Below are the Austin real estate market mid-year stats broken down by MLS area. I break the stats down by area each quarter because the macro stats I post each month don’t tell the entire story of our market. Location and price range factors are important, so each quarter I break down the overall stats into the specific MLS areas and compare them to the same time period (first 6 months of the year in this case) from the year before. You can check the areas in which you are interested to see how they are holding up, but even within each area there are pockets and submarkets that will defy the greater trends, for better or worse. Here is a quick summary.
For all of Austin, per my previous stats post a couple of days ago, the average sales price is down about 3% and the median sales price for all of Austin MLS sales combined is up slightly (0.08%). Not bad when viewed in context.
Of the 44 Austin Metro MLS areas tracked below…
11 had an increase in average sold prices, exactly 1/4 of all areas.
11 also had an increase in median sold prices (though not the same exact 11)
7 of the MLS area saw an increase in average sold price per square foot.
4 of the areas saw a decrease in days on market (homes selling faster)
6 of the areas saw a decrease in median days on market.
3 areas saw an increase in the three main metrics – avg and median sold, and price per square foot – areas 7 (South/Central/Zilker), 8W (Westlake/Eanes), and area SC (far southeast Caldwell County). I think SC is an anomoly because I know of nothing that would be driving demand way out there.
The fastest selling areas are 5E (East) SE (S. East), 10S (South) and NW (Northwest), all of which had average sold days of 51.
The slowest selling areas, all having average days on market greater that 100 are areas 1B (Central/Tarrytowm – 118), GTW (Georgetwon West – 114), HD (Dripping Springs – 118), LN (Lake North – 131), LS (Lake South/Lakeway – 122), PF (Pflugerville – 114), RN (River North/Steiner Ranch – 102).
As you can see, these slower selling areas are scattered to the four corners of Austin, and central. Interestingly, area 7, adjacent to 1B, is a fast selling area. We can generally say though that all of faster selling areas are closer in and most of the slower selling areas are further out, which is what I’d expect.
OK, on to the chart below. If you are unfamiliar with Austin MLS Areas, a map is at the bottom of the chart. As usual questions and comments are welcome.
This article about real estate in Southwest Austin was emailed to me today. It supports what we’ve been telling investors and buyers for almost three years now – South and Southwest Austin are the places to buy real estate in Austin.
Nicely written, the article is from the online “Community Impact Newspaper“.
Here you go:
Lots of people want to move to Southwest Austin and that is a good thing for the local housing market, according to Ryan Robinson, the demographer for the City of Austin.
In 2004, he completed his last major forecast that predicted some of the city’s greatest numbers would move to Southwest Austin by 2010. From 2000-2010, he estimated the most people, 10,254 new residents, would come to the 78748 Zip code, near IH 35 and Slaughter Lane, alone. With only two years left until those estimates expire, he thinks the projections are on target, and as a result, homes will continue to sell, despite the national trend.
“Austin is today one of the healthiest housing markets in the country,” he said. “We’ve always been the envy of many other cities, but we find ourselves in a really good position right now.”
That is true, he added, especially for Oak Hill and the Circle C area.
“Oak Hill, I would say, as a sub-region is healthier than Austin and if Austin can maintain its relative economic health over the rest of the country then I don’t see anything that tells me that Oak Hill is not going to maintain its position as being one of Austin’s better, stronger neighborhoods,” he said.
Read more …