Austin Real Estate Market – November 2006 Sales Stats Update

by Steve Crossland, REALTOR in Austin TX on December 23, 2006 · 5 comments

Austin Average Sales Prices for Nov 2006 are up 5.7% from Nov 2005, and up 9.7% year to date. The Austin market sold 10% more single-family homes so far this year than last, and the Day on Market are about the same as Nov last year but down 11% Year to date. The Austin real estate market continnues to move in a positive direction overall.

Out of 55 Austin MLS areas charted below, only 3 have year over year decreases in average sales prices. Of the 55 Austin MLS areas, 30 have double digit appreciation of average sales prices. Of those 30 MLS areas, 13 areas have appreciation of 15% or greater. Austin’s real estate market is very strong and will continue to do well in the coming years, in my opinion.

Austin Sales Stats November 2006
Previous Month and Year Comparison
All MLS Areas - Houses Only

 
October 2006
Nov 2006
Nov 2005
Yr % Change
# Sold
1899
1795
1759
2%
Avg List Price
$242,020
$247,402
$234,048
5.6%
Median List Price
$179,900
$179,900
$175,000
2.8%
Avg Sold Price
$236,053
$240,115
$227,203
5.7%
Med Sold Price
$177,000
$175,000
$171,400
2.1%
Avg Size SQFT
2089
2102
2096
0.2%
Median SQFT
1907
1898
1916
-0.9%
Avg $ per SQFT
$113
$114
$108
5.5%
Avg Days on Mkt
65
68
68
0
Median Days on Mkt
46
45
46
-2.1%

Below is the 2006 year to date totals compared to the same period of time (through November) of 2005.


Austin Sales Stats November 2006
Year to Date Previous Year Comparison
All MLS Areas - Houses Only

 
YTD Nov 2005
YTD Nov 2006
Yr % Change
# Sold
21,941
24,154
+10%
Avg List Price
$224,647
$245,706
+9.3%
Median List Price
$169,598
$179,900
+6.1%
Avg Sold Price
$218,301
$239,466
+9.7%
Med Sold Price
$165,000
$175,612
+6.4%
Avg Size SQFT
2082
2110
+1.3%
Median SQFT
1897
1918
+1.1%
Avg $ per SQFT
$105
$113
+7.6%
Avg Days on Mkt
70
62
-11%
Median Days on Mkt
46
38
-17%

Below is the breakdown of the year to date stats by MLS Area. Since we are up in sales values about 10% year to date through November 2006, those area with 10% or greater appreciation are performing as good or better than the Austin market in general, and those areas with less than 10% appreciation are peforming below the pace of the greater Austin market, in general. Overall though, many parts of the U.S. would be very happy even with our underperforming areas.


Austin Sold Stats November 2006 Year-to-Date
by MLS Areas- Houses Only

MLS Area
# Sold
Avg $
Sold
%Chg
Avg
SQFT

Avg $
Per
SQFT

Avg
Days
Avg Yr Built
2005
2006
2005
2006
Area 1A
291
318
$417,355
$474,313
14%
2744
$173
57
1978
Area 1B
570
545
$440,505
$531,359
17%
2168
$245
61
1954
Area 1N
610
617
$254,536
$281,464
11%
2202
$128
38
1985
Area 2
427
475
$192,907
$219,811
14%
1368
$170
34
1958
Area 2N
342
364
$125,668
$135,976
8%
1493
$91
45
1973
Area 3
401
357
$154,281
$171,353
11%
1461
$117
38
1959
Area 3E
109
126
$96,604
$107,734
12%
1350
$80
79
1994
Area 4
225
245
$262,317
$304,652
14%
1402
$217
45
1945
Area 5
301
396
$116,387
$152,629
31%
1169
$131
59
1958
Area 5E
102
106
$98,074
$112,477
15%
1532
$73
50
1995
Area 6
256
293
$274,029
$331,869
21%
1541
$215
59
1958
Area 7
108
115
$314,609
$353,105
12%
1676
$211
44
1959
Area 8E
258
261
$697,816
$795,326
14%
3471
$229
79
1986
Area 8W
395
403
$483,427
$625,135
29%
3326
$188
67
1992
Area 9
78
73
$166,951
$140,642
-19%
1483
$95
51
1973
Area 10
1245
1364
$137,779
$153,653
12%
1561
$98
33
1983
Area 11
296
292
$97,787
$103,950
6%
1312
$79
65
1986
Area BA
375
362
$126,803
$139,575
10%
1748
$80
76
1992
Area BL
32
50
$196,507
$212,320
8%
1781
$119
95
1979
Area BU
133
181
$210,578
$250,444
19%
2015
$124
101
1974
Area BW
130
166
$165,952
$171,242
3%
1991
$86
74
1996
Area CC
174
186
$110,339
$121,332
10%
1689
$72
106
1973
Area CL
2103
2371
$160,551
$171,867
7%
2074
$83
57
1998
Area EL
159
161
$126,184
$127,165
1%
1781
$71
90
1983
Area FC
3
11
$91,166
$175,454
92%
1798
$98
105
1982
Area GP
1
1
$260,500
207,000
-21%
1000
207
103
1996
Area GT
1020
1047
$195,830
$209,627
7%
2111
$99
74
1992
Area HD
375
425
$308,187
$343,839
12%
2735
$126
91
1996
Area HH
727
940
$158,783
$168,923
6%
2027
$83
71
1998
Area HS
114
154
$174,458
$176,755
1%
1930
$92
74
?
Area HU
331
520
$139,206
$145,060
4%
1870
$78
66
2003
Area HW
269
287
$225,734
$245,601
9%
2028
$121
93
1981
Area JA
83
151
$185,157
$202,855
10%
1894
$107
77
2000
Area LC
12
30
$131,991
$160,520
22%
1864
$86
77
1986
Area LH
131
169
$249,865
$248,302
-1%
2228
$111
80
1996
Area LL
52
67
$236,171
$288,141
22%
1879
$153
126
1953
Area LN
484
528
$279,013
$306,959
10%
2488
$123
93
1997
Area LS
809
869
$411,586
$445,532
10%
2757
$162
89
1996
Area MA
229
323
$142,705
$151,877
6%
1894
$80
80
2002
Area MC
7
45
$94,600
$95,170
1%
1693
$56
109
1964
Area N
497
486
$164,228
$173,927
6%
1885
$92
41
1991
Area NE
359
365
$137,365
$141,085
3%
1735
$81
63
1989
Area NW
821
821
$216,044
$232,152
8%
2311
$101
43
1988
Area PF
1244
1460
$146,619
$156,033
6%
2011
$78
66
1998
Area RN
453
490
$440,584
$508,000
15%
3376
$150
82
1999
Area RR
2637
2817
$184,286
$196,618
7%
2283
$86
61
1996
Area SC
130
168
$188,074
$194,263
3%
2163
$90
74
1996
Area SE
100
152
$103,553
$110,972
7%
1685
$66
55
1998
Area SV
87
112
$130,462
$149,671
15%
1802
$83
93
1974
Area SW
1224
1259
$224,258
$252,778
13%
2404
$105
39
1997
Area TC
188
192
$98,559
$107,650
9%
1579
$68
74
1971
Area W
329
342
$433,836
$537,646
24%
3113
$173
77
1994
Area WE
30
27
$97,952
$116,149
19%
1724
$67
101
1966
Area WW
27
24
$148,484
$191,302
29%
1975
$97
116
1981

Austin MLS Map

{ 5 comments… read them below or add one }

1 Norman Richards December 24, 2006 at 9:50 am

I’d be curious what your thoughts are on area 9. I would have thought that it would be experiencing at least some of the positive swing that area 5 is? It seems quite odd.

Also, do when you do year-end stats, would it be possible to add in duplexes and condos? (or point us to where we can find the data) I know how the market is going around my properties in area 2, but I’m quite curious how to see the trends across the entire austin area.

2 Steve Crossland December 24, 2006 at 11:14 am

Hi Norman,

I think area 9 is a good area. I don’t know why it’s trending down other than the fact that there are a lot of older 1960′s homes over there with bad slabs and maaybe there were several very low sales pulling down the averge. My gut feeling is area 9 is a sleeper area. Look at it’s proximity to downtown!

The areas north of Riverside, with all of the old apartment buildings are ripe for condo conversions and teardown/rebuild of new condos/apartments.

I’ll see about breaking out condos, duplexes, etc. for the end of year by area. I stick to houses because that’s mainly what we sell and what our buyers want to buy. It’s also a time issue for me. But maybe for an end of year update it would be nice to cover all types of properties.

Merry Christmas!! Get off the computer and go shopping!! (That’s what I’m about to do!)
Steve

3 David December 24, 2006 at 12:30 pm

I want to ask a question, but not on Xmas eve, so in your end-of-year update, can you also include thoughts on what effect the toll roads might have on property values? Will it release pressure on rising prices in Central Austin?

I live with my wife, 2 children, 2 dogs, and 1 cat in a less than 1,100 square foot home in 2N. Most of my co-workers live in the Round Rock area in 2,000+ sq houses. My thinking has been gridlocked — I can essentially swap my home here for a much better home there at the cost of a 90 minute commute round trip instead of 20. No thanks. But with the toll roads, they are now claiming that their commutes are cut in half and those moral calculations are being revisited. In general, it’s getting harder and harder for working families to afford to live in the central Austin, which is another topic.

Anyway, Merry Christmas, and thanks for the blog.

4 John December 26, 2006 at 10:06 am

Area 9 and 11 were up earlier in the year. I think there’s too little going on there in terms of home sales, and most of the revival of the area will be through condos first, homes second. It’s still somewhat of an “inner city” type of neighborhood…ahem :) so not too many people want to own a home there.

Central Austin is unlikely to decrease in value. There are enough people with money in this town to keep it the way it is. If working stiffs move to Round Rock, someone with money will swoop in, buy their old homes for the land and build a new home on them that’ll be close to town and worth even more.

5 Steve Crossland December 26, 2006 at 4:38 pm

Hi David,

I hope you had a great Christmas!

You asked: “… what effect the toll roads might have on property values? Will it release pressure on rising prices in Central Austin?”

The short answer is, I don’t know. But I suspect the toll roads will eventually open up more areas further from Austin to new housing and retail development. Like you, however, I’m in the “no thanks” club. My hunch is Central Austin values cannot be diluted by bigger homes that are 20 to 30 miles away. Those areas that are considered to be “Central Austin” keep growing though.

You bring up a point/question that a lot of buyers have to contemplate – “is it worth driving farther each day in exchange for a bigger house and/or a more suburban lifestyle?”

When we outgrew our Travis Heights house in 1996, we started what has been a 10 year creep further and further south/southwest. Fist into Cherry Creek in the 78745 zip code, then to three successive homes in Oak Hill to where we are now outside the Austin City Limits but still in Travis County. 10 years ago I would have thought this is too far, but I can drive to my Keller Williams office on S. Mopac in 12 to 15 minutes from my driveway (except during rush hours, which I avoid). To me, this isn’t far at all. I now consider my neighborhood to be “close in”.

I did write a blog article asking “Is Driving Farther for Cheaper House Worth It?” You can read it here:
http://crosslandteam.com/blog/2006/06/09/is-driving-farther-for-cheaper-house-worth-it/

The one thinng I didn’t get into in that blog article is trying to place an actual dollar value on the additional commuting costs of living farther out. The value of drive-time avoidance and other tangible factors.
Steve

Leave a Comment

Previous post:

Next post: