The average sales price for houses in Austin in July 2008 remained about level, decreasing slightly (0.05%) to $262,114. The number of failed sales efforts (expired or withdrawn) was 42%, which is a large number. Days on market continues to climb also, to 60 days average on market and 39 median days on market. Those numbers are not bad actually, but last year DOM was 51 and 31, so things are definitely slower this year.
Here is a quick summary of the July stats.
• Number of homes sold is down 24% from 2,544 July 2007 to 1,926 July 2008.
• Average sold prices in Austin were down 0.05% over the same month last year to $262,114.
• Median sold price was up 3.65% over the same month last year to $199,000.
• Avg sold price per square foot is down 2.62% from July 2007 to $121 per sqft.
• Avg days on market is up 9 days (18%) from 51 last year to 60 this July.
• Median days on market is up 8 days (26%) from 31 days last year to 39 this year.
• Number of “Not Sold” (exp or withdrawn) is up a whopping 56% over the same month last year, to 42% of all removed listings.
Below is the chart with these stats, along with a YTD chart.
One thing to note is that it was about this time last year, or a bit earlier, when we really started to notice the Austin real estate market slowing down. Because of that, I think moving forward we’re going to see the year over year gaps narrow somewhat as we move into comparing a slower period 2008 to a slower period 2007. In other words, we’re a year into our Austin lull, so were not comparing a hot market for the year prior to a cool market as we have been for about the past year.
Austin Real Estate Market Update for July 2008 | ||||
All Austin / Central TX MLS Areas – Houses Only | ||||
Jun 2008
|
Jul 2008
|
Jul 2007
|
Yr % Change
|
|
# Sold |
2032
|
1926
|
2544
|
-24.29%
|
Avg List |
$274,504
|
$271,058
|
$269,722
|
0.50%
|
Med List |
$209,000
|
$203,443
|
$196,250
|
3.67%
|
Avg Sold |
$264,653
|
$262,114
|
$262,233
|
-0.05%
|
Med Sold |
$202,000
|
$199,000
|
$192,000
|
3.65%
|
List/Sold % |
96.41%
|
96.70%
|
97.22%
|
-0.54%
|
Avg SQFT |
2133
|
2170
|
2114
|
2.65%
|
Med SQFT |
1949
|
1965
|
1919
|
2.40%
|
Avg $ SQFT |
$124
|
$121
|
$124
|
-2.62%
|
Avg DOM |
61
|
60
|
51
|
17.65%
|
Median DOM |
36
|
39
|
31
|
25.81%
|
# Expired |
522
|
522
|
367
|
42.23%
|
# Withdrawn |
687
|
875
|
568
|
54.05%
|
Not Sold |
1209
|
1397
|
935
|
49.41%
|
Not Sold % |
37%
|
42%
|
27%
|
56.43%
|
On the Market (houses) as of July 21, 2008: | ||||
12,756 = Active Res Listings in Austin MLS (12,466 last month) | ||||
10,620 = Total Single Family Homes listed (10,335 last month) | ||||
1853 = Condo/Townhome/Loft/Garden Homes listed (1870 last mo.) | ||||
283 = Mobile/Manufactured Homes |
Below is the year to date breakdown.