Austin Real Estate Market – Sales Update April 2007

Average and Median Sales Prices are up 6% and 6.6% in April from a year ago. Average price per square foot is up 4% from $126 last April to $131 April 2007. The Austin market keeps chugging along at a happy pace, refusing to overheat but still outperforming most other parts of the country.

There are 18 MLS Areas that have YTD appreciation better than 10%. Most of those are closer in areas, as usual. 11 MLS Areas underperformed, showing YTD appreciation of less than 5%. Most of these areas are further out and/or East of Austin. There were a few areas that we generally consider to be very strong, such as Area W (SW Austin) and 1N (Northwest Austin) that were in the underperforming group. More on area breakdowns further below.

Austin Sales Stats April 2007
Previous Month and Year Comparison
All MLS Areas - Houses Only

 
Mar 2007
Apr 2007
Apr 2006
Yr % Change
# Sold
2161
2149
2015
6.7%
Avg List Price
$254,093
$261,624
$247,121
5.9%
Median List Price
$182,900
$189,900
$179,900
5.6%
Avg Sold Price
$246,685
$255,708
$241,346
6.0%
Med Sold Price
$179,500
$189,000
$177,320
6.6%
Avg Size SQFT
2099
2123
2123
0%
Median SQFT
1891
1954
1920
1.8%
Avg $ per SQFT
$118
$131
$126
4.0%
Avg Days on Mkt
65
57
59
-3.4%
Median Days on Mkt
35
28
32
-12.5%

Below is the Year to Date Jan-April 2006/2007 comparisons for the entire Austin market.

Austin YTD Sales Stats April 2007
Year to Date with Previous Year Comparison
All MLS Areas - Houses Only

 
Jan-Apr 2006
Jan-Apr 2007
Yr % Change
# Sold
7149
7420
3.8%
Avg List Price
$243,430
$255,183
4.8%
Median List Price
$175,000
$185,000
5.7%
Avg Sold Price
$236,746
$248,113
4.8%
Med Sold Price
$172,000
$182,000
5.8%
Avg Size SQFT
2103
2104
0%
Median SQFT
1910
1912
0%
Avg $ per SQFT
$113
$118
4.4%
Avg Days on Mkt
68
65
-4.4%
Median Days on Mkt
42
38
-9.5%

Below are the same stats as above, but with new home sales filtered out. I do this to see if new homes skew the true appreciation rate of resale homes either up or down. In this case, there is a slight difference, indicating that the new homes sold through the Austin MLS somewhat pull down the overall appreciation numbers.

Austin Sales Stats (resale) Jan-Feb 2007
Year to Date Previous Year Comparison
All MLS Areas - Resale Houses Only - New Homes Excluded
 
Jan-Apr 2006
Jan-Apr 2007
Yr % Change
# Sold
5903
6105
3.4%
Avg List Price
$233,411
$245,877
5.3%
Median List Price
$169,900
$179,900
5.9%
Avg Sold Price
$227,507
$239,801
5.4%
Med Sold Price
$167,500
$177,500
6.0%
Avg Size SQFT
2040
2038
0%
Median SQFT
1856
1858
0%
Avg $ per SQFT
$112
$118
5.4%
Avg Days on Mkt
62
57
-8.1%
Median Days on Mkt
36
32
-11.1%

Austin MLS Area Home Sales Stats Breakdowns
Click this link to see April 2007 year to date Austin real estate sales stats.

On thing to note when looking at the stats is that several factors can cause swings in different areas. For example, on the chart you’ll notice that MLS Area HD (Hays County-Dripping Springs) is showing a 43% appreciation rate. I promise you that a typical Dripping Springs home, in Belterra for example, does not sell for 43% more this year than it did last year. These swings can be caused by several things, including a few high dollar sales on large pieces of land, where the land was a substantial portion of the sales price. Small sample sizes can skew the numbers also. A large number of new homes being built in an area in a higher or lower price range than the average can also swing the numbers. So, the reason we look at stats is to notice trends over time to assist in understanding where the market is heading and which areas appear to be attracting buyers. This is why the chart I constructed for reviewing appreciation has several different metrics to look at in relationship to one another. No single piece of data tells the entire story for what a market is doing.

Posted by Steve
9 years ago
Steve

Steve is a Real Estate Blogger, Husband and Dad, UT Austin Grad, Runner, Real Estate Broker and owner of Crossland Team and Crossland Real Estate in Austin TX.

Click Here to Leave a Comment Below

ARZ - 9 years ago

I wonder why area W and 1N’s sale declined. Maybe because those area became too expensive? W is such a vest area, I bet the area is highly diversified and filled with both million dollar homes and rundown shakes.

Reply
Alex - 9 years ago

It seems like you are missing the “DT” MLS area in your pdf? Or are you waiting a year to have yoy comparisons?

Reply
Steve - 9 years ago

Area DT (Downtown) only has 2 sales for single family homes so far this year. There were only 3 all of last year. There just isn’t enough data to be meaningful.

Areas W and 1N are anomolies. Just like with my HD example, this goes the other way. I know specific homes in those areas have gone up, especially the section of 1N that attends Round Rock schools, but I’d have to dig into the data to see why the macro data doesn’t reflect that.

This is the nature of “stats”. They are important to track and follow, but unless I seek out and eliminate outliers from the data, we’ll have swings that seem counter-intuitive sometimes. I’ve thought about filtering out the outliers, but I don’t think I should be messing with the data like that, so I just report what the data says.

Thanks for your comments.

Steve

Reply
Leave a Reply: