickly. So submarkets with lots of foreclosures have low days on market and are considered "hot". Also builders tend to build expense houses and they tend to sit on the market for a bit. That pushes the number of days on the market up. But an area with lots of foreclosures is not actually hotter than an area where houses are being renovated or built. So what areas are stronger right now. Central Austin is outperforming the suburbs. I don't see that trend reversing especially with high gas and energy prices. I am seeing a tepid recovery in demand for vacant lots. Here are the number of vacant lots that sold in August and September for the last 3 years. Aug-Oct 2009 - 295 Aug - Oct 2010 - 316 Aug - Oct 2011 - 344 Before anyone gets too excited the numbers of lots that sold this month was 114. There are 4631 lots on the market. So the months of inventory on the market for lots is 40.6. So the market for lots has recovered from flatlining to being in a stable coma. The market for multifamily is improved but there is simply nothing on the market. Here are the number of sales for the last few years Aug-Oct 2009 - 94 Aug-Oct 2010 - 131 Aug-Oct 2011 - 135 What's interesting is if we look at standing inventory Oct 2009 - 417 Oct 2010 - 411 Oct 2011 - 244 Part of this is due to multifamily [...]



Austin Real Estate Market Update

Wed, 30 Mar 2011 14:41:41 -0600

The February statistics are out for the Austin real estate market. First off sorry I have not been posting recently. In addition to real estate I have been doing some consulting for real estate related organizations. There is a lot of interesting stuff going on in the market but first let's look at some stats. So for February 2011 we had 1112 sales in Austin. This is almost exactly what we saw for the last 2 years. In February 2010 we had 1115 sales and in 2009 we saw 1106 sales. So for all pratical purposes the market for sales is flat. A somewhat positive note for the market is that the number of active listings is down with 8605 listings for sale in February 2011 vs 9335 listings for sale in February 2010. According to the statistics, average and median prices are up slightly compared to a year ago. I am simply not seeing this in the market. I believe what is happening is that last year we had the tax credit which encouraged first time home buyers to purchase which pushed average prices down a little. So what is going to happen moving forward. There has been some positive press about the Austin market, but there are still a lot of downward pressures in the national market. So I thought it would be fun to argue both sides. The Pro Argument -The Austin Real Estate market is stronger than it seems Sales are flat compared to last year. But last year we had the tax credits which artificially pushed the number of sales up. So most likely the market today is stronger than this time last year. -The Real Estate market always recovers last In addition, it looks like the US is slowly pulling out of a deep recession. Yes the national real estate market is in shambles but in general real estate is the last thing to recover from a recession (the stock market usually recovers first). -Things look bright for Austin moving forward There are multiple positive signs for Austin. Not only has Austin been cited as one of the real estate markets to recover the fastest, but we just landed a slot on the national F1 racing circuit which by some estimates should bring in more money to the Austin economy than all the UT football games and SXSW combined. -The number of active listings is down 7.8% from last year. This is exactly what we would expect to see in a recovering market. The Negative Argument -Foreclosures So I am going to admit that without the tax credit, sales would have been lower last year. But a lot of the sales we are currently seeing are foreclosures. Also mortgage rates have been hovering around all time lows for the last few years. If the economy starts to recover mortgage rates should move up. -Japan = Higher Mortgage Rates And more importantly the events in Japan should push mortgage rates up. What does Japan have to do with mortgage rates? Japan has been buying US Treasuries. Now that Japan has to deal with rebuilding their country it's doubtful they will have much of an appetite for buying US debt. Japan and China tend to be the two largest buyers of US Debt. And, because they need cash for rebuilding, as the treasury notes they hold come due, they will probably cash out instead of reinvesting. In essence we now have have less buyers for US debt and more debt to service. In the end interest rates will have to rise. And consequently US mortgage rates will have to rise. -Pending Sales The number of pendings is way down compared to last year. In February 2011 the number of pendings was 1543 and in February 2010 was 1738. Given - the tax credit was going on last year. But the number of pendings don't indicate that the market is about to heat up. Ok. So where does that leave us? I don't know. For the plus side I think the things that matter the most is that the Austin market seems to have more positive things going for it than the rest of the country. On the negative side the things that worry me the most are Japan and mortgage rates. So what am I doi[...]



The Austin Real Estate Market falls off a Cliff for July

Sun, 29 Aug 2010 19:26:00 -0600

To put it simply the sales for the Austin real estate market were horrible. Compared to last year we saw a 25% decrease. To be eligible for the tax credit contracts had to be signed by April 30th. Since contracts usually take 30 days to close it was thought that June would be mostly free of the effects of the tax credit. In fact after the June results were reported ABOR had a press release about how there was "Life After the Tax Credit". After the tax credit ended the results for June were low (6% drop compared to June 2009). It looks like sales from the tax credit boosted the numbers for June. This was probably due to the lending environment. While contracts usually take 30 days to close due to current lending restrictions contracts are being delayed and taking much longer to close. Therefore there were probably a lot of contracts signed in April that didn't actually close until June. But now the July statistics are showing us the first month truly free of the effects of the tax credit and it's not pretty. The average and median prices are both up (16 and 15 percent respectively). But I don't think that is a sign of market strength. Instead I think we are simply seeing fewer lower priced homes selling. For the most part anyone that was going to buy a home for 150k bought it while the tax credit was active. In markets like this one with a lot of atypical forces I feel like average and median prices are almost pointless to look at as a valid indicator of the market. From what we have seen looking at properties, prices are certainly lower than they were a year ago. Moving on the number of active listings is pretty high, again another sign of a weak market. The number of listing is 18% above this time last year. The number of active listings 1174 is the highest number of listings we have seen ever in the Austin market. So is this a temporary drop? There are two main factors to look at. First we are having a negative effect on sales from the tax credit. Basically people planning to buy mostly bought while the tax credit was active. So some say moving forward sales should increase as we get farther away from this dead period after the tax credit ended. But on the other hand mortgage rates are at an all time historic low and they can't stay this low forever. Once they increase that will have a negative effect on sales. So let’s look at different segments of the market beyond residential. While the residential market dropped 25 percent compared to this time last year we saw an even bigger drop in the condo market which fell 38 percent. The Austin multifamily market also saw a large drop falling 40% from this time last year. The commercial market fell 17% but the commercial market has been dead for awhile and all the expectations is that things are simply going to get worse. So in all this doom and gloom what am I doing? It might seem counter intuitive but I am about to close on two properties. I am not sure if prices are going to fall further so why am I looking at properties? There are two reasons. First off prices are lower than what I have seen in a while. And perhaps more importantly mortgage rates are incredibly low. In fact, 5 weeks ago mortgage rates hit an all time low and every week since then rates have fallen further. The mortgage payment on a 200k loan just dropped below $1000 (it’s at $996.80 now, chart below). Before 2009 it was rarely below $1200. So cash flow on properties is starting to look pretty attractive. If you have any questions about the market in general or a property in particular, feel free to contact us. If you want to search for properties on the market, here is our search of the Austin MLS. The Austin Real Estate Market falls off a Cliff for July from Austin Real Estate Blog [...]



Austin Real Estate Statistics for June

Fri, 06 Aug 2010 20:23:44 -0600

The June statistics are out for the Austin real estate market. In a word sales were down. This is lowest number of sales we have seen in June for the Austin market since 2003. This is also the first time I have seen sales decline from May to June. All that being true I was actually surprised sales were not lower. With the tax credit ending it was assumed sales were going to go down. Most people that were thinking of buying bought while the tax credit was available. One factor that made the drop in sales less than what we expected was mortgage rates. The rest of the data is pointing in different directions. Compared to last year sales are down 4 percent and compared to two years ago sales are down 11 percent. Considering the effect of tax credit ending I would say that overall the market is doing better than it was this time last year. One factor that at first glance seems positive is that the average sales price is up 11 percent compared to last year and the median price is up 4 percent. I think these numbers are a little misleading. Properties for the most part seem to be selling for slightly less than they were last year. The statistics is probably influenced by the fact that less expensive houses were affected more by the tax credit. A 6,500 tax credit is a relatively bigger benefit when buying a 120k house vs. buying a 500k house. And homes over 800k were not eligible for the tax credit. Inventory in the Austin real estate market is up 16% compared to this time last year. What we have seen happening is a lot of people put their houses on the market hoping that their houses would sell while the tax credit was in effect. So what is the big picture? Compared to last year we are experiencing an extremely weak recovery. And at the same time it’s not a certainty the market will continue to recovery. Although we are still seeing life in the Austin real estate market after the end of the tax credit we are by no means out of the woods yet. If the economy starts to falter the real estate market is going to falter. Additionally, although the tax credit had a larger effect on the market than mortgage rates once rates move up off their current historically low values we are going to see a drop in sales numbers. So let’s look at some different segments of the market. The Austin commercial real estate is up 18% compared to this time last year. One thing to keep in mind is that most commercial sales are not reported so the sales numbers are usually somewhat unrealistic. Overall the commercial has a bumpy read ahead. A lot of balloons are coming due and banks still seem hesitant about giving out commercial loans. So a lot of balloon loans coming due and an unfriendly lending environment means we are going to see a decent number of foreclosures ahead in the commercial market. The condo market has seen a 53 increase in sales compared to last year. Part of that has to do with the fact that 2009 was an extremely weak year for the condo market. But it’s still nice to see some life in the condo market. I still don't see condos as an attractive investment. They rarely cash flow and in general don't see to appreciate as fast as homes. The multifamily market is up 14%. Lenders are still taking a dim view of investors. We are seeing a lot of people interested in buying investment properties but they are simply having a hard time getting loans. The multifamily market seems attractive. With extremely low rates and low prices we are seeing more properties with positive cash flow than we have seen in the last few years. If you have any questions about the market in general or a property in particular, feel free to contact us. If you want to search for properties on the market, here is our search of the Austin MLS. Austin Real Estate Statistics for June from Austin Real Estate Blog [...]



May Statistics for the Austin Real Estate Market

Tue, 22 Jun 2010 22:48:33 -0600

May Statistics are out for the Austin real estate market. The numbers at first glace are pretty impressive. We had 2,074 sales in May this is up 24% from this time last year. The tax credit ended in April so at first glance it seems that the ending of the tax credit will not have too large an effect on the real estate market. The trick is that although the tax credit ended in April. Most contracts written up in the month of April actually close in May. So the May statistics are still heavily influenced by the Tax Credit. So we had a strong sales month in May but a lot of that strength was influenced by the tax credit. Here are the numbers for the last 3 years Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory 08 Jan 1,312 $245,305 $187,000 8,727 1,935 95.4% 6.651 08 Feb 1,547 $233,945 $180,090 9,127 1,803 96.1% 5.899 08 Mar 1,829 $239,777 $188,000 9,638 2,063 95.9% 5.269 08 Apr 1,944 $240,592 $186,950 10,034 2,109 96.5% 5.161 08 May 2,108 $261,580 $195,000 10,577 2,146 96.9% 5.017 08 Jun 2,222 $259,114 $199,940 10,886 1,996 96.4% 4.899 08 Jul 2,068 $256,526 $195,000 10,913 2,032 96.7% 5.277 08 Aug 1,994 $256,345 $196,740 10,348 1,792 96.2% 5.189 08 Sep 1,673 $241,881 $182,000 10,217 1,520 96.2% 6.106 08 Oct 1,322 $243,364 $192,460 9,944 1,234 95.4% 7.521 08 Nov 997 $234,444 $182,000 9,243 1,147 94.9% 9.27 08 Dec 1,305 $247,025 $182,500 8,520 1,114 94.2% 6.528 09 Jan 840 -0.36 $231,006 -0.06 $176,750 -0.05 8,738 0 1,327 94.3% 10.402 09 Feb 1,106 -0.29 $241,262 0.03 $189,900 0.05 9,373 0.03 1,406 94.7% 8.474 09 Mar 1,404 -0.23 $230,931 -0.04 $180,000 -0.04 9,704 0.01 1,846 95.1% 6.911 09 Apr 1,561 -0.2 $233,868 -0.03 $190,000 0.02 9,889 -0.01 1,919 95.6% 6.335 09 May 1,675 -0.21 $253,691 -0.03 $195,000 0 9,939 -0.06 2,132 95.7% 5.933 09 Jun 2,072 -0.07 $251,920 -0.03 $199,920 0 10,107 -0.07 2,084 95.9% 4.877 09 Jul 2,034 -0.02 $246,026 -0.04 $193,250 -0.01 9,988 -0.08 1,996 96.3% 4.91 09 Aug 1,757 -0.12 $244,666 -0.05 $190,000 -0.03 9,555 -0.08 1,980 96.2% 5.438 09 Sep 1,738 0.04 $242,432 0 $188,190 0.03 9,148 -0.1 1,886 95.7% 5.263 09 Oct 1,778 0.34 $237,778 -0.02 $180,000 -0.06 8,948 -0.1 1,811 95.8% 5.032 09 Nov 1,556 0.56 $238,563 0.02 $178,000 -0.02 8,551 -0.07 1,232 95.8% 5.495 09 Dec 1,356 0.04 $259,128 0.05 $192,000 0.05 8,079 -0.05 1,073 95.6% 5.957 10 Jan 856 0.02 -0.35 $244,574 0.06 $179,590 0.02 8,569 -0.02 1,417 95.4% 10.01 10 Feb 1,113 0.01 -0.28 $244,132 0.01 $190,000 0 9,335 0 1,738 95.3% 8.387 10 Mar 1,754 0.25 -0.04 $236,961 0.03 $181,000 0.01 10,300 0.06 2,421 96.3% 5.872 10 Apr 1,998 0.28 0.03 $236,055 0.01 $190,000 0 10,749 0.09 2,813 96.6% 5.379 10 May 2,074 0.24 -0.02 $244,953 -0.03 $192,000 -0.02 11,230 0.13 1,405 96.8% 5.414 Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory What worries me is the number 11,230. That is the number of homes currently on the market. This is up 13% from a year ago. It’s the highest number of homes on the market in the last 3 years. The reason that is concerning is one would expect that due to the high volume of sale[...]



Austin Real Estate March Statistics

Sun, 02 May 2010 13:16:57 -0600

As we predicted last month we saw a pretty large increase in sales for the Austin real estate market this month. The tax credit is ending so we had a lot of buyers hurrying to purchase before it ended. Sales from this time last year were up 27 percent. Average prices were up 3 percent and median prices were flat from this time last year. This kind of conflicts with what I have been seeing in the market with houses in certain neighborhoods that are much cheaper than what I have seen in the past. For instance I saw a house come up in hyde park recently for 215k. So why are average prices up? I think this is a combination of 2 factors. The lower end of the market is not moving. Additionally, houses with needed repairs are selling for substantially less. Before there were a lot of flippers looking for "rough properties" they have been pretty much flushed out of the market at this point so properties with needed repairs are selling for a substantial discount. Below are the statistics for the last few years. Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory 08 Jan 1,312 $245,305 $187,000 8,727 1,935 95.4% 6.651 08 Feb 1,547 $233,945 $180,090 9,127 1,803 96.1% 5.899 08 Mar 1,829 $239,777 $188,000 9,638 2,063 95.9% 5.269 08 Apr 1,944 $240,592 $186,950 10,034 2,109 96.5% 5.161 08 May 2,108 $261,580 $195,000 10,577 2,146 96.9% 5.017 08 Jun 2,222 $259,114 $199,940 10,886 1,996 96.4% 4.899 08 Jul 2,068 $256,526 $195,000 10,913 2,032 96.7% 5.277 08 Aug 1,994 $256,345 $196,740 10,348 1,792 96.2% 5.189 08 Sep 1,673 $241,881 $182,000 10,217 1,520 96.2% 6.106 08 Oct 1,322 $243,364 $192,460 9,944 1,234 95.4% 7.521 08 Nov 997 $234,444 $182,000 9,243 1,147 94.9% 9.27 08 Dec 1,305 $247,025 $182,500 8,520 1,114 94.2% 6.528 09 Jan 840 -0.36 $231,006 -0.06 $176,750 -0.05 8,738 0 1,327 94.3% 10.402 09 Feb 1,106 -0.29 $241,262 0.03 $189,900 0.05 9,373 0.03 1,406 94.7% 8.474 09 Mar 1,404 -0.23 $230,931 -0.04 $180,000 -0.04 9,704 0.01 1,846 95.1% 6.911 09 Apr 1,577 -0.19 $232,569 -0.03 $189,900 0.02 9,889 -0.01 1,919 95.6% 6.27 09 May 1,689 -0.2 $252,524 -0.03 $193,000 -0.01 9,939 -0.06 2,132 95.7% 5.884 09 Jun 2,085 -0.06 $251,066 -0.03 $199,500 0 10,107 -0.07 2,084 95.9% 4.847 09 Jul 2,050 -0.01 $245,004 -0.04 $192,740 -0.01 9,988 -0.08 1,996 96.3% 4.872 09 Aug 1,770 -0.11 $243,505 -0.05 $189,000 -0.04 9,555 -0.08 1,980 96.2% 5.398 09 Sep 1,759 0.05 $240,694 0 $186,550 0.02 9,148 -0.1 1,886 95.7% 5.2 09 Oct 1,787 0.35 $237,074 -0.03 $180,000 -0.06 8,948 -0.1 1,811 95.8% 5.007 09 Nov 1,568 0.57 $237,484 0.01 $176,950 -0.03 8,551 -0.07 1,232 95.8% 5.453 09 Dec 1,364 0.05 $258,162 0.05 $191,500 0.05 8,079 -0.05 1,073 95.6% 5.923 10 Jan 857 0.02 -0.35 $243,042 0.05 $178,000 0.01 8,569 -0.02 1,417 95.4% 9.998 10 Feb 1,108 0 -0.28 $243,066 0.01 $189,500 0 9,335 0 1,738 95.3% 8.425 10 Mar 1,784 0.27 -0.02 $236,860 0.03 $180,000 0 10,300 0.06 2,421 96.2% 5.773 Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory There were 10,300 houses on the market for an increase of 6 percent compared to this time last year. [...]



Austin Real Estate Statistics for February

Thu, 01 Apr 2010 23:50:14 -0600

The stats are out for February for the Austin real estate market. Let’s get two things out of the way first, because you might see this in the paper or with developers touting the market. Sales are up and average prices are up. So is the Austin market doing well? In a word no. January and February of 2009 were absolutely horrible. They were two of the worst months in over 10 years. This February we only saw slightly more sales than February 2009 (1145 in Feb 2010 vs 1106 in Feb 2009). So all in all sales numbers are pretty low. Below are the sales stats for the last few years Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory 08 Jan 1,312 $245,305 $187,000 8,727 1,935 95.4% 6.651 08 Feb 1,547 $233,945 $180,090 9,127 1,803 96.1% 5.899 08 Mar 1,829 $239,777 $188,000 9,638 2,063 95.9% 5.269 08 Apr 1,944 $240,592 $186,950 10,034 2,109 96.5% 5.161 08 May 2,108 $261,580 $195,000 10,577 2,146 96.9% 5.017 08 Jun 2,222 $259,114 $199,940 10,886 1,996 96.4% 4.899 08 Jul 2,068 $256,526 $195,000 10,913 2,032 96.7% 5.277 08 Aug 1,994 $256,345 $196,740 10,348 1,792 96.2% 5.189 08 Sep 1,673 $241,881 $182,000 10,217 1,520 96.2% 6.106 08 Oct 1,322 $243,364 $192,460 9,944 1,234 95.4% 7.521 08 Nov 997 $234,444 $182,000 9,243 1,147 94.9% 9.27 08 Dec 1,305 $247,025 $182,500 8,520 1,114 94.2% 6.528 09 Jan 840 -0.36 $231,006 -0.06 $176,750 -0.05 8,738 0 1,327 94.3% 10.402 09 Feb 1,106 -0.29 $241,262 0.03 $189,900 0.05 9,373 0.03 1,406 94.7% 8.474 09 Mar 1,404 -0.23 $230,931 -0.04 $180,000 -0.04 9,704 0.01 1,846 95.1% 6.911 09 Apr 1,577 -0.19 $232,569 -0.03 $189,900 0.02 9,889 -0.01 1,919 95.6% 6.27 09 May 1,689 -0.2 $252,524 -0.03 $193,000 -0.01 9,939 -0.06 2,132 95.7% 5.884 09 Jun 2,085 -0.06 $251,066 -0.03 $199,500 0 10,107 -0.07 2,084 95.9% 4.847 09 Jul 2,050 -0.01 $245,004 -0.04 $192,740 -0.01 9,988 -0.08 1,996 96.3% 4.872 09 Aug 1,770 -0.11 $243,505 -0.05 $189,000 -0.04 9,555 -0.08 1,980 96.2% 5.398 09 Sep 1,758 0.05 $240,728 0 $186,780 0.03 9,148 -0.1 1,886 95.7% 5.203 09 Oct 1,787 0.35 $237,126 -0.03 $180,000 -0.06 8,948 -0.1 1,811 95.9% 5.007 09 Nov 1,567 0.57 $237,207 0.01 $176,910 -0.03 8,551 -0.07 1,232 95.8% 5.456 09 Dec 1,360 0.04 $258,505 0.05 $191,500 0.05 8,079 -0.05 1,073 95.6% 5.94 10 Jan 853 0.02 -0.35 $243,465 0.05 $178,000 0.01 8,569 -0.02 1,417 95.4% 10.045 10 Feb 1,145 0.04 -0.26 $244,348 0.01 $189,500 0 9,335 0 1,738 95.3% 8.152 Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory So where does that leave the Austin market. In October, November, and December, we were seeing signs of steady improvement. Then starting in January the market has pulled back. The question of course is the market steadily improving and January and February were bumps in the road, or is the recovery off track. At this point it seems we are somewhat in a holding pattern. February seems slightly better than January but overall the market is certainly not improving but it doesn’t seem to be actively getting worse. It’s almost like it’s uncertain of which way to turn. Enough about [...]



Austin Real Estate Sales Hits the Skids

Tue, 02 Mar 2010 22:29:21 -0600

So to get out of the way the one positive factor this month, compared to last year at this time sales are up, Inventory is down, median and average prices are up. Sounds great right. But there is a huge huge caveat to that. January 2009 was the worst sales month in 10 years. And January 2010 is the second worst month in 10 years. Personally our sales were down in January and I thought we had just had a bad month. I was oddly relieved to see that the whole market was down. So what happened? November and December showed steady improvement compared to the rest of the year. Is this a temporarily glitch or will the next few months be slow as well. I am going to argue this from both angles. In favor of a temporary glitch the preliminary indicators on February look somewhat better. Additionally investors account for a higher percentage of sales in January (regular buyers, distracted by the holidays are looking in January but not going to closing yet). Because of the lending environment investors are far and few between. On the other side we had a massive slowdown that I don’t think can be explained away simply by the lack of investors. Additionally, the tax credit is still in place and mortgage rates are still near all time lows. When the tax credit is removed and interest rates rise they will have a depressing effect on home sales. Here are the stats for Austin real estate market for the last few years. Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory 07 Jan 1,475 $241,169 $175,000 7,060 2,186 96.9% 4.786 07 Feb 1,723 $233,936 $176,000 7,334 2,499 97.0% 4.256 07 Mar 2,315 $245,391 $177,000 7,776 2,934 97.0% 3.358 07 Apr 2,295 $249,912 $185,000 8,354 3,016 97.6% 3.64 07 May 2,698 $250,156 $184,050 8,821 3,125 97.8% 3.269 07 Jun 2,772 $259,310 $191,800 9,159 2,789 97.7% 3.304 07 Jul 2,621 $257,386 $189,900 9,451 2,573 97.2% 3.605 07 Aug 2,497 $259,686 $191,250 9,819 2,196 97.1% 3.932 07 Sep 1,816 $252,844 $182,500 9,979 1,695 96.2% 5.495 07 Oct 1,770 $242,399 $180,000 9,431 1,953 96.4% 5.328 07 Nov 1,648 $248,768 $185,000 8,069 1,278 95.9% 4.896 07 Dec 1,638 $251,123 $190,000 8,522 1,006 96.0% 5.202 08 Jan 1,312 -0.11 $245,305 0.02 $187,000 0.07 8,727 0.24 1,935 95.4% 6.651 08 Feb 1,547 -0.1 $233,945 0 $180,090 0.02 9,127 0.24 1,803 96.1% 5.899 08 Mar 1,829 -0.21 $239,777 -0.02 $188,000 0.06 9,638 0.24 2,063 95.9% 5.269 08 Apr 1,944 -0.15 $240,592 -0.04 $186,950 0.01 10,034 0.2 2,109 96.5% 5.161 08 May 2,108 -0.22 $261,580 0.05 $195,000 0.06 10,577 0.2 2,146 96.9% 5.017 08 Jun 2,222 -0.2 $259,114 0 $199,940 0.04 10,886 0.19 1,996 96.4% 4.899 08 Jul 2,068 -0.21 $256,526 0 $195,000 0.03 10,913 0.15 2,032 96.7% 5.277 08 Aug 1,994 -0.2 $256,345 -0.01 $196,740 0.03 10,348 0.05 1,792 96.2% 5.189 08 Sep 1,673 -0.08 $241,881 -0.04 $182,000 0 10,217 0.02 1,520 96.2% 6.106 08 Oct 1,322 -0.25 $243,364 0 $192,460 0.07 9,944 0.05 1,234 95.4% 7.521 08 Nov 997 -0.4 $234,444 -0.06 $182,000 -0.02 9,243 0.15 1,147 94.9% 9.27 08 Dec 1,305 -0.2 $247,025 -0.02 $182,500 -0.04 8,520 0 1,114 94.2% 6.528 09 Jan 840 -0.36 -0.43 $231,006 -0.06 $176,750 -0.05 8,738 0 1,327 94.3% 10.402 09 Feb 1,109 -[...]



Austin Real Estate Statistics for December

Wed, 03 Feb 2010 20:34:51 -0600

With 1373 sales in December 2009 (compared to 1305 in December 2008) this marks the fourth month in a row where Austin sales were up over the previous year. The average and median sales price were up 6 percent. The number of active listings is down 5% from this time last year. After adjusting for seasonal variations, December had strong numbers compared to most of 2009. But it was much weaker than what we saw in the previous two months. October (1783 sales) and November (1542 sales) were incredibly strong. Below are monthly statistics for the last few years. Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory 07 Jan 1,475 $241,169 $175,000 7,060 2,186 96.9% 4.786 07 Feb 1,723 $233,936 $176,000 7,334 2,499 97.0% 4.256 07 Mar 2,315 $245,391 $177,000 7,776 2,934 97.0% 3.358 07 Apr 2,295 $249,912 $185,000 8,354 3,016 97.6% 3.64 07 May 2,698 $250,156 $184,050 8,821 3,125 97.8% 3.269 07 Jun 2,772 $259,310 $191,800 9,159 2,789 97.7% 3.304 07 Jul 2,621 $257,386 $189,900 9,451 2,573 97.2% 3.605 07 Aug 2,497 $259,686 $191,250 9,819 2,196 97.1% 3.932 07 Sep 1,816 $252,844 $182,500 9,979 1,695 96.2% 5.495 07 Oct 1,770 $242,399 $180,000 9,431 1,953 96.4% 5.328 07 Nov 1,648 $248,768 $185,000 8,069 1,278 95.9% 4.896 07 Dec 1,638 $251,123 $190,000 8,522 1,006 96.0% 5.202 08 Jan 1,312 -0.11 $245,305 0.02 $187,000 0.07 8,727 0.24 1,935 95.4% 6.651 08 Feb 1,547 -0.1 $233,945 0 $180,090 0.02 9,127 0.24 1,803 96.1% 5.899 08 Mar 1,829 -0.21 $239,777 -0.02 $188,000 0.06 9,638 0.24 2,063 95.9% 5.269 08 Apr 1,944 -0.15 $240,592 -0.04 $186,950 0.01 10,034 0.2 2,109 96.5% 5.161 08 May 2,108 -0.22 $261,580 0.05 $195,000 0.06 10,577 0.2 2,146 96.9% 5.017 08 Jun 2,222 -0.2 $259,114 0 $199,940 0.04 10,886 0.19 1,996 96.4% 4.899 08 Jul 2,068 -0.21 $256,526 0 $195,000 0.03 10,913 0.15 2,032 96.7% 5.277 08 Aug 1,994 -0.2 $256,345 -0.01 $196,740 0.03 10,348 0.05 1,792 96.2% 5.189 08 Sep 1,673 -0.08 $241,881 -0.04 $182,000 0 10,217 0.02 1,520 96.2% 6.106 08 Oct 1,322 -0.25 $243,364 0 $192,460 0.07 9,944 0.05 1,234 95.4% 7.521 08 Nov 997 -0.4 $234,444 -0.06 $182,000 -0.02 9,243 0.15 1,147 94.9% 9.27 08 Dec 1,305 -0.2 $247,025 -0.02 $182,500 -0.04 8,520 0 1,114 94.2% 6.528 09 Jan 840 -0.36 -0.43 $231,006 -0.06 $176,750 -0.05 8,738 0 1,327 94.3% 10.402 09 Feb 1,109 -0.28 -0.36 $241,586 0.03 $190,000 0.06 9,373 0.03 1,406 94.7% 8.451 09 Mar 1,407 -0.23 -0.39 $230,885 -0.04 $180,000 -0.04 9,704 0.01 1,846 95.1% 6.896 09 Apr 1,579 -0.19 -0.31 $232,394 -0.03 $189,900 0.02 9,889 -0.01 1,919 95.6% 6.262 09 May 1,691 -0.2 -0.37 $252,323 -0.04 $193,000 -0.01 9,939 -0.06 2,132 95.7% 5.877 09 Jun 2,092 -0.06 -0.25 $250,921 -0.03 $199,250 0 10,107 -0.07 2,084 95.9% 4.831 09 Jul 2,056 -0.01 -0.22 $244,878 -0.05 $192,290 -0.01 9,988 -0.08 1,996 96.3% 4.857 09 Aug 1,773 -0.11 -0.29 $243,257 -0.05 $189,000 -0.04 9,555 -0.08 1,980 96.2% 5.389 09 Sep 1,760 0.05 -0.03 $240,526 -0.01 $186,270 0.02 9,148 -0.1 1,886 95.7% 5.197 09 Oct 1,783 0.35 0.01 $237,095 -0.03 $180,000 -0.06 8[...]



Austin Real Estate Statistics For November

Mon, 04 Jan 2010 02:59:45 -0600

The Austin market had another strong month in November. The number of sales was up 58% compared to last year at this time. While home sales stats for November 2008 were abnormally low, there is still little doubt that the Austin real estate market is generally stronger than what we have been experiencing for the last year. We had almost as many sales in November (1576) as we had in May (1691) which is highly unusual. For instance, In 2008 we saw twice as many sales in May as November. In addition to having more sales compared to last year there are fewer properties on the market. We currently have 8,551 active listings which is down 7 percent from last year. So why are we seeing more sales? There are two obvious factors. First the government tax credits are certainly increasing sales numbers. Second historically low mortgage rates are pushing sales numbers up. In addition, I would not call the national mood positive today, but it is without a doubt better than what it was this time last year when people were regularly talking about a total economic collapse. Below are the numbers for the last 3 years. Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory 07 Jan 1,475 $241,169 $175,000 7,060 2,186 96.9% 4.786 07 Feb 1,723 $233,936 $176,000 7,334 2,499 97.0% 4.256 07 Mar 2,315 $245,391 $177,000 7,776 2,934 97.0% 3.358 07 Apr 2,295 $249,912 $185,000 8,354 3,016 97.6% 3.64 07 May 2,698 $250,156 $184,050 8,821 3,125 97.8% 3.269 07 Jun 2,772 $259,310 $191,800 9,159 2,789 97.7% 3.304 07 Jul 2,621 $257,386 $189,900 9,451 2,573 97.2% 3.605 07 Aug 2,497 $259,686 $191,250 9,819 2,196 97.1% 3.932 07 Sep 1,816 $252,844 $182,500 9,979 1,695 96.2% 5.495 07 Oct 1,770 $242,399 $180,000 9,431 1,953 96.4% 5.328 07 Nov 1,648 $248,768 $185,000 8,069 1,278 95.9% 4.896 07 Dec 1,638 $251,123 $190,000 8,522 1,006 96.0% 5.202 08 Jan 1,312 -0.11 $245,305 0.02 $187,000 0.07 8,727 0.24 1,935 95.4% 6.651 08 Feb 1,547 -0.1 $233,945 0 $180,090 0.02 9,127 0.24 1,803 96.1% 5.899 08 Mar 1,829 -0.21 $239,777 -0.02 $188,000 0.06 9,638 0.24 2,063 95.9% 5.269 08 Apr 1,944 -0.15 $240,592 -0.04 $186,950 0.01 10,034 0.2 2,109 96.5% 5.161 08 May 2,108 -0.22 $261,580 0.05 $195,000 0.06 10,577 0.2 2,146 96.9% 5.017 08 Jun 2,222 -0.2 $259,114 0 $199,940 0.04 10,886 0.19 1,996 96.4% 4.899 08 Jul 2,068 -0.21 $256,526 0 $195,000 0.03 10,913 0.15 2,032 96.7% 5.277 08 Aug 1,994 -0.2 $256,345 -0.01 $196,740 0.03 10,348 0.05 1,792 96.2% 5.189 08 Sep 1,673 -0.08 $241,881 -0.04 $182,000 0 10,217 0.02 1,520 96.2% 6.106 08 Oct 1,322 -0.25 $243,364 0 $192,460 0.07 9,944 0.05 1,234 95.4% 7.521 08 Nov 997 -0.4 $234,444 -0.06 $182,000 -0.02 9,243 0.15 1,147 94.9% 9.27 08 Dec 1,305 -0.2 $247,025 -0.02 $182,500 -0.04 8,520 0 1,114 94.2% 6.528 09 Jan 840 -0.36 -0.43 $231,006 -0.06 $176,750 -0.05 8,738 0 1,327 94.3% 10.402 09 Feb 1,109 -0.28 -0.36 $241,586 0.03 $190,000 0.06 9,373 0.03 1,406 94.7% 8.451 09 Mar 1,407 -0.23 -0.39 $230,885 -0.04 $180,000 -0.04 9,704 0.01 1,846 95.1% 6.896 09 Apr 1,579 -0.19 -0.31 $232,394 -0.03 $189,900 0.02 9,889 -0[...]



Austin Real Estate Sales for October 2009

Tue, 01 Dec 2009 15:41:38 -0600

The sales statistics are out for October for the Austin real estate market. The residential market had an extremely strong month while the commercial and empty lot market continued to perform poorly. There were 1823 single family sales in October; this is 38% higher than what we saw this time last year. It’s also higher than what we saw last month (1733). It’s extremely rare to see an increase in sales as the market moves into winter. Another way to look at it is that October 2008 was slower than February, March, April, May, June, July, August and September. This October had more sales than every month in 2009 except just June and July. Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory 07 Jan 1,475 $241,169 $175,000 7,060 2,186 96.9% 4.786 07 Feb 1,723 $233,936 $176,000 7,334 2,499 97.0% 4.256 07 Mar 2,315 $245,391 $177,000 7,776 2,934 97.0% 3.358 07 Apr 2,295 $249,912 $185,000 8,354 3,016 97.6% 3.64 07 May 2,698 $250,156 $184,050 8,821 3,125 97.8% 3.269 07 Jun 2,772 $259,310 $191,800 9,159 2,789 97.7% 3.304 07 Jul 2,621 $257,386 $189,900 9,451 2,573 97.2% 3.605 07 Aug 2,497 $259,686 $191,250 9,819 2,196 97.1% 3.932 07 Sep 1,816 $252,844 $182,500 9,979 1,695 96.2% 5.495 07 Oct 1,770 $242,399 $180,000 9,431 1,953 96.4% 5.328 07 Nov 1,648 $248,768 $185,000 8,069 1,278 95.9% 4.896 07 Dec 1,638 $251,123 $190,000 8,522 1,006 96.0% 5.202 08 Jan 1,312 -0.11 $245,305 0.02 $187,000 0.07 8,727 0.24 1,935 95.4% 6.651 08 Feb 1,547 -0.1 $233,945 0 $180,090 0.02 9,127 0.24 1,803 96.1% 5.899 08 Mar 1,829 -0.21 $239,777 -0.02 $188,000 0.06 9,638 0.24 2,063 95.9% 5.269 08 Apr 1,944 -0.15 $240,592 -0.04 $186,950 0.01 10,034 0.2 2,109 96.5% 5.161 08 May 2,108 -0.22 $261,580 0.05 $195,000 0.06 10,577 0.2 2,146 96.9% 5.017 08 Jun 2,222 -0.2 $259,114 0 $199,940 0.04 10,886 0.19 1,996 96.4% 4.899 08 Jul 2,068 -0.21 $256,526 0 $195,000 0.03 10,913 0.15 2,032 96.7% 5.277 08 Aug 1,994 -0.2 $256,345 -0.01 $196,740 0.03 10,348 0.05 1,792 96.2% 5.189 08 Sep 1,673 -0.08 $241,881 -0.04 $182,000 0 10,217 0.02 1,520 96.2% 6.106 08 Oct 1,322 -0.25 $243,364 0 $192,460 0.07 9,944 0.05 1,234 95.4% 7.521 08 Nov 997 -0.4 $234,444 -0.06 $182,000 -0.02 9,243 0.15 1,147 94.9% 9.27 08 Dec 1,305 -0.2 $247,025 -0.02 $182,500 -0.04 8,520 0 1,114 94.2% 6.528 09 Jan 840 -0.36 -0.43 $231,006 -0.06 $176,750 -0.05 8,738 0 1,327 94.3% 10.402 09 Feb 1,108 -0.28 -0.36 $241,372 0.03 $189,950 0.05 9,373 0.03 1,406 94.7% 8.459 09 Mar 1,406 -0.23 -0.39 $230,608 -0.04 $180,000 -0.04 9,704 0.01 1,846 95.1% 6.901 09 Apr 1,579 -0.19 -0.31 $232,420 -0.03 $189,900 0.02 9,889 -0.01 1,919 95.6% 6.262 09 May 1,692 -0.2 -0.37 $252,425 -0.03 $193,000 -0.01 9,939 -0.06 2,132 95.7% 5.874 09 Jun 2,092 -0.06 -0.25 $250,921 -0.03 $199,250 0 10,107 -0.07 2,084 95.9% 4.831 09 Jul 2,053 -0.01 -0.22 $244,978 -0.05 $192,590 -0.01 9,988 -0.08 1,996 96.3% 4.865 09 Aug 1,765 -0.11 -0.29 $243,047 -0.05 $189,000 -0.04 9,555 -0.08 1,980 96.2% 5.413 09 Sep 1,733 0.04[...]



September Statistics for the Austin Real Estate Market

Thu, 05 Nov 2009 17:00:46 -0600

The stats for September are out for the Austin real estate market. By almost any measure we look at September was a strong month for the Austin market. This is first month we have seen a strong increase in sales compared to the previous year. We saw a 6 percent increase in sales from September 08 to September 09. September 09 has more sales than August 09 (1780 sales to 1748 sales). This is highly unusual. Typically sales slow each month as you move into winter and then start rising as you move from winter to summer. So sales increasing from September to August is pretty atypical. Lastly we have 10 percent less inventory on the market than this time last year. Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory 07 Jan 1,475 $241,169 $175,000 7,060 2,186 96.9% 4.786 07 Feb 1,723 $233,936 $176,000 7,334 2,499 97.0% 4.256 07 Mar 2,315 $245,391 $177,000 7,776 2,934 97.0% 3.358 07 Apr 2,295 $249,912 $185,000 8,354 3,016 97.6% 3.64 07 May 2,698 $250,156 $184,050 8,821 3,125 97.8% 3.269 07 Jun 2,772 $259,310 $191,800 9,159 2,789 97.7% 3.304 07 Jul 2,621 $257,386 $189,900 9,451 2,573 97.2% 3.605 07 Aug 2,497 $259,686 $191,250 9,819 2,196 97.1% 3.932 07 Sep 1,816 $252,844 $182,500 9,979 1,695 96.2% 5.495 07 Oct 1,770 $242,399 $180,000 9,431 1,953 96.4% 5.328 07 Nov 1,648 $248,768 $185,000 8,069 1,278 95.9% 4.896 07 Dec 1,638 $251,123 $190,000 8,522 1,006 96.0% 5.202 08 Jan 1,312 -0.11 $245,305 0.02 $187,000 0.07 8,727 0.24 1,935 95.4% 6.651 08 Feb 1,547 -0.1 $233,945 0 $180,090 0.02 9,127 0.24 1,803 96.1% 5.899 08 Mar 1,829 -0.21 $239,777 -0.02 $188,000 0.06 9,638 0.24 2,063 95.9% 5.269 08 Apr 1,944 -0.15 $240,592 -0.04 $186,950 0.01 10,034 0.2 2,109 96.5% 5.161 08 May 2,108 -0.22 $261,580 0.05 $195,000 0.06 10,577 0.2 2,146 96.9% 5.017 08 Jun 2,222 -0.2 $259,114 0 $199,940 0.04 10,886 0.19 1,996 96.4% 4.899 08 Jul 2,068 -0.21 $256,526 0 $195,000 0.03 10,913 0.15 2,032 96.7% 5.277 08 Aug 1,994 -0.2 $256,345 -0.01 $196,740 0.03 10,348 0.05 1,792 96.2% 5.189 08 Sep 1,673 -0.08 $241,881 -0.04 $182,000 0 10,217 0.02 1,520 96.2% 6.106 08 Oct 1,322 -0.25 $243,364 0 $192,460 0.07 9,944 0.05 1,234 95.4% 7.521 08 Nov 997 -0.4 $234,444 -0.06 $182,000 -0.02 9,243 0.15 1,147 94.9% 9.27 08 Dec 1,305 -0.2 $247,025 -0.02 $182,500 -0.04 8,520 0 1,114 94.2% 6.528 09 Jan 840 -0.36 -0.43 $231,006 -0.06 $176,750 -0.05 8,738 0 1,327 94.3% 10.402 09 Feb 1,108 -0.28 -0.36 $241,372 0.03 $189,950 0.05 9,373 0.03 1,406 94.7% 8.459 09 Mar 1,405 -0.23 -0.39 $230,367 -0.04 $180,000 -0.04 9,704 0.01 1,846 95.1% 6.906 09 Apr 1,579 -0.19 -0.31 $232,420 -0.03 $189,900 0.02 9,889 -0.01 1,919 95.6% 6.262 09 May 1,691 -0.2 -0.37 $252,207 -0.04 $193,000 -0.01 9,939 -0.06 2,132 95.7% 5.877 09 Jun 2,092 -0.06 -0.25 $250,919 -0.03 $199,250 0 10,107 -0.07 2,084 95.9% 4.831 09 Jul 2,043 -0.01 -0.22 $245,222 -0.04 $192,900 -0.01 9,988 -0.08 1,996 96.3% 4.888 09 Aug 1,748 -0.12 -0.3 $242,990 -0.05 $189,000 -0.04 9,555 -0.08 [...]