Austin Real Estate Market Update – March 2010

Real Estate Market Stats

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The Not Solds (expired/withdrawn) are down to 37% from 42.5% a year ago and 44% last month.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
# Sold 1089 1671 1372 21.79%
Avg List $257,450 $249,373 $246,760 1.06%
Med List $195,234 $189,000 $189,900 -0.47%
Avg Sold $245,515 $239,983 $234,767 2.22%
Med Sold $190,000 $183,673 $184,900 -0.66%
Sold/List % 95.36% 96.23% 95.14% 1.15%
Avg SQFT 2180 2145 2176 -1.42%
Med SQFT 1989 1945 1976 -1.57%
Avg $ SQFT $112.62 $111.88 $107.89 3.70%
Avg DOM 73 69 84 -17.86%
Median DOM 53 40 59 -32.20%
# Expired 362 362 422 -14.22%
# Withdrawn 515 640 593 7.93%
Not Sold 877 1002 1015 -1.28%
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
# Sold 3594 3268 9.98%
Avg List $254,041 $251,779 0.90%
Med List $189,900 $193,950 -0.02%
Avg Sold $243,276 $238,669 1.93%
Med Sold $185,000 $186,102 -0.01%
Sold/List % 95.76% 94.79% 1.02%
Avg SQFT 2171 2185 -0.01%
Med SQFT 1980 1987 -0.00%
Avg $ SQFT $112.06 $109.23 2.59%
Avg DOM 72 84 -0.14%
Median DOM 46 62 -0.26%
# Expired 1122 1380 -0.19%
# Withdrawn 1731 1894 -0.09%
Not Sold 2853 3274 -0.13%
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.

Austin Real Estate Market 1999 thru March 2010
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.

Austin Sales Market last 25 months


As usual, comments or questions welcome.

Posted by Steve
6 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.

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