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• Number of “Not Sold” (exp or withdrawn) is up 28% over the same month last year, to 53% of all removed listings.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|
|Avg $ SQFT||$118.66||$116.39||$121.65||-4.33%|
|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|
|Avg $ SQFT||$118.20||$120.35||-1.79%|
|Not Sold %||41%||29%||42.70%|
As usual, comments and questions are welcome.