Austin Real Estate values for August 2009 are down about 5% from the same month last year. Average sales prices for the 1,657 houses that sold are down 5.12%. Median sold prices are down 4.80%. The number of houses sold is down 15% from August 2008, which is less of a decrease than we’ve seen for most of the past 12+ months. The sold to list price gap is 96%, which is the same as a year ago and the same as last month. The average list price was $257K and the average sold price $247K, so the average home is selling for about $10K below the final list price. Note that this measures the gap only between the last list price, not the original list price. Unfortunately I have to work harder to obtain the ration of sold to original list price so I don’t calculate it monthly, but my best guess is that it’s probably somewhere between 90% to 92%.
The Days on Market keep climbing, now at 73 days average and 43 days median on market. Even though that’s higher than last year, those are still fairl decent DOM numbers.
The Not Solds (Expired and Withdrawn listings) continue to be fairly high at 45%. This means that of all the listings that departed the MLS in August (no longer Active for Sale), 45% of the listings departed as failed sales efforts. This tells us what we already know, which is that many sellers are not desperate and they refuse to drop their list price below whatever mental threshhold they’ve established, regardless of what the market data says. This in turn is keeping our sold prices reasonably stable but also may be creating a shadow inventory of pent up future listings that will come online in the next 2 or 3 years once seller perceive a better selling environment.
Below is the chart comparing August with the month and year before. Further below is the usual collection of monthly charts and graphs.
Austin Real Estate Sales Market Update August 2009 | ||||
Homes only (condos, duplexes, etc. not included) compiled from Austin MLS data | ||||
Jul 2009 | Aug 2009 | Aug 2008 | Yr % Change | |
# Sold | 1972 | 1657 | 1948 | -14.94% |
Avg List | $258,562 | $256,663 | $270,759 | -5.21% |
Med List | $199,900 | $197,500 | $206,352 | -4.29% |
Avg Sold | $248,984 | $247,072 | $260,411 | -5.12% |
Med Sold | $195,000 | $190,400 | $200,000 | -4.80% |
Sold/List % | 96.30% | 96.26% | 96.18% | 0.09% |
Avg SQFT | 2184 | 2199 | 2191 | 0.37% |
Med SQFT | 1981 | 1971 | 1992 | -1.05% |
Avg $ SQFT | $114.00 | $112.36 | $118.85 | -5.47% |
Avg DOM | 70 | 73 | 64 | 14.06% |
Median DOM | 44 | 43 | 44 | -2.27% |
# Expired | 476 | 491 | 740 | -33.65% |
# Withdrawn | 825 | 900 | 876 | 2.74% |
Not Sold | 1301 | 1391 | 1616 | -13.92% |
Not Sold % | 39.75% | 45.64% | 45.34% | 0.65% |
Next is the Year to data chart showing how our Austin real estate market is doing compared to the market at the same point in 2008.