Austin Real Estate Market Sales Stats – June 2007 Update

Below are the June 2007 and YTD mid-year real estate sales stats for Austin and surrounding areas. These are for single family homes, condos are not included.

The most interesting thing to me on the first chart below for June sales is that the median days on market is 28 days. That means half of all homes listed in the Austin MLS sell in less than 28 days. That’s outstanding. The Average days on market for June was 56 days, which is also very good. Austin is really a city of many sub-markets, as the breakout by MLS area below shows. Some areas are experiencing strong demand and great appreciation while other parts of Austin (mainly surrounding suburbs to the east) are seeing slow sales and little or no appreciation due to a slowdown in starter home sales.

Overall, June sales saw the number of homes sold fall 11%, but the average prices keeps rising, with a 7.9% increase in average sold prices in Austin from $244,710 last year to $263,985 for June of this year. The Median sold prices rose 6.9% from $182,000 to $194,500. We’re not far from our Median sales price moving above $200K for the first time ever. The average price per square foot increased 7.9% from $114 last year to $123 for June 2007. Days on market continues to decrease, meaning homes are selling faster than this time last year. Though not reported in the charts below, our inventory of available homes is increasing somewhat, but demand is keeping up in most areas.

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

 
May 2007
June 2007
June 2006
Yr % Change
# Sold
2568
2613
2921
-11%
Avg List Price
260,267
270,162
249,914
8.1%
Median List Price
189,900
199.086
187,415
6.2%
Avg Sold Price
254,392
263,985
244,710
7.9%
Med Sold Price
187,000
194,500
182,000
6.9%
Avg Size SQFT
2130
2139
2146
-0.3%
Median SQFT
1923
1951
1965
-0.7%
Avg $ per SQFT
$119
$123
$114
7.9%
Avg Days on Mkt
54
53
56
-5.3%
Median Days on Mkt
27
28
32
-12.5%

Below is a year to date breakdown, again for the entire Austin MLS, single family homes. So far YTD Austin MLS sales prices are up 6.1% over the same period last year and the median sold price is up 5.7%.

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

 
Jan-June 2006
Jan-June 2007
Yr % Change
# Sold
12958
12740
-1.7%
Avg List Price
244,011
259,345
6.3%
Median List Price
178,000
189,000
6.2%
Avg Sold Price
238,076
252,657
6.1%
Med Sold Price
175,000
185,000
5.7%
Avg Size SQFT
2112
2116
0
Median SQFT
1924
1920
0
Avg $ per SQFT
$113
$119
5.3%
Avg Days on Mkt
63
60
-4.8%
Median Days on Mkt
37
33
-11%

Below is a YTD Sales breakdown, same as above, but with new homes eliminated. Average YTD appreciation for resale homes is 1% higher than the overall Austin MLS average, at 7.2%. Median price is almost flat, which tells me a lot of the median gain in the chart above is coming from new home sales in higher price ranges. Average and Median sales prices are lower also when new homes are removed from the stats.

Austin Sales Stats (resale) Jan-Jun 2007
Year to Date Previous Year Comparison
All MLS Areas - Resale Houses Only - New Homes Excluded
 
Jan-Apr 2006
Jan-Jun 2007
Yr % Change
# Sold
10,951
10,698
-2.3%
Avg List Price
233,639
250,565
7.2%
Median List Price
172,000
184,900
7.5%
Avg Sold Price
228,548
244,916
7.2%
Med Sold Price
170,000
181,900
1.1%
Avg Size SQFT
2051
2054
0
Median SQFT
1868
1865
0
Avg $ per SQFT
$111
$119
7.2%
Avg Days on Mkt
57
52
-8.8%
Median Days on Mkt
32
27
-16%

Below is a breakout by MLS area. If you’re not famiar with Austin’s MLS areas, a map is at the bottom of the page. As usual, the areas closer in to Austin proper continue to see the biggest increases in sales prices. Areas in lower price ranges further out and east of Austin tend to have more sluggish markets. Hutto, Elgin and Manor are all seeing prices fall.

I want to go over the data fields listed below and explain why I show these particular sets of figures.

# Sold
This tells us if a particular area is experiencing a spike or drop in number sales. Scanning down the chart below, you’ll see that almost all areas have a drop in number of sales, but there are several, mostly areas east of IH35, that have increased numbers of sales. Large increases in number of sales often indicate a lot of new home sales in that area.

Average Sold
This is the average sold price of all homes sold in an area. By itself, it doesn’t tell the entire story. For example, Area HD (Dripping Springs) shows a 32% increase in average sales price, but that doesn’t mean that a particular home in HD has appreciated 32%. That’s not likely. In this case, there are several high priced sales for homes with acreage that pull the average up. But overall, HD is a very strong and growing area moving toward higher end homes. As you scan across the “Changes” line for area HD, you’ll notice that all of the metrics are moving in the direction we want to see if we are looking for value appreciation.

Median Sold
Median sold prices are a good reality check against Average sold prices. Medians are less susceptible to swings caused by a few high or low sales, so movement of a median price in some ways tells us more about the broader direction of a market area than does the average.

Average SQFT (Square Feet)
This tells us the average size of the homes sold in an area. It’s interesting to see how much the average size varies across areas, but we also divide sqft into the Average Sold price to get the average price per square foot.

Average Price per Square foot
This is another reality check against average sales prices. You’ll notice for example in MLS Area 3E that the Average and Median sold prices are up about 14% and 17%, but the avg square footage has also increased and the average sold price per square foot is up only about 7%.

Average Days
This is Average Days on Market for homes that sold. Typically, a lower number of days on market should correlate with stronger sales numbers, but not always. Area HD from our example above has a high DOM of 90. This is largely due to a high number of new homes being listed, which typically remain active in the MLS for more days.

Year Built
This helps us understand whether an area is mostly older homes, or newer ones. For example, the different between average year built in Area 1B, an older Austin area, and Hutto is quite large. We can also see if the average year built in an area is creeping up over time by a notable amount, which confirms that new construction is happening.

All of these pieces of data have to be viewed in the context of each other. Real Estate market data, especially as reported by newspaper writers, can be very misleading. In general, when looking at the data for a particular area, if I see low days on market, rising Average, Median and Per SQFT sales prices, then I think that area is probably doing ok. But there can be specific neighborhoods with a strong area that go counter to the area overall. This can be due to factors such as the quality of schools, quality of construction, traffic issues, etc.

OK, on to the numbers below. As usual, post any questions/comments and I’ll do my best to answer.

MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
All Areas 2007 12740 $252,657 $185,000 2,116 $119.40 60 1990  

2006 12958 $238,076 $175,000 2,112 $112.73 63 1988  
Change -1.68% 6.12% 5.71% 0.19% 5.92% -4.76% 2  
 
MLS Area YTD-Apr # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
1A 2007 145 $480,797 $455,000 2,656 $181.02 52 1978  
2006 147 $437,036 $399,000 2,676 $163.32 58 1976  
Change -1.36% 10.01% 14.04% -0.75% 10.84% -10% 2  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
1B 2007 180 $714,223 $595,450 2,634 $271.16 63 1961  
2006 218 $652,037 $530,000 2,561 $254.60 75 1958  
Change -17.43% 9.54% 12.35% 2.85% 6.50% -16% 3  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
1N 2007 310 $299,793 $269,000 2,203 $136.08 36 1984  
2006 333 $279,554 $250,000 2,250 $124.25 40 1986  
Change -6.91% 7.24% 7.60% -2.09% 9.53% -10% -2  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
2 2007 224 $248,236 $240,000 1,386 $179.10 33 1957  
2006 252 $215,904 $210,000 1,390 $155.33 34 1958  
Change -11.11% 14.98% 14.29% -0.29% 15.31% -2.94% -1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
2N 2007 161 $141,796 $139,500 1,498 $94.66 38 1973  
2006 209 $134,577 $127,950 1,507 $89.30 49 1974  
Change -22.97% 5.36% 9.03% -0.60% 6.00% -22.45% -1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
3 2007 167 $195,654 $195,000 1,490 $131.31 46 1962  
2006 193 $164,761 $155,000 1,468 $112.24 38 1958  
Change -13.47% 18.75% 25.81% 1.50% 17.00% 21.05% 4  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
3E 2007 122 $118,767 $117,000 1,426 $83.29 87 1995  
2006 66 $103,809 $100,271 1,332 $77.93 82 1993  
Change 84.85% 14.41% 16.68% 7.06% 6.87% 6.10% 2  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
4 2007 193 $349,440 $321,250 1,550 $225.45 52 1951  
2006 204 $297,800 $276,750 1,437 $207.24 39 1951  
Change -5.39% 17.34% 16.08% 7.86% 8.79% 33.33% 0  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
5 2007 211 $173,671 $155,600 1,156 $150.23 57 1956  
2006 208 $144,577 $130,154 1,178 $122.73 57 1960  
Change 1.44% 20.12% 19.55% -1.87% 22.41% 0.00% -4  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
5E 2007 48 $108,323 $109,450 1,499 $72.26 75 2000  
2006 54 $113,665 $114,700 1,568 $72.49 47 1998  
Change -11.11% -4.70% -4.58% -4.40% -0.31% 59.57% 2  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
6 2007 162 $349,473 $318,800 1,508 $231.75 46 1961  
2006 173 $319,833 $290,000 1,535 $208.36 64 1956  
Change -6.36% 9.27% 9.93% -1.76% 11.22% -28.13% 5  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
7 2007 72 $376,465 $372,500 1,586 $237.37 39 1958  
2006 70 $345,714 $323,950 1,684 $205.29 43 1959  
Change 2.86% 8.89% 14.99% -5.82% 15.62% -9.30% -1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
8E 2007 139 $954,737 $759,000 3,669 $260.22 69 1987  
2006 147 $782,812 $660,000 3,437 $227.76 73 1987  
Change -5.44% 21.96% 15.00% 6.75% 14.25% -5.48% 0  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
8W 2007 147 $652,639 $525,000 3,438 $189.83 69 1991  
2006 159 $593,815 $478,000 3,273 $181.43 62 1990  
Change -7.55% 9.91% 9.83% 5.04% 4.63% 11.29% 1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
9 2007 46 $164,384 $154,007 1,556 $105.65 45 1989  
2006 37 $134,554 $132,500 1,460 $92.16 61 1968  
Change 24.32% 22.17% 16.23% 6.58% 14.63% -26.23% 21  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
10N 2007 144 $180,565 $162,500 1,420 $127.16 30 1970  
2006 208 $142,462 $134,700 1,399 $101.83 38 1972  
Change -30.77% 26.75% 20.64% 1.50% 24.87% -21.05% -2  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
10S 2007 405 $170,656 $163,847 1,644 $103.81 28 1987  
2006 468 $152,767 $146,700 1,608 $95.00 31 1988  
Change -13.46% 11.71% 11.69% 2.24% 9.26% -9.68% -1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
11 2007 169 $120,597 $118,000 1,435 $84.04 56 1989  
2006 166 $103,068 $99,850 1,307 $78.86 59 1985  
Change 1.81% 17.01% 18.18% 9.79% 6.57% -5.08% 4  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
CLN 2007 647 $163,035 $146,790 1,941 $84.00 57 1999  
2006 730 $152,466 $137,577 1,950 $78.19 60 1999  
Change -11.37% 6.93% 6.70% -0.46% 7.43% -5.00% 0  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
CLS 2007 596 $229,351 $205,450 2,354 $97.43 57 1998  
2006 622 $203,356 $180,000 2,254 $90.22 64 1997  
Change -4.18% 12.78% 14.14% 4.44% 7.99% -10.94% 1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
EL 2007 156 $130,820 $124,500 1,755 $74.54 82 1993  
2006 108 $130,085 $119,950 1,779 $73.12 92 1988  
Change 44.44% 0.57% 3.79% -1.35% 1.94% -10.87% 5  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
GTE 2007 215 $149,766 $135,700 1,718 $87.17 53 1988  
2006 181 $140,471 $129,000 1,704 $82.44 67 1986  
Change 18.78% 6.62% 5.19% 0.82% 5.75% -20.90% 2  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
GTW 2007 442 $253,617 $218,000 2,242 $113.12 71 1996  
2006 425 $242,520 $220,000 2,292 $105.81 77 1995  
Change 4.00% 4.58% -0.91% -2.18% 6.91% -7.79% 1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
HD 2007 221 $426,389 $342,378 2,896 $147.23 90 1996  
2006 229 $322,916 $285,000 2,614 $123.53 93 1997  
Change -3.49% 32.04% 20.13% 10.79% 19.19% -3.23% -1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
HH 2007 561 $170,393 $152,800 2,006 $84.94 72 1999  
2006 490 $167,577 $145,000 2,027 $82.67 73 1998  
Change 14.49% 1.68% 5.38% -1.04% 2.74% -1.37% 1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
HU 2007 358 $147,085 $137,295 1,846 $79.68 77 2003  
2006 278 $147,202 $135,009 1,868 $78.80 67 2003  
Change 28.78% -0.08% 1.69% -1.18% 1.11% 14.93% 0  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
LN 2007 124 $307,074 $203,250 2,155 $142.49 86 1995  
2006 169 $253,450 $190,000 2,103 $120.52 103 1993  
Change -26.63% 21.16% 6.97% 2.47% 18.23% -16.50% 2  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
LS 2007 436 $445,980 $368,000 2,701 $165.12 84 1997  
2006 548 $435,356 $337,250 2,812 $154.82 82 1997  
Change -20.44% 2.44% 9.12% -3.95% 6.65% 2.44% 0  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
MA 2007 183 $153,311 $133,980 1,866 $82.16 83 2002  
2006 118 $158,118 $130,011 1,904 $83.05 85 2000  
Change 55.08% -3.04% 3.05% -2.00% -1.07% -2.35% 2  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
N 2007 269 $188,212 $180,000 1,921 $97.98 28 1991  
2006 269 $171,257 $167,000 1,883 $90.95 45 1991  
Change 0.00% 9.90% 7.78% 2.02% 7.73% -37.78% 0  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
NE 2007 192 $151,501 $151,425 1,744 $86.87 56 1989  
2006 200 $138,993 $138,100 1,754 $79.24 62 1988  
Change -4.00% 9.00% 9.65% -0.57% 9.62% -9.68% 1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
NW 2007 396 $246,339 $200,000 2,283 $107.90 35 1987  
2006 474 $234,073 $190,157 2,333 $100.33 43 1988  
Change -16.46% 5.24% 5.18% -2.14% 7.55% -18.60% -1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
PF 2007 727 $163,250 $154,900 2,057 $79.36 60 1999  
2006 739 $150,985 $142,000 1,963 $76.92 63 1998  
Change -1.62% 8.12% 9.08% 4.79% 3.18% -4.76% 1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
RN 2007 314 $531,791 $460,500 3,460 $153.70 86 2000  
2006 294 $494,711 $423,750 3,316 $149.19 77 1999  
Change 6.80% 7.50% 8.67% 4.34% 3.02% 11.69% 1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
RRE 2007 854 $178,981 $153,000 2,091 $85.60 61 1997  
2006 742 $173,211 $143,875 2,123 $81.59 65 1996  
Change 15.09% 3.33% 6.34% -1.51% 4.91% -6.15% 1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
RRW 2007 741 $236,788 $219,000 2,488 $95.17 56 1997  
2006 771 $219,012 $196,000 2,483 $88.20 64 1996  
Change -3.89% 8.12% 11.73% 0.20% 7.90% -12.50% 1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
SC 2007 102 $198,799 $182,632 2,237 $88.87 66 1998  
2006 89 $190,780 $152,895 2,142 $89.07 88 1997  
Change 14.61% 4.20% 19.45% 4.44% -0.22% -25.00% 1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
SE 2007 108 $121,809 $119,285 1,742 $69.92 52 2002  
2006 87 $112,282 $111,000 1,708 $65.74 60 1999  
Change 24.14% 8.48% 7.46% 1.99% 6.37% -13.33% 3  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
SWE 2007 351 $229,391 $210,391 2,154 $106.50 46 1997  
2006 315 $199,566 $187,000 2,085 $95.72 44 1996  
Change 11.43% 14.94% 12.51% 3.31% 11.26% 4.55% 1  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
SWW 2007 381 $297,286 $280,000 2,483 $119.73 34 1996  
2006 434 $271,171 $254,900 2,517 $107.74 36 1996  
Change -12.21% 9.63% 9.85% -1.35% 11.13% -5.56% 0  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
UT 2007 23 $440,082 $410,000 1,915 $229.81 63 1939  
2006 37 $413,879 $358,600 1,705 $242.74 37 1931  
Change -37.84% 6.33% 14.33% 12.32% -5.33% 70.27% 8  
 
MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Year Blt  
W 2007 174 $588,360 $355,500 3,108 $189.31 67 1994  
2006 212 $560,879 $350,000 3,212 $174.62 77 1995  
Change -17.92% 4.90% 1.57% -3.24% 8.41% -12.99% -1  
 


Austin MLS Map

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.

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Jason - 9 years ago

hello,

thank you for compiling the summary statistics shown above. what a great resource. any chance you have the same type of data for land/lots (broken down by mls area, avg sold, median sold, size, $ per acre, etc.) if not, any idea where i might find it? many thanks!

Reply
Steve - 9 years ago

Hi Jason,

No, I only do it for sales and leasing of homes. That alone is a huge commitment of time each month. My guess would be that land prices track housing/appreciation relatively in all areas, since land pricing is a component of the value of finished homes. In other words, areas with expensive homes are going to have expensive lots, and vice versa.
Steve

Reply
Jay Otto - 9 years ago

Great compilation Steve. Thanks for the edge.
J

Reply
Mags - 9 years ago

Hi Jason,
Thank you so very much for all the time and effort in putting this together. It is great!!! Do you have any information on the # of total listings per month to match the # of homes sold? Another report has pointed to about 8,696 total listings available per month, would you agree with this? Also, i have a question regarding the decrease in DOM-the decrease in homes sold-and the increase in home inventory situation. Because that seems very contradictory, are we assuming that the only way to gain applicable market knowledge is to analyze this only by area breakdown? …does this also mean that the gap btwn the two (strong demand/high appreciation and slow sales/low appreciation) “main” types of areas is getting larger…areas that are selling, are really selling and areas that are not, are really staying on the market for a long time.
Thank you again for all the great information, if you get a chance, I would love some of your further thoughts…
~Mags

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