| Home Contact Us Blog | |
|
The Crossland Team
Sylvia Crossland, Broker Steve Crossland, MPM (512) 301-5811 |
-
Featured Listings
Austin Real Estate Market - November 2006 Sales Stats Update
December 23, 2006
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.
|
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.
|
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.
Avg $
by MLS Areas- Houses Only
Sold
SQFT
Per
SQFT
Days
Comments
5 Responses to “Austin Real Estate Market - November 2006 Sales Stats Update”
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.
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
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.
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.
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