Austin Real Estate Market Update – Sept 2008

September Austin real estate stats are below. Average and median prices are doing what they’ve been doing most of the year, which is treading water, trending down somewhat, but most notable is that the expired and withdrawns continue to rise, and for September moved past the 50% mark, meaning over half of the homes that departed the MLS in September did not sell.

Here is a summary of the numbers, followed by charts below.
Here is a quick summary of the September 2008 sales stats stats:

• Number of homes sold is down 14% (24% last month) from 1,763 Sep 2007 to 1,512 Sep 2008. (This represents a decrease in the slowing of sales)
• Average list prices in Austin were down 3.62% over the same month last year to $257,761.
• Average sold prices in Austin were down 3.65% over the same month last year to $248,026.
• Median sold price was flat at 0%, remaining at $185,000.
• Average List to Sold price about even with last year at 96.25%, down from 96.25% last year.
• Avg sold price per square foot is down 4.33% to $116 compared to $122 a year ago in Sept.
• Avg days on market is up 11 days (20%) from 56 last year to 67 this September.
• Median days on market is up 11 days (30%) from 37 days last year to 48 this year.
• Number of “Not Sold” (exp or withdrawn) is up 28% over the same month last year, to 53% of all removed listings. 

So, while the numbers are trending downward, they continue to hold somewhat steady as a large amount of inventory simply goes away each month, leaving the homes that actually sell to paint a somewhat better picture of the market than the average seller experiences.

Below are the stats in chart format. The year to date stats are further below. I’m about half way through my quarterly compliation of the MLS area breakdown for YTD sales in Austin, and will post that in a separate blog post later this week.

Austin Real Estate Sales Market Update for Sept 2008
Homes only (condos, duplexes, etc. not included) compiled from Austin MLS data

Aug 2008 Sep 2008 Sep 2007 Yr % Change
# Sold 1837 1512 1763 -14.24%
Avg List $269,807 $257,761 $267,445 -3.62%
Med List $204,409 $189,900 $189,900 0.00%
Avg Sold $259,500 $248,026 $257,414 -3.65%
Med Sold $199,000 $185,000 $185,000 0.00%
Sold/List % 96.18% 96.22% 96.25% -0.03%
Avg SQFT 2187 2131 2116 0.71%
Med SQFT 1986 1924 1942 -0.93%
Avg $ SQFT $118.66 $116.39 $121.65 -4.33%
Avg DOM 63 67 56 19.64%
Median DOM 43 48 37 29.73%
# Expired 721 797 581 37.18%
# Withdrawn 857 891 660 35.00%
Not Sold 1578 1688 1241 36.02%
Not Sold % 46.21% 52.75% 41.31% 27.69%

Below are the Year to Date Austin sales stats through September 2008.

Austin Sales Market YTD Update – Sept 2008
Homes only (no condos, duplexes, etc) – Data from Austin MLS

Jan-Sep 08 Jan-Sep 07 Yr % Change
# Sold 16,065 19,674 -18.34%
Avg List $262,971 $262,715 0.10%
Med List $199,500 $189,900 5.06%
Avg Sold $253,300 $255,503 -0.86%
Med Sold $192,500 $187,430 2.71%
Sold/List % 96.32% 97.25% -0.96%
Avg SQFT 2143 2123 0.94%
Med SQFT 1945 1932 0.67%
Avg $ SQFT $118.20 $120.35 -1.79%
Avg DOM 65 56 16.07%
Median DOM 42 32 31.25%
# Expired 5,245 3,496 50.03%
# Withdrawn 6,090 4,536 34.26%
Not Sold 11,335 8,032 41.12%
Not Sold % 41% 29% 42.70%

As usual, comments and questions are welcome.

Posted by Steve
7 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.

Click Here to Leave a Comment Below

AC - 7 years ago

Steve, are there many investors in the buyer’s market?

Reply
Steve - 7 years ago

AC,

Not “many”, but we just closed one last week and have a small buyer pool still actively looking and writing offers.

The investors have thinned out quite a bit though, which is, in my judgment, a good thing. Not that buying investment property in Austin isn’t still a good decision, especially in this buyer’s market, but it’s nice that the buyers who treated it as a fad are out of the market.

Steve

Reply
Leave a Reply: