Austin Real Estate Market Update – November 2007

by Steve Crossland, REALTOR in Austin TX on December 26, 2007 · 6 comments

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.

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

 
Jan-Nov 2006
Jan-Nov 2007
Yr % Change
# Sold
24,436
22,819
-6.6%
Avg List Price
$244,989
$262,515
7.2%
Median List Price
Avg Sold Price
$238,766
$254,908
6.8%
Med Sold Price
Avg Size SQFT
2109
2166
2.7%
Median SQFT
Avg $ per SQFT
$113
$118
4.4%
Avg Days on Mkt
58
56
-3.4%
Median Days on Mkt

Below are the YTD stats with new homes (that sell through the MLS) removed. Below that, for the first tiime, I’ve run new home sales alone.

Austin Sales Stats (resale) Jan-Nov 2007
Year to Date Previous Year Comparison
All MLS Areas – Resale Houses Only – (New Homes Excluded )
 
Jan-Nov 2006
Jan-Nov 2007
Yr % Change
# Sold
18,996
16,965
-11%
Avg List Price
$233,294
$252,326
8.2%
Median List Price
Avg Sold Price
$227,916
$246,276
8.1%
Med Sold Price
Avg Size SQFT
2063
2074
0.5%
Median SQFT
Avg $ per SQFT
$110
$119
8.2%
Avg Days on Mkt
52
49
5.8%
Median Days on Mkt

Below are New Homes only. Interesting to note that while the number of sales in Austin overall has dropped, more new homes sold through the MLS this year than last. That could be because they are harder to sell, so more get entered. The prices of the new homes are definately flatter (though higher) than those of our resale homes in Austin.

Austin Sales Stats (new homes) Jan-Nov 2007
Year to Date Previous Year Comparison
All MLS Areas – New Houses Only – Sold thru MLS
 
Jan-Nov 2006
Jan-Nov 2007
Yr % Change
# Sold
3678
3727
1.3%
Avg List Price
$299,101
$306,543
2.5%
Median List Price
Avg Sold Price
$288,908
$292,482
1.2%
Med Sold Price
Avg Size SQFT
2449
2467
0.7%
Median SQFT
Avg $ per SQFT
$118
$119
0.8%
Avg Days on Mkt
88
92
4.5%
Median Days on Mkt

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