Austin Real Estate Market Update – April 2009 Sales
The median sold price for houses in Austin was up 0.56% for April compared to April 2008. The average sold price was down 3.56%. Number of sales is down 21% from a year earlier for single family homes. In short, Austin remains a stubborn real estate market for those who were expecting some sort of major decline. I would characterize it still as a soft market, with pockets and price ranges that remain strong. This is the 4th month of the past 6 that average sold prices have remained below $240K, and it’s the first time that avg sold price has stayed below $240K two months in a row.
See the chart below for the past 14 months average and median sales by month. Monthly and YTD charts are further below.
The month of April compared to a year ago breaks down as follows:
• Number of homes sold is down 21.45% (was down 27% last month) from 1,902 Apr 2008 to 1,494 Apr 2009. The number of sales is however increasing for the third month in a row, and 1,494 for April is the highest total number we’ve seen since Sep 2008 when we had 1,512 sales. We bottomed out at 770 sales in January 2009.
• Average list prices in Austin were down 3% over the same month last year to $246,084.
• Average sold prices in Austin were down 3.56% over the same month last year to $235,376 from $244,057 a year ago.
• Median sold price was up 0.53% to $190,000. Last year in April it was $189,000.
• Average List to Sold price ratio is 95.65%, down slightly from 96.48% the same month last year. Note that this reports the sold price compared to the last list price, not the original list price.
• Avg sold price per square foot is down 4.55% to $110 compared to $115 a year ago in April.
• Avg days on market is up 11 days (17%) from 64 last year to 75 this April.
• Median days on market is up 5 days (13%) from 39 days last year to 44 Mar this year, meaning half of all homes sold in Austin in April were on the market 44 days or less. Not bad actually.
• Number of “Not Sold” (exp or withdrawn) is up 2.57% (was up 20% last month) over the same month last year, to 41% of all removed listings compared to 35% for the same month last year.
The chart below show the figures for April 2009 compared to April 2008 and March 2009.
|Austin Real Estate Sales Market Update April 2009|
|Houses only (condos, duplexes, etc. not included) compiled from Austin MLS data|
|Mar 2009||Apr 2009||Apr 2008||Yr % Change|
|Avg $ SQFT||$107.73||$110.19||$115.45||-4.55%|
|Not Sold %||42.89%||41.02%||34.75%||18.03%|
The Year to Date Austin real estate sales figures are below. Note at the bottom of the left column the Not Solds are still 48% year to date, meaning about half of all listings that have departed the Austin MLS through April this year did so as failed sales efforts. So, there remains two markets. The happy sellers who succeeded in selling, and the frustrated sellers who gave up.
|Austin Sales Market YTD Update – Template|
|Homes only (no condos, duplexes, etc) – Data from Austin MLS|
|Jan-Apr 09||Jan-Apr 08||Yr % Change|
|Avg $ SQFT||$109.51||$114.71||-4.54%|
|Not Sold %||48%||40%||18.47%|
Finally, I’ll note as I have before, that even though we have what could rightly be called a “weak” or “soft” real estate market in Austin, the high number of “Not Solds” illustrates the frustration that some buyers are feeling when they can’t get sellers to come way off the price and provide the buyer with a killer deal.
If you are a value oriented buyer looking for the best deal possible, these recalcitrant sellers who say “no thanks” to your lowball offers and won’t deal, but instead simply pull their properties from the market are saying “I’m not that desperate. I’ll wait and sell later”.
If you’re a buyer waiting for the bottom to fall out, it ain’t gonna happen here in Austin. We may already be there and this is as good of a buying opportunity as you’re likely to ever see again with interest rates below 5% and an $8,000 tax credit (that’s $8,000 in your pocket off the top) for buyers who have not owned in the past 3 years.