The number of residential home sales in Austin continued to fall off for September. Even record low interest rates are not enough to motivate buyers. Most buyers who really need to buy already did so earlier this year. Looks like everyone else is hunkering down and waiting.
Let’s start with the year to date stats.
|Austin Real Estate Market Year to Date Jan-Sep 2010|
|Homes only (no condos, duplexes, etc) – Data from Austin MLS|
|Jan-Sep 10||Jan-Sep 09||Yr % Change|
|Avg $ SQFT||$115.67||$112.38||2.93%|
|Not Sold %||44.91%||42.58%||5.47%|
I start with the YTD stats because it’s easier to put the September stats into context if we first look at the first 3 quarters compared to the same 9 months a year ago. What we see above is that the number of sales for 2010 overall is just slightly below the same period a year ago. Hidden in the figures is the fact that much of 2010 was front loaded to the earlier part of the year due to the tax credit that drew first time buyers into the market earlier than they would have otherwise entered.
We see that the average and median sold prices are up year to date, but so is the number of failed sales listings (expired and withdrawn). Days on market is down to 69 average from 75 a year ago. This is counter-intuitive when viewed with the higher “not solds”, but is a reflection of a bifurcated market in which some homes sell quickly to waiting buyers and other languish, often without more than a few scattered showings. This is frustrating for sellers and agents as our margin of error in setting list prices is higher than normal because of the unpredictability of the market.
Let’s see what happened in Sept 2010 compared to Sept 2009.