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 rents in Austin have taken a slight dip for the first quarter of 2009. The number of rented homes is up 11% over the same three months a year ago, no doubt due to the fact that many sellers are opting to rent instead of dropping prices below their bottom dollar. This creates additional rental inventory, which gives renters more homes to choose from, and prevents prices from increasing.
Personally, I’ve leased 4 or 5 homes in the past 2 months, and the market is really spotty. One house I leased central received 4 applications in 2 days. Another one I leased north central leased immediately for $1,650 a year ago, but took about 45 days to lease for $1,595 this year. Another one in Western Oaks leased for $1,550 (same amount as last year) in about a week. A different home in Western Oaks, also listed at $1,550, and newer and in better condition, has not received any showings in more than a week. It’s not an easy market to predict right now, much like the sales market.
The stats chart is below, followed by the 1999-2009 Austin leasing history graph.
|Austin Real Estate Rental Market Update Q1 2009 Jan-Mar|
|Houses only (condos, duplexes, etc. not included) compiled from Austin MLS data|
|Oct-Dec 2008||Jan-Mar 2009||Jan-Mar 2008||Yr % Change|
|Avg $ SQFT||$0.72||$0.71||$0.72||-2.01%|
|Not Rented %||30.03%||25.12%||23.02%||9.12%|
As noted in the chart above, average rents in Austin (for single family homes) are $1,364/mo., down 1.45% from $1,384/mo. the same quarter 2008. Median price has fallen from $1,225 a year ago to $1,200 this year, meaning half of all homes in Austin rented for $1200 or less.
Below is a graphical representation of the Austin rental market from 1999 through March 2009.
The Austin real estate market average sales values fell in April 2008 compared to the year before, yet there remain many areas in Austin with strong sales. The average sales price of an Austin home in April 2008 is $245,483. Last year in April it was $254,846. That’s a price drop of 3.67% overall, but further below I’ll explain how this is misleading and that 75% of the MLS areas in Austin have appreciating values, many over 10%.
Median sold price is up 0.53% from $188,000 a year ago to $189,000 this year. See the chart below and a further rundown on what’s happening in the Austin real estate market below.
Austin Real Estate Market Update for April 2008
All Austin / Central TX MLS Areas – Houses Only
Avg $ SQFT
Not Sold %
On the Market as of May 19 2008:
12,066 = Active Res Listings in Austin MLS (11,522 last month)
9942 = Total Single Family Homes listed (9410 last month)
2026 = Condo/Townhome/Loft/Garden Homes listed (1845 last mo.)
97 = Mobile/Manufactured Homes (267 last month)
The Austin real estate market continues to be sluggish for April 2008 overall, according to our stats, but with many well performing pockets. Number of sales dropped 18% from the same month a year ago. Average list price is down 2.54%. Average sold price, as noted above, dropped 3.67% year over year for April. This is the second month in a row with a 3% drop in average sold price. Median Sold price is up half a percent.
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