Austin Real Estate Market Update – Oct 2007

Home sales in Austin are getting better or worse, depending on which side of the equation you’re on – Buyer or Seller – and some other factors. If you’re a Buyer, you currently have more homes to choose from and are more likely to find a seller willing to negotiate compared to 2006 and the first half of 2007, though you probably won’t obtain a lower purchase price than you would have a year ago if you remain in Austin proper.

If you’re a Seller, you’re going to have to work harder to prepare your home for sale and you don’t have much room for error on the pricing. Buyers are simply bypassing overpriced listings as they have plenty of other homes to pick from. You will, however, probably sell your properly priced home for more than you could have a year ago, though it might take slightly longer. There is also a greater chance that, if your home isn’t priced right for the condition, it won’t sell at all. We are seeing a lot of homes in Austin be withdrawn from the market or expire unsold compared to a year ago. See the Sold vs. Not Sold chart I posted last month.

For October, the number of single family homes sold through the Austin MLS was down 5.9% from a year ago, which was expected. The average sold price is up about 5% over last year from $235,487 Oct 2006 to $246,796 for Oct 2007. The Median sold price is up 3.3% to $183,961 and the average price per square foot is up 4.5% to $117. The days on market inched up slightly from 66 to 69 and the Median days on market is up one day to 47. See the October chart below and the Year to Date stats further down.

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

 
Sep 2007
Oct 2007
Oct 2006
Yr % Change
# Sold
1697
1641
2024
-19%
Avg List Price
$268,896
$255,617
$241,449
5.9%
Median List Price
$189,900
$189,888
$180,000
5.5%
Avg Sold Price
$258,813
$246,796
$235,487
4.8%
Med Sold Price
$185,00
$183,961
$178,000
3.3%
Avg Size SQFT
2114
2102
2101
0
Median SQFT
1934
1917
1918
0
Avg $ per SQFT
$122
$117
$112
4.5%
Avg Days on Mkt
59
69
66
4.5%
Median Days on Mkt
39
47
46
2.1%



For Year-to-Date in Austin and surrounding areas, the number of single family homes sold through the Austin MLS was also down 5.9% YTD 2006. The average sold price YTD is up about 7% over last year from $238,703 Oct 2006 to $254,959. The Median sold price is up 6.3% to $187,000 and the average price per square foot is up 5.4% to $118. The average days on market is down 62 YTD last year to 60 this year, and the Median days on market is down 7.9% to to 35, which means the half of all homes sold through the Austin MLS so far in 2007 have sold in 35 daye or less. Not bad. Especially not bad when compared to other parts of the country.

Austin Sales Stats (resale) Jan-Oct 2007
Year to Date Previous Year Comparison
All MLS Areas - Resale Houses Only - (New Homes Excluded )
 
Jan-Oct 2006
Jan-Oct 2007
Yr % Change
# Sold
19,179
17,807
-7.2%
Avg List Price
$235,455
$253,803
7.8%
Median List Price
$174,900
$185,000
5.8%
Avg Sold Price
$229,999
$247,650
7.7%
Med Sold Price
$172,000
$183,050
6.4%
Avg Size SQFT
2051
2112
3.0%
Median SQFT
1864
1868
0
Avg $ per SQFT
$112
$117
4.5%
Avg Days on Mkt
56
52
-7.1%
Median Days on Mkt
33
30
-9.1%


Below are YTD stats filtering out new homes that sell through the MLS. As you can see, compared to the YTD stats above that include new home sales, the resale market is enjoying even better days on market stats, though prices are slightly lower.

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

 
Jan-Oct 2006
Jan-Oct 2007
Yr % Change
# Sold
22,554
21,223
-5.9%
Avg List Price
$244,847
$262,302
7.1%
Median List Price
$179,900
$189,900
5.6%
Avg Sold Price
$238,703
$254,959
6.8%
Med Sold Price
$175,841
$187,000
6.3%
Avg Size SQFT
2110
2168
2.7%
Median SQFT
1919
1930
0.6%
Avg $ per SQFT
$112
$118
5.4%
Avg Days on Mkt
62
60
-3.2%
Median Days on Mkt
38
35
-7.9%

Questions and comments are welcome.

Posted by Steve
8 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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k - 8 years ago

Awesome Steve! Thanks so much-

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