Austin Real Estate Market Update – Sept 2009 Stats
Austin Real Estate sales values for September 2009 are even (up 0.04%) with the same month last year. The number of homes sold is actually up 0.61% from the same month a year ago, no doubt due to a surge in the lower priced homes caused by the $8,000 home buyer tax rebate. More on that in another article. Let’s take a look at the September chart.
|Austin Real Estate Sales Market Update – Sept 2009|
|Homes only (condos, duplexes, etc. not included) compiled from Austin MLS data|
|Aug 2009||Sep 2009||Sep 2008||Yr % Change|
|Avg $ SQFT||$111.99||$114.83||$116.08||-1.08%|
|Not Sold %||44.88%||44.67%||51.49%||-13.25%|
Median sold prices are up almost 2%. The sold to list price gap is 95.66%, which is slightly less than the 96.28% a year ago. The “Not Solds” (expired and withdrawn) remain high at 45%, but are down significantly from Sept 2008 when more than half (51%) of all listings departing the Austin MLS were failed sales efforts.
Overall, nothing surprising or unexpected with the Austin market for September. Let’s take a look at the Year to Date stats for Austin.
|Austin Sales Market YTD Update – Jan-Sep 2009|
|Houses only (no condos, duplexes, etc) – Data from Austin MLS|
|Jan-Sep 09||Jan-Sep 08||Yr % Change|
|Avg $ SQFT||$112.55||$118.26||-4.83%|
|Not Sold %||43%||41%||3.74%|
Austin is still running at just about 3% below the average sales price for the same period the year before. Median sold prices are also down, but by less than 1%. The average price per square foot is down almost 5%, most likley due to the softness with the sales of our larger, more expensive homes. The higher priced homes in Austin, as well as homes located further out, continue to have a harder time than the lower priced homes closer in.
Next, let’s see how home sales were split between price ranges in Austin for September.
|Sales Price Range||#Sold||DOM||Active||Mo. Inv|
|$149,999 or under||476||49||1647||3.37|
|$150,000 to $199,999||422||55||1615||3.52|
|$200,000 to $249,999||254||74||1119||4.37|
|$250,000 to $299,999||139||75||920||5.03|
|$300,000 to $349,999||99||87||597||5.60|
|$350,000 to $399,999||71||100||576||6.52|
|$400,000 to $449,999||55||90||392||7.40|
|$450,000 to $499,999||33||77||359||11.10|
|$500,000 to $549,999||21||119||193||7.24|
|$550,000 to $599,999||10||124||214||13.66|
|$600,000 to $699,999||16||105||308||11.85|
|$700,000 to $799,999||12||125||201||15.87|
|$800,000 to $899,999||8||85||174||16.84|
|$900,000 to $999,999||6||121||124||23.25|
|$1,000,000 or over||18||141||577||35.33|
Six month’s inventory is considered a “balanced market”. A Balanced market is one in which supply and demand are in balance such that neither buyers or sellers have an advantage. Homes priced under $200K are experiencing a strong seller’s market, though the stat is somewhat misleading because there are in fact Austin MLS areas in which homes below $200K are not selling. So just know that this is a macro view and that Austin remains a “market of markets” with different areas and price ranges performing differently. Read my previous blog on the South Austin market for more detail.
You can also see here that the market for homes price $550K and up is pretty rough. Way more inventory than will be absorbed by current market demand.
Below is a graph of Austin’s real estate market by month for the past 19 months. This is a running chart I’ve been updating for most of the year. It’s valuable because it shows how fluctuations occur month to month but also it shows a general trend.
Finally, Austin’s historic sales market by year going back to 1999.
Looking at the graph above is probably best sums up how to view our real estate market in Austin. We had a small peak in 2007 but overall, over time, nothing out of the ordinary is happening in the Austin real estate market when viewed over the past 10 years. Sometimes we become consumed with micro stats and small incremental changes in the market as outlined by the media and others. Real estate should be viewed as a long term investment and I think Austin is still looking really good long term.
Since we’ve completed another quarter, I’ll be adding my YTD stats broken down by MLS area soon. If you want to see what those will look like, check the 2009 mid-year stats. The next set will run through September. Also, if you’d like to stay updated on Austin real estate stats and other Crossland Blog happenings, please subscribe to our blog feed to you’ll know when new stats are posted.