Austin Sales Market Update – July 2007 Stats

For July 2007, the number of real estate sales of single family homes in Austin decreased 5.3% compared to July 2006. Most of 2007 has lagged behind 2006 in number of sales due to the very high volume of sales we experienced in 2006. YTD for 2007, number of sales are down 1.4% from 2006.

The number most people want to know about though – is value appreciation. The July 2007 Average Sales price of $263,255 is up 6.6% compared to a year ago. The median sales price of $192,273 is up 6.9% from a year ago. Average price per square foot rose to $124 for July 2007 compared to $116 for July 2006, a 6.9% increase. These are solid, healthy numbers. Of course the closer in areas of Austin have even better appreciation numbers, while many of the suburbs are underperforming compared to the overall market.

Days on market is down to 54 average, and 32 Median days on market for July this year compared to 59 and 35 last year. These are very good days on market numbers. A 32 day median days on market means half of all listings in Austin sell in 32 days or less. Not bad at all. So, in 2007, homes are selling faster than a year ago, and selling for higher prices.

Rising inventory (not charted here) and lower number of sales indicate somewhat of a market shift taking place. It looks like the national housing market and the lending mess is starting to creep into our Austin market, though we continue to have great unemployment, good job growth, good population growth, and affordable housing prices compared to many other U.S. metro areas. At present, Austin is one of the fastest growing metro areas in the U.S., which should continue to drive our real estate market provided we don’t run into a nationwide recession or continued loan crises. That said, if the inventory (number of homes on the market) continues to rise, and the number of homes sold continues to slow, something has to give.

I’m behind on my monthly market stats. I should have completed July stats a month ago. I’ll follow this update with August numbers soon, and we’ll see how the market is looking through August. I won’t have MLS Area breakdowns again until third quarter, through end of September.

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

 
June 2007
July 2007
July 2006
Yr % Change
# Sold
2613
2496
2635
-5.3%
Avg List Price
$270,162
$270,669
$253,671
6.7%
Median List Price
$199.086
$196,700
$182,000
8.1%
Avg Sold Price
$263,985
$263,255
$247,038
6.6%
Med Sold Price
$194,500
$192,273
$179,900
6.9%
Avg Size SQFT
2139
2116
2123
-0.3%
Median SQFT
1951
1920
1932
-0.6%
Avg $ per SQFT
$123
$124
$116
6.9%
Avg Days on Mkt
53
54
59
-8.5%
Median Days on Mkt
28
32
35
-8.5%

Below are the July YTD numbers for 2006/2007.

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

 
Jan-July 2006
Jan-July 2007
Yr % Change
# Sold 15,592 15,369 -1.4%
Avg List Price $245,704 $261,201 6.3%
Median List Price $179,000 $189,900 6.1%
Avg Sold Price $239,631 $254,386 6.2%
Med Sold Price $175,100 $186,500 6.5%
Avg Size SQFT 2114 2117 0%
Median SQFT 1926 1921 0%
Avg $ per SQFT $113 $120 6.2%
Avg Days on Mkt 62 59 -4.8%
Median Days on Mkt 37 33 -11%

Below are the July YTD numbers, excluding new home sales. As you can see, when we remove Austin new home sales from the overall market stats, the numbers improve, though the average prices drop.

Austin Sales Stats (resale) Jan-July 2007
Year to Date Previous Year Comparison
All MLS Areas - Resale Houses Only - New Homes Excluded
 
Jan-Jul 2006
Jan-Jul 2007
Yr % Change
# Sold
12,626
12,104
-4.1%
Avg List Price
$236,640
$255,730
8.0%
Median List Price
$174,900
$189,000
8.1%
Avg Sold Price
$231,406
$250,081
8.1%
Med Sold Price
$172,950
$185,000
7.0%
Avg Size SQFT
2064
2069
0
Median SQFT
1881
1883
0
Avg $ per SQFT
$112
$121
8.0%
Avg Days on Mkt
56
51
-9.0%
Median Days on Mkt
32
27
-16%

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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ccosart - 9 years ago

You often mention area 10 and 10N as good places to buy – how do you think 10N will be affected by a slow down? Is it now “central” enough to be insulated? (I own in 10N, which is why I’m wondering…)

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