Austin Real Estate Market Update – March 2010
The Austin real estate market for March 2010 saw a not surprising 22% increase in the number of sales compared to the same month a year ago. Average sold price was up 2.22%, median sold was slightly down at -0.66%. Before we call that “good news”, it would help to know that March 2009 was the lowest point in average/median sales prices in the past 2+ years. March 2010 average sales price is still lower than March 2008, two years ago, so average values are still treading water at best.
The Not Solds (expired/withdrawn) are down to 37% from 42.5% a year ago and 44% last month. First time buyers seeking the $8,000 tax credit are creating higher than normal demand. The question is what the market will do after the April 30th end date for tax credit buyers.
|Austin Real Estate Sales Market Update|
|Homes only (condos, duplexes, etc. not included) compiled from Austin MLS data|
|Feb 2010||Mar 2010||Mar 2009||Yr % Change|
|Avg $ SQFT||$112.62||$111.88||$107.89||3.70%|
|Not Sold %||44.61%||37.49%||42.52%||-11.84%|
Year to date, through March, average sold price is up about 2%. Number sold is up 10%. Other stats are relatively unchanged.
|Austin Sales Market YTD Update – Mar 2010|
|Homes only (no condos, duplexes, etc) – Data from Austin MLS|
|Jan-Mar 10||Jan-Mar 09||Yr % Change|
|Avg $ SQFT||$112.06||$109.23||2.59%|
|Not Sold %||44%||50%||-0.12%|
Below is a graph of Austin TX average and median sold values from 1999 through March 2010. Values are about where we were in 2008, which is about where we were in 2006 also.
Finally, Austin sales market month to month for last 25 months. Average sales price has dropped every month this year from the month before, probably because of an increase in cheaper homes being sold to first timers.
As usual, comments or questions welcome.