So Sales Market – Crossland Team

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Texas Cities Outperforming Others

This information is from the Real Estate Center at Texas A/M newsletter. Tells what we already know, but I think the stats are interesting.

Texas metros, led by number one Austin–Round Rock, claimed four of the top five spots and nine of the top 16 in the 2009 Milken Institute/Greenstreet Real Estate Partners Best-Performing Cities Index.

Also making the list were Killeen–Temple–Fort Hood (2), McAllen-Edinburg-Mission (4), Houston–Sugar Land–Baytown (5), San Antonio (11), Fort Worth–Arlington (12), Dallas-Plano-Irving (13), El Paso (14) and Corpus Christi (16).

Austin–Round Rock was the first metro to ever be ranked number one twice on the index, the last time being in 2000.

But it doesn’t stop there. Nine other Texas metros made the top 25 out of the 124 smallest metros that were studied.

Those were Midland (1), Longview (2), Tyler (4), Odessa (5), College Station–Bryan (14), Texarkana (17), Waco (18), Laredo (20) and Abilene (21).

Leaders in this year’s index, which ranks U.S. metros based on their ability to create and sustain jobs, are all metros that succeeded in avoiding the worst of economic declines driven by falling housing markets and job losses in manufacturing and global trade.

Regional economic factors also strongly influenced the rankings this year, with the oil and gas sector, technology and alternative energy providing stability among metros in Texas, North Carolina, Washington and Louisiana.

Another factor helping Texas metros move up in the rankings is the state’s favorable business climate and its ability to attract jobs and corporations away from higher-cost states.

One thing a lot of people may not realize is how business friendly Texas is compared to other states. This is why we enjoy the inbound migration of so many businesses fleeing places like California, where regulation and high taxes are increasingly burdensome to business owners and employers. So, while things are a bit sluggish overall in Texas and Austin, we are doing comparatively well compared to other regions.

Posted by Steve
8 years ago

Austin Sales Market Stats by MLS Area – Sept 2008 YTD

Below are the YTD Sept 2008 stats for Austin homes sales, broken out by MLS area as compared to 2007 sold stats.

Here is a quick summary, the full chart is below.

Number of Sales
Of the 42 MLS areas tracked, the number of sales decreased in 41. Only the UT area had more home sale YTD Sept (34 last year, 39 this year). Number of sales are down 15.6% citywide compared to the same period a year ago.

Average Sales
The average sales price increased in 29 of the 42 MLS areas, decreasing in 13 of the MLS areas tracked. Of the 29 areas with appreciating sales prices, 10 have appreciation higher than 5%, and 3 areas appreciated more than 10%. Of the 13 areas that depreciated, 2 have depreciation of more than 5%.

Median Sale Prices
The median sales price increased in 28 of the 42 MLS areas, decreasing in 14 of the MLS areas tracked. Of the 28 areas with appreciating median sales prices, 10 have appreciation higher than 5%, and 4 areas appreciated more than 10%. Of the 14 areas that depreciated, 3 have depreciation of more than 5% in median sales value.

Average Sold price per square foot
The average sales price per square foot increased in 25 of the 42 MLS areas, decreasing in 17 of the MLS areas tracked. Of the 25 areas with appreciating sales prices, 6 have appreciation higher than 5%, and 2 areas appreciated more than 10% in avg price per sqft. Of the 17 areas that depreciated, 3 have depreciation of more than 5% in psf value.

Days on Market
Average and Median days on market increased in most areas. Only 8 out of 42 areas have lower avg dom and only 2 out of 42 have lower median days on market. Citywide, days on market is up 16% to an average of 65 days sold, and 42 median days sold. These are actually very good numbers, but they somewhat mask the high number of failed sales attempts. At present, the average days on market of Active listings in Austin is 97 days and the median is 75 days. More than half of the active listings will fail to sell, most with higher days on market, which leaves the quicker selling homes to set the stats.

The full chart is below. A MLS map is below the chart if you’re not familiar with Austin’s MLS areas. As usual, questions and comments area welcome.
Read more …

Posted by Steve
9 years ago

Austin Real Estate Market Update – Sept 2008

September Austin real estate stats are below. Average and median prices are doing what they’ve been doing most of the year, which is treading water, trending down somewhat, but most notable is that the expired and withdrawns continue to rise, and for September moved past the 50% mark, meaning over half of the homes that departed the MLS in September did not sell.

Here is a summary of the numbers, followed by charts below.
Here is a quick summary of the September 2008 sales stats stats:

• Number of homes sold is down 14% (24% last month) from 1,763 Sep 2007 to 1,512 Sep 2008. (This represents a decrease in the slowing of sales)
• Average list prices in Austin were down 3.62% over the same month last year to $257,761.
• Average sold prices in Austin were down 3.65% over the same month last year to $248,026.
• Median sold price was flat at 0%, remaining at $185,000.
• Average List to Sold price about even with last year at 96.25%, down from 96.25% last year.
• Avg sold price per square foot is down 4.33% to $116 compared to $122 a year ago in Sept.
• Avg days on market is up 11 days (20%) from 56 last year to 67 this September.
• Median days on market is up 11 days (30%) from 37 days last year to 48 this year.
• Number of “Not Sold” (exp or withdrawn) is up 28% over the same month last year, to 53% of all removed listings. 

So, while the numbers are trending downward, they continue to hold somewhat steady as a large amount of inventory simply goes away each month, leaving the homes that actually sell to paint a somewhat better picture of the market than the average seller experiences.

Below are the stats in chart format. The year to date stats are further below. I’m about half way through my quarterly compliation of the MLS area breakdown for YTD sales in Austin, and will post that in a separate blog post later this week.

Austin Real Estate Sales Market Update for Sept 2008
Homes only (condos, duplexes, etc. not included) compiled from Austin MLS data

Aug 2008 Sep 2008 Sep 2007 Yr % Change
# Sold 1837 1512 1763 -14.24%
Avg List $269,807 $257,761 $267,445 -3.62%
Med List $204,409 $189,900 $189,900 0.00%
Avg Sold $259,500 $248,026 $257,414 -3.65%
Med Sold $199,000 $185,000 $185,000 0.00%
Sold/List % 96.18% 96.22% 96.25% -0.03%
Avg SQFT 2187 2131 2116 0.71%
Med SQFT 1986 1924 1942 -0.93%
Avg $ SQFT $118.66 $116.39 $121.65 -4.33%
Avg DOM 63 67 56 19.64%
Median DOM 43 48 37 29.73%
# Expired 721 797 581 37.18%
# Withdrawn 857 891 660 35.00%
Not Sold 1578 1688 1241 36.02%
Not Sold % 46.21% 52.75% 41.31% 27.69%

Below are the Year to Date Austin sales stats through September 2008.

Read more …

Posted by Steve
9 years ago