We all know that some Austin MLS listings don’t sell. The reasons vary, but when demand is insufficient to absorb supply, the prettier better priced homes win, and the sellers who love their homes, and express that love and devotion through too-high list prices, get to continue the romance.

Let’s see what that looks like when put on a graph.

This is one of my favorite real estate statistical charts. The relationship between the number of successful sales efforts and the number failed sales efforts in any given market tells us a lot. This graph shows what happened to the relationship of success/failure of Austin’s MLS listings immediately following dot.com boom, 9/11 in 2001, and the subsequent bleeding out of jobs over the next few years. The real estate market became saturated with homes for sale as people had to leave Austin to find jobs, and new people stopped coming.

If you’ve seen the Austin real estate sales history graph that I post every month, you’ll know that home values stayed flat from 2002 through the end of 2005. Volume held steady during that period, but prices were flat while the rest of the country had its massive real estate bubble.

For Austin, there was no bubble. Instead, we suffered with too many homes for sale, not enough buyers, and thus in 2003 the number of listings that departed the Austin MLS as failed sales efforts (Expired or Withdrawn) actually exceeded the closed sales for the entire year. Austin sellers had it rough in 2003.

We’ve recently seen this inverted Sold/Not Sold ratio a lot during recent months throughout 2008 and 2009, but neither year ended with more total failed sales than successful sales. So, in that regard, these past couple of years haven’t been as bad as 2003.

Wanna know what happened to all those unsold homes in Austin between 2002 and 2005, back when foreclosing or short selling was still such a shameful event that sellers knuckled down and figured out how to hang on? A bunch of them became rental properties. This in turn caused a severe over-supply of Austin’s rental home market. Simultaneously, the in-migration that feeds the rental market stopped cold, and the chart below shows the result.

When people can’t sell their homes, and still have to move, and are too proud or unwilling to go into foreclosure, the home becomes a rental. At least, that’s how it use to be. And the above chart explains why 4 bedroom homes that leased to Dell employees in Round Rock for $1,500/mo. in year 2000 were lucky to fetch $1,250 by 2004. Our rental home market in Austin is still climbing back slowly.

Returning to the subject of Not-Solds, in January 2010 we had an inverted Sold/Not Sold ratio. Sylvia and I continue to run into large numbers of over-priced listings as we help buyers look for good values. Some of these listings are actually selling for too much as some buyers operate under the odd believe that it makes sense to pay $16K too much for a home in order to receive an $8K tax rebate. April 30th is going to be a wonderful day, when government meddling in our real estate market ends, hopefully for good, and the over-motivated buyers leave the market.

Meanwhile, I’m not sure what to make of a real estate market that produces a 5% increase in sold prices, and improvement in almost every performance metric while simultaneously giving the finger to 54% of the departed MLS listings, which failed to sell. When more than half the listings in a market cannot find buyers, prices should be dropping, or at least staying flat, not rising 5%.Blame it on the tax credit buyers, bent on trading negative equity for $8K in the pocket.

So it’s with sober caution that we advise current Austin buyers to be willing to walk away from over-priced homes, no matter how frustrating it might feel when it seems inexplicably difficult to find properly valued homes. But it’s not going to surprise me if Austin prices continue to rise through May, then start dropping again, or flatten out, as incentives go away and interest rates rise and we begin the slow return to normalcy in market behavior.

If you’re a seller, get your home on the market, now, and you might get lucky and snag a buyer willing to pay top dollar or more.

Someday in the near future, I’ll be able to post a chart that shows increasing separation month over month of the Sold vs. Not Sold listings. That, to me, will be an indicator that the market might be gaining true, valid strength and returning to normal behavior, where Not Sold equal less than 40% of all departed listings.

The Austin real estate market started 2010 on an upswing. Average sold price is up 5.39% from a year ago, median sold price is up 2.12%, days on market are down. In fact, every measured metric on the chart below moved in a positive direction except for median list price, which is down slightly, but of no consequence. Let’s have a look.

So, is this good news? Maybe. I don’t think sellers should get too excited, and buyers need not start worrying about rising prices. Jan 2009 was a down month, so topping it is nothing to brag about. Nevertheless, I do think our Austin real estate market has sunnier weather ahead, at least for the first half of the year.

The extended tax credit and continued low interest rates will motivate buyers in the lower ranges. An improving job market and the return of good job news, (some of which was announced today with Facebook bringing 200 new jobs and a Solar Panel company bring several hundred more), will cause an already “ok” Austin unemployment rate to keep dropping through the summer, barring any terrible macro-economic setbacks in the national economy. Once interest rates starts rising, as we expect later in the year, that will frighten some additional buyers into getting off the fence for fear of missing out on the good rates.

I think the upper end market will be slower to come back as many of the former $500K to $800K buyers will, I think, scale back lifestyles and settle for less Austintacious digs. Mercedes Homes said as much during a lunch presentation I heard today. They’ve redesigned a bunch of new floorplans to accomodate what their research says will be a more frugal market in the $300K and up range, as buyers seek smaller, better quality homes instead of sprawling big layouts. Makes since to me.

Below are some additional charts and stats. Let’s start with the 23 month lookback chart.

Above we see the up and down market Austin has experienced the past 23 months.But if we go back two years, to early 2008 when we knew we were headed for possible rough waters, if we had hoped only to see average prices hang in there at around $250K, and median prices to hold on at about $190K, we would have been happy to know that we’d spend the next two years bouncing around between $240K-$260K average, and $180K-$200K median.

I’m not ready to say we won’t see some further erosion of prices this year, or soft pockets in the Austin area, but I wouldn’t argue with someone who thinks the worst is behind us either.

And, certainly, I think, for buyers on the fence, the tie breaker goes to the very low interest rates, tax credit incentives, and the likelihood that we have one sluggish year ahead of us at worst. Also, for move-up buyers, you will have to give up less of a discount selling your current lower priced home than you’ll receive purchasing a more expensive home, so this is a good time for you to seriously consider making a move as well.

Let’s look at the price range breakdown of homes that sold in the Austin area in January.

Unless you follow the above chart monthly, you might not know that it’s showing a rising MOI (Months of Inventory). This chart is at once the most useful and least useful for observing and predicting market activity. This is because the numerator used above the denomiator of “Active Listings” is derived from past activity and thus doesn’t necessarily predict future activity.

Also, there are several different ways of determining current volume of sales, none of which are without flaw. Not shown in the chart above is the “number of sales past 90 days” which is divided by 3 to arrive at “current average number of sales per month”. It is that average into which the number of active sales is divided which gives us the “months of Inventory” number. If the market is accelerating, as it may be, the MOI is inflated. If the market is declining, it is deflated.

But months of inventory is an important indicator of market activity, so it can’t be ignored. But we must view it in the context of knowing that November/December sales (which are included in the past 90 days) were pumped up by tax credit buyers. This might happen again in March or April as wave two of first time buyers buyers seek to beat the deadline of April 30, 2010 to write offers.

Having said all that, on face value, the chart indicates a near balanced market up to about the $350K range, with sellers having a slight advantage in the sub $200K range.

We have no Year to Date chart this month, obviously because these are January stats. As usual, questions/comments are welcome.

When should a listing go “on the market”, and what constitutes being on the market? Often we’ll take a new listing with the understanding that it won’t be placed into the Austin MLS until the pre-sale checklist is complete. That checklist includes preparation that the seller needs to complete so that the home can be properly presented to the market from the first day in the MLS.

For some sellers, this involves just minor straightening up. For others, it’s major decluttering, repairs, painting, landscaping, etc. Once the home is prepared, we send the stager, photographer and virtual tour people. Once we have the virtual tour and the photos, the home is ready to be listed in the MLS.

Meanwhile, we often place a sign in the yard with a rider that says “Coming Soon”. We’ll also contact agents that work the area in which the listing is located and let them know we have a new one on the way. Sometimes, this results in a sale before we ever make it into the MLS. Such is the outcome with one of our current listings, which received multiple offers before it was officially “on the market”.

How does this happen?

Pre-marketing a listing can create a sense of urgency for a buyer who wants a specific location and/or type of home. Often the buyer has either ruled out all current inventory or there simply is no invetory that matches what they want, and the “coming soon” listing becomes the only match. The urgency and motivation come into play when the candidate buyer knows that other buyers (potential competitors) will also be interested in the home once they learn of it. By making an early offer before the listing is placed in the Austin MLS, a buyer can benefit from being in the right place at the right time and beat others to the listing.

The seller benefits by avoiding the full MLS marketing process and the disruptions that showings cause. At home workers, or stay at home Moms with small children really value this. Instead of a potential 1, 2 or 3+ months of keeping the dishes washed, the beds made, the house clean, and being ready to depart the home with 1 hour notice, the seller can relax and be happy with the quick sale.

The downside for a seller could be that the market may have set a higher price if competitive bids had been received from multiple buyers. But, as listing agents, we know that even a hot property is restricted by the potential appraisal value that the buyer’s lender will use to grant the loan. So when a seller can achieve a purchase price at or close to the list price (market value per market analysis), it’s almost always going to be wise to go with it rather than roll the dice on holding out for a higher price.

When you’re ready to list your home, ask your listing agent about a “Coming Soon” sign to be used in the time frame leading up to the house going live in the MLS. Maybe you’ll get lucky and have an quick offer and avoid the full effort.

The Austin real estate market ended 2009 on an up note, with both average and median sold prices up more than 5% over Dec 2008. Oh, but wait … December 2008 was a dismal month because we all still thought the financial world was falling off a cliff. But the stats are what they are so let’s have a look.

Number of homes sold is down 4.39% from a year ago, which is a small decrease compared to the numbers we were seeing earlier this year. Average list price is up 3.71% to $276,387, Median List Price is up 5.22% to $199,900, Average sold price is up 5.15%, Median  sold is up 5.39%, the Sold/List % is up 1.39% to 95.54%. And Average Price per Square Foot of sold homes is also up, by 1.11%, to $115.36.

Average Days on Market was up about 4% to 82 days, but Median Days on Market was down 14% to 48 days. The number of Not Sold was down also, though at 56% still a big number, but that’s normal for December when lots of sellers give up for the holidays.

Here is the chart showing Nov/Dec 2009 and Dec 2008 sales stats.

So, that’s a bunch of numbers, but what does it all mean? Is the Austin real estate market rebounding from the slight decline of 2009? I think it is. 2010 will be better than 2009 for sellers. Buyers will still find plenty of good opportunities though.

Sylvia and I feel it. We’re busy. I just put a listing under contract before it even made it into MLS, off the sign calls. Buyer calls are increasing. Sylvia held an open house today and had over 10 groups come through a $577K listing, and most were actual, active lookers. The number of qualified investors has shrunk considerably due to (appropriate) lending restrictions being imposed that make it more difficult for financially incapable people to purchase rental property. Good. That’s how it should be.

Let’s have a look at the Austin Year End 2009 compared to 2008 full year comparison.

The above represents the final report card on the Austin real estate market for 2009. I must say it’s about what we thought it would be at the beginning of the year. I figured we’d be down 3% on sold values and we ended up at -2.4%. Median values are down just 1%, and the volume sold is down just 6.5%. Homes are taking a bit longer to sell, overall, but the Expired/Withdrawn listings are even down a hair to 44% compared to 45% in 2008.

What will 2010 look like? I predict it will look similar to 2009, but up a bit, 1% to 3% in overall sold prices. Builders will slowly start getting braver and building more spec homes. The upper end market will continue to strengthen. Much will depend on our jobs market. We’re still at 6.9% unemployment in Austin, which is a lot better than the 10%+ national figure, but if we start seeing job growth in the second half of the year, I think we’ll build up momentum that will carry over into 2011 and make 2011 a year in which we might see 3% to 5%+ appreciation again, which is the historic average for Austin and for Texas.

The other wild card will be interest rates. Oddly, when they start rising, and they will in 2010, and buyers start really believing that the 5% train has left the station for good, they will start running to jump on board. Thusly, rising interest rates will at first cause an increase in buyer activity, hopefully this summer. 6% will become the new “good” rate but if interest rates climb above 6%, I think buyers will slow down again as they’ll need time to get use to 6 or 7 percent home loans becoming the norm again, and fretting that the Austin fallout in prices they were waiting for never happened.

Funny. I think anything under 8% is a good interest rate. I’m still paying that on two rental properties. Anyone under 30 years of age is an “interest rate crybaby” because they’ve grown up rarely seeing interest rates above 6% and think they deserve 5%. I’ve closed a number of buyers in 2009 with interest rates in the mid to upper 4% range. That’s really hard to believe. Sometimes buyers fret over not locking at 4.875% after it rises back to, brace yourself… 4.95%. God help us if interest rates go back above 7%. Some will equate that to $5/gallon gas, no doubt, and think the world has come to an end.

Next, let’s have a look at the price ranges of homes sold in Dec 2009 and the expected absorbtion rate of current inventory.

Given that the median sold price in Austin for Dec 2009 was right at $200K, then half of all homes sold fell into the first two price ranges of “$149,999 and Under” and “$150,000-$199,999″. Both of those price ranges have right at 4 month’s inventory, which is a Seller’s Market. 6 month’s inventory is a balanced market. So more than half of Austin seller’s are enjoying a seller’s market at present. And on up to list prices of about $550K, the market isn’t exactly terrible for sellers in terms of inventory level.

But the winners and losers in this sort of market are really determined by property condition, presentation and marketing. I continue to see many, many homes not properly prepared for market. And I wonder why the listing agent is even contacting me for feedback, as the problems in many of these homes are obvious. It’s hard to remain cordial in some cases. Call for feedback when you have more than 3 crappy photos in your MLS listing and the seller hires a maid. Come on. Some of these listings are embarrassing, Austin Realtors. Get with the program. And these sellers and listing agents are stupidly missing out on prospective buyers who are out looking right now, today, by being lazy and unprepared. Preparing homes for sale seems to be a lot like losing weight. Most people know what needs to happen – there is no secret – but most also fail to follow the simple steps needed to succeed. Thus all the poorly prepared listings currently on the market in Austin and the high percentage of Expired/Withdrawn listings.

Finally, let’s have a graphical look at the Austin real estate market over the past 11 years, which shows the upward trend at a glance. The reality is that 2009 wound up with the second highest average sold price in Austin, ever, beaten only by 2007. And 2009 tied for the highest ever median sold price, again with 2007. Not a bad year when viewed in the proper context of steady, long term appreciation.

My next blog article will be the Austin MLS Area sales breakdown comparison, which will show us which areas in Austin held up well in 2009 and which ones took it on the chin. Preliminary numbers are interesting, as it looks like there will be no strong performing MLS areas for 2009. By that I mean that of the three main metrics we track for price strength, Average, Median and Per SQFT sold prices, not a single MLS area was up in all three of those metrics for 2009. Stay tuned, and I’ll post all those stats after I’m finished evaluating them.

To be notified of new blog posts, Subscribe to the Crossland Team Blog RSS Feed or via email in the upper right colum of any blog page. As usual, comments and thoughts are welcome.

Maybe I should start terming my Austin real estate market update blogs “Austin Real Estate Market, as Influenced by the Federal Government”. Indeed, the word “market” does need an asterisk next to it for the Sept-Nov time frame in Austin. Instead of taking its natural course, whatever that might have been, the lower end of the market was stimulated by government incentives for the Latter part of 2009 through November, and the sub-$200K buyers responded. Thus we see on the graph below the drastic drop in the average and median sold price for November 2009 as the final batch of first time home buyer tax credit sales closed.

It’s not hard to see what the real estate market is doing, but it is hard to know for sure why it’s doing it, or, that is, to what extent the number of sales (way up) and the average/median values (down) are influenced by these the artificially low interest rates and the buyer incentives, both being caused by government intervention in the market. Some economist believe that once these stimulus measures peter out, as they will later this year, the national real estate market is in for another big drop in prices as foreclosures will snowball to the highest levels we’ve seen yet.

So what does all of this mean for Austin? Is Austin real estate in generally good enough shape to ride it out better than most markets? I think so. Let’s have a look at the November stats.

Look at the whopper of a 53% increase in the number of sales for the same month a year ago. That would not have happened without government meddling. This is what I mean about the “market” update being reflective not of ordinary market behavior, but of an artificially stimulated desire to purchase during a traditionally slower time of year. Of course Nov 2008 was a depressed month due to the financial turmoil, and now Nov 2009 is a stimulated month due to tax incentives and low interest rates. So we’re left comparing two abnormal months against each other.

Nevertheless, the average sold price is up 1.35% from Nov 2008 while the median sold price is down 3.34%. The average sold price per square foot rose 4.18% (smaller homes selling for more). The Not Sold (expired/withdrawn) were at 46.65% for Nov 2009, way down from the incredible 61% of Nov 2008.

Let’s see how we’re doing year to date.

Year to date number of sales are down 7%, average sold price is down 2.95% and median sold price is down 1.5%. These are not bad numbers given the economy and as compared to just about anywhere else in the U.S. The average price per sqft in Austin is down to $112 psf from $117 psf for the same period last year, about a 4% drop. Our “Not Solds” (expired/withdrawn) are down slightly at 43%.

Below is Austin a graph of real estate since 1999 through Nov 2009.

Knowing that real estate runs in cycles, the appreciation from 1999 through today is not something long term real estate owners and investors are complaining about. That bump in 2007 doesn’t look good for people who bought in 2007 and had to sell in 2009, but your not supposed to buy real estate if you’re only going to keep it 2 years. Note that the former years are full years and while 2009 is through Nov. In a week or so I’ll complete the full year 2009 set of stats, including breakdown by MLS area, and we’ll see how we finished out the year.

October saw a huge 31% increase in the number of sales in Austin over the same month last year. Remember though, Oct 2008 took a 28% dip from the year prior, so while this October did see a good increase in sales volume, due in part to the $8,000 tax credit program, we’re comparing a dreadful month one year prior to a turbo-charged market this year, thus the big swing. Nonetheless, brisk sales for October was not an unwelcome result.

Let’s take a quick look at the monthly home sales prices in Austin for the past 20 months.

You can see that May 08 and May 09 were both the peak sales prices in their respective years and that sales prices drop in the off seasons. This year is no different but our sales volume has picked up more than usual.

Let’s see in the graph below how October 09 compares in all the metrics to October 2008.

Average sold price is still running sightly lower than a year ago at $241,688. But if you look at the drop in median price, it helps explain why. The market below $200K is strong in Austin right now and we have a higher volume of lower priced homes selling than we would have without the stimulus effect of the first time home buyer credit.

Sylvia and I were really busy in Aug-Oct with first time buyers. Oddly, the extension of the tax credit has removed the urgency we were seeing and so I think we might be in for a winter breather before buyers come back in the spring trying to beat the new deadline of an April 30th contract date.

The other metric you might take note of compared to last year is the drastic swing in the Not Solds from 58% a year ago to 43% this October. Remember, we took it on the chin last year as the financial markets cratered in September. By October sellers starting pulling listings from the market and/or letting them expire. A “Not Sold” is a failed sales effort that departed the MLS as Expired or Withdrawn. The percent is arrived at by dividing the Not Solds number into the Not Solds + Solds figure, thus telling us what percentage of the listings no longer Active or Pending we failed sales efforts. In a healthy market, it would be in the 30% range, give or take. We’ve been holding steady at about 43% lately.

Next, let’s see how the Austin real estate market looks year to date compared to last year.

Nothing unexpected or notable on the YTD stats. Sales volume is down 11%, which is an improvement. Average sold price is down 3%, which is what I’d expect, median is down 1%, average sold price per sqft is down 4%. The Austin market is still just chugging along waiting for the economy to wake up again.

One thing I have noticed, as seen below, is that the number of price ranges in which inventory supply is too high is shrinking. I use to say everything over $300K is soft. Now it’s moved up to everything over $550K . And take a look below at the $500K to $549K price range.

The “Month’s of Inventory” figure is an indicator of current supply/demand balance. A balanced market has about 6 month’s inventory, meaning at the current rate of sale (average of trailing 3 months), it would take 6 months to sell all existing inventory. When the MOI dips below 4 months, we have a lot more demand than supply (seller’s market), which is what you see in the lower price range brackets. When MOI gets above 8 or 9, buyers have the advantage as there are too many homes for sale relative to current demand.

In the chart above, it looks like our market in Austin right now is balanced up to about $450K. Then, with the exception of the $450K-$499K range, it’s double-digit months of inventory on up through the higher ranges. And most of those inventory numbers are whoppers.

The far right column I left in accidentally so I’ll go ahead and explain what I do with that. It’s just a computational column where I plug in the number of sales for the past three months. I divide that number by 3 and then divide the result into the number of currently Active listings. For example, in the first row, $150K and below, we end up with the month’s inventory = 1,680/(1474/3) = 3.42

Why not just use the number sold in October of 507 instead of the 491 that my formula produces? That would probably work out nearly the same in most instances, but the trailing three months is more reflective of the trend than a single stand-alone month. For example, 507 is a much higher sales number than we’d normally see in October (due to the tax credit buyers), so looking back three months just smooths it down a it.  Some people use the past 12 months, but I think 12 months is too far back and too disconnected from current activity and market conditions.

My method with under-report inventory heading into a slow season, as now, and over report it at the start of a strong season, but overall I think it offer the best balance.

Finally, below is my running graph of the Austin sales market going back to 1999. I like this chart because it puts the market in perspective. That tiny pimple in 2007 is nothing compared to what some of the bubble market charts look like across the country. It’s better to just draw an imaginary line from 1999 to 2009, as real estate is a long term investment. Austin has nothing to complain about.

As usual, questions, comments, opinions, observations are welcome.

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]]> http://crosslandteam.com/blog/2009/11/16/austin-real-estate-market-update-oct-2009-stats/feed/ 0 http://crosslandteam.com/blog/2009/11/01/austin-real-estate-sale-stats-by-mls-area-sept-2009-ytd/ http://crosslandteam.com/blog/2009/11/01/austin-real-estate-sale-stats-by-mls-area-sept-2009-ytd/#comments Sun, 01 Nov 2009 16:00:36 +0000 Steve Crossland http://crosslandteam.com/?p=1411

Austin’s real estate market is a “market of markets”, and thus the overall news reported about real estate activity in the Austin Metro area may or may not be reflective of conditions in the specific area in which you live, or the home you own, or the home you want to buy. Each quarter I break down the Austin Real Estate market year-to-date stats into MLS area-specific comparisons of the year before so we can take a look at the variations among different pockets of Austin.

If you follow these quarterly Austin MLS breakdowns, you know that there is always variation among different MLS areas and price ranges, for better or worse. This Year-to-Date report through Sept 2009 is a head scratcher for me though, mainly because the number of Austin MLS areas that normally outperform the overall market has dwindled substantially. Based on what Sylvia and I are experiencing in the field, I would have guessed the opposite to be true. And the market overall is holding up.

But here’s what I’m talking about …

Of the 44 Austin Metro MLS areas tracked below…
5 Austin MLS areas had an increase in average sold prices (3 months ago it was 11)
7 Austin MLS areas had an increase in median sold prices (3 months ago it was 11)
1 Austin MLS area had an increase in average sold price per square foot (3 months ago it was 7).
4 of the Austin MLS areas saw a decrease in average days on market (same as 3 months ago)
7 of the Austin MLS areas saw a decrease in median days on market (3 months ago it was 6).
1 (only 1) Austin MLS area saw an increase in the three main pricing metrics – avg and median sold, and price per square foot. Three areas were in this clug at mid-year.

So does this mean the Austin real estate market is getting worse? As usual, it depends. From a statistical standpoint, more areas are trending down than up. But if you ask Sylvia and I if we’re busy, yes we are. We had 4 closings in October and three on the board already for November, which is unusual for the slow season. On the other hand, if you ask an agent who specializes in luxury homes in Lakeway, they will probably say things are dismal. And I do in fact have a listing on 10 acres in Dripping Springs that isn’t getting any showings even though we think it’s under priced.

Add in the government interference/intervention in normal real estate market activity with the tax credit incentives, the nervous jitters of the stock market, artificially low interest rates, appraisal issues, and what we have is a number of variables pulling and tugging with and against one another. Bottom line, overall, at 3% down for the year on average sold price and about even on medial sold price, Austin’s market is doing about what we think it should, as a whole. It’s just interesting to see all the underlying cross currents.

That said, below is the breakdown summary, then you can study the chart yourself and see how your areas of interest are doing. As usual, questions and comments are welcome.

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.

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.