Tag Archives forstatistics

Austin Real Estate Market Update – Nov 2008 Sales

The sales volume in Austin fell of a cliff for November, with only 914 sales of single family homes. That represents a 43% decline in the number of homes sold. The number of “Not Solds” (expired or withdrawn) took a big jump also, to 62% of all listings that departed the Austin MLS in November. If you remember last month’s market update, I predicted the Not Solds will hit 70% in December 2008. November stats haven’t changed my mind.

Let’s look at the breakdown of Austin single family home sales for November 2008:

• Number of homes sold is down 43% (was down 28% last month) from 1,594 Nov 2007 to 914 Nov 2008.
• Average list prices in Austin were down 5.29% over the same month last year to $250,609. This means sellers/agent are doing a better job of pricing the home correctly out of the gate.
• Average sold prices in Austin were down 6.17% over the same month last year to $238,072 from $253,718 a year ago. So, list prices are down 5% but sold prices are down 6%, which tells me sellers are still chasing the market down.
• Median sold price was down 1.87% to $185,000. Last year in Nov it was $188,527. Median prices had been holding their own each month this year, so the downturn in this particular metric is something new.
• Average List to Sold price ratio is 95.00%, down from 95.89% the same month last year, again demonstrating that sellers are still chasing the market down.
• Avg sold price per square foot is down 7.41% to $109 compared to $118 a year ago in November. This is a huge drop.
• Avg days on market is up 12 days (18.75%) from 64 last year to 76 this November.
• Median days on market is up 11 days (24%) from 45 days last year to 56 this year.
• Number of “Not Sold” (exp or withdrawn) is up 43% over the same month last year, to 63% of all removed listings compared to 46% for the same month last year.

None of this is favorable if what we want is a normal, rising market, but in the context of elswhere in the country, it’s actually pretty good.

The stats outlined above are shown in the chart below.
 

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

Oct 2008 Nov 2008 Nov 2007 Yr % Change
# Sold 1249 914 1594 -42.66%
Avg List $258,869 $250,609 $264,601 -5.29%
Med List $199,900 $192,000 $195,955 -2.02%
Avg Sold $247,383 $238,072 $253,718 -6.17%
Med Sold $195,500 $185,000 $188,527 -1.87%
Sold/List % 95.56% 95.00% 95.89% -0.93%
Avg SQFT 2160 2180 2151 1.35%
Med SQFT 1988 1984 1952 1.64%
Avg $ SQFT $114.53 $109.21 $117.95 -7.41%
Avg DOM 69 76 64 18.75%
Median DOM 50 56 45 24.44%
# Expired 667 662 558 18.64%
# Withdrawn 1068 833 810 2.84%
Not Sold 1735 1495 1368 9.28%
Not Sold % 58.14% 62.06% 46.19% 34.37%

So, are these grim numbers cause for alarm? Not at all, and here’s why.
Read more …

Posted by Steve
7 years ago