Former Boom Markets Hit Hardest

Austin was not a “boom market”, but the sentiments and national news resulting from the markets listed in the news snippet below have contributed to a somewhat timid buyer pool in Austin at present. Hopefully, buyers will perk up this spring as the mortgage fallout further clears up and people realize that Austin is not … Read more

Austin Rental Market Update – November 2007

The Austin rental market for November in Austin continues the strong climb in prices. The average rental rate of $1386/mo. is a 12% increase over the same month last year. The median leased price is $1200, up 4.3% from a year ago. The number of homes leased dropped 13% from 588 a year ago to 510 in November 2007. Days on market for leased homes have dropped dramatically (a good thing), from an average days on market of 46 in Nov 2006 to an average of 35 this November. Median days on market dropped 31% from 35 days last Nov to 24 days Nov 2007. Avergae price per square foot for rental homes in Austin is up to $0.71 psf from $0.68 psf last year.

Austin Rental Market Stats November 2007
Previous Month and Year Comparison
All MLS Areas - Houses Only

 

Oct 2007

Nov 2007

Nov 2006

Yr % Change
# Leased
571
510
588
-13%
Avg List Price
$1354
$1402
$1249
12%
Median List Price
$1250
$1225
$1150
6.5%
Avg Leased Price
$1337
$1386
$1239
12%
Med Leased Price
$1245
$1200
$1150
4.3%
Avg Size SQFT
1927
1964
1865
5.3%
Median SQFT
1829
1829
1750
4.5%
Avg $ per SQFT
$0.69
$0.71
$0.66
7.6%
Avg Days on Mkt
40
34
46
-26%
Median Days on Mkt
32
24
35
-31%

Year to date stats are below. They are again missing the Median values because our lousy new MLS software won’t let me produce a report with median values if more than 5,000 results are included.

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Austin Real Estate Market Update – November 2007

The number of homes sold in Austin for November 2007 was down 19% from November 2006. Average sales price is up 6.5% $255,073 and Median sales price is up 7.9% from $175,000 a year ago to $188,900 this year for November. Average price per square foot is up 4.4% to $119 per square foot. Average Days on Market is up 7.9% to 68 days (still not bad) and the Median Days on Market is up 12.4% to 46 days, meaning hlf of all homes sold in November sold in 46 days or less.

Not reflected in these stats is that inventory remains high and many homes in fact are not selling. There are currently 8,144 single family homes on the market as of this posting (Dec 26, 2007), which is too many given current demand. I’ll update my Sold vs. Not Sold chart to include October and November soon and I suspect we might have have more “Not Solds” in November that there were closed sales.

Finally, the stats are missing Median Values for the year-to-date charts below. That’s because of our crappy new MLS software and the fact that it can’t perfom certain high-count median stats.

November stats as well as year to date and Resale vs. New home sales charts are below.

Austin Sales Stats November 2007
Previous Month and Year Comparison
All MLS Areas – Houses Only

 
Oct 2007
Nov 2007
Nov 2006
Yr % Change
# Sold
1641
1527
1880
-19%
Avg List Price
$255,617
$266,062
$246,646
7.9%
Median List Price
$189,888
$197,500
$179,900
9.8%
Avg Sold Price
$246,796
$255,073
$239,478
6.5%
Med Sold Price
$183,961
$188,900
$175,000
7.9%
Avg Size SQFT
2102
2151
2099
2.5%
Median SQFT
1917
1951
1902
2.6%
Avg $ per SQFT
$117
$119
$114
4.4%
Avg Days on Mkt
69
68
63
7.9%
Median Days on Mkt
47
46
41
12%

Below is the year-to-date summary, missing the median figures due to limitations of our “new” MLS System, which is less capable than the previous one. Go figure.

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