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Austin Real Estate Market Update – October 2011 Stats

Real Estate Market Stats

Below are the Austin housing market stats for October 2011 and year to date.

Austin Sales Market Update – October 2011
Homes only (condos, duplexes, etc. not included) compiled from Austin MLS data

Sep 2011 Oct 2011 Oct 2010 Yr % Change
# Sold 1601 1346 1202 11.98%
Avg List $262,989 $267,793 $278,846 -3.96%
Med List $197,999 $199,900 $206,500 -3.20%
Avg Sold $252,815 $257,957 $264,112 -2.33%
Med Sold $192,000 $192,650 $199,925 -3.64%
Sold/List % 96.13% 96.33% 94.72% 1.70%
Avg SQFT 2226 2228 2276 -2.11%
Med SQFT 2044 1992 2058 -3.21%
Avg $ SQFT $113.57 $115.78 $116.04 -0.23%
Avg DOM 76 78 87 -10.34%
Median DOM 52 55 67 -17.91%
# Expired 478 434 704 -38.35%
# Withdrawn 800 703 976 -27.97%
Not Sold 1278 1137 1680 -32.32%
Not Sold % 44.39% 45.79% 58.29% -21.45%

 

As shown above, average and median sold prices are down 2.3% and 3.6% for Oct 2011 compared to Oct 2010. The number of homes sold increased and the number of failed sales efforts (Withdrawn or Expired) decreased. The sold to list price ratio increased a bit and the Days on Market improved.

Nothing really suprising or new here. The Austin real etstae market is still moving along somewhat, treading water for the most part. See the Year to Date and 44 month graphs below.

Read more …

Posted by Steve
5 years ago

Austin Real Estate Market – 2010 Breakdown by MLS Area

Real Estate Market Stats

Below is a chart breaking down the 2010/2009 sales comparisons by MLS Area for the Austin real estate market. This time I’m adding a couple of new things. First, there is color coding on each of the summary rows for each area. A green shade indicates “improvement” in the measured metric. I put “improved” in quotes because it’s debatable what that means, and for whom, so perhaps a better word to use would simply be “increase” toward seller’s market. Note that a decrease in Days on Market is an “improvement”, however, as it means homes are selling faster, so a negative number on DOM is coded green and vice-versa, whereas the other negative numbers are red. Confusing enough? I hope not.

Next, I added a new column called SP/OLP which is the Sold Price divided by the Original List Price. I think this is a useful metric to observe as it informs us of the gap between the original list price a seller was hoping to obtain and the ultimate sold price achieved. This is more useful to know than the more commonly reported metric of SP/LP (Sold Price/List Price) because it doesn’t disguise the price drops that occurred before the home eventually sold.

In other words, a home that started at a list price of $300K, was eventually dropped to $270K, and then sold for the $270K list price, would produce a SP/LP ratio of 100%, but a SP/OLP of 90%. The 90% is a more accurate measure of market strength or weakness in a given area. You’ll see below that some areas are right at 95% (which is pretty good) and some are below 90%, which is a tougher market requiring bigger price drops.

OK then, let’s take a quick look at the new format using the cumulative sold data for all of 2010 compared to 2009.

All MLS # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Med Days SP/OLP
2010 17,709 $255,049 $195,000 2,214 $115.20 73 48 93.19
2009 18,636 $245,765 $190,000 2,177 $112.89 75 47 95.2
Change -4.97% 3.78% 2.63% 1.70% 2.04% -2.67% 2.13% -2.11%


So, with the color coding, this allows a “quick glance” gleaning of which areas saw increases/decrease in the measered metrics across the board.  We can see above, looking at the entire Austin MLS market as a whole, that the average sold price increased 3.78%, median sold also increased, by 2.63%, Sold Price Per Square Foot increase 2.04%, and homes sold faster when looking at Avg Days on Market. But we also see that 5% fewer homes sold (lower demand) and that the median DOM and the SP/OLP ratios worsened. This “mixed” market is in fact what most areas produce.

One last aside, if an MLS Area is mostly red all the way across, such as Area 10S, does that mean buyers should avoid that area? Absolutely not. This is a look in the rear view mirror and doesn’t necessarily predict the future or indicate a trend. Same with areas that did well in 2010. This is just a snap shop of what happened in the given year 2010 compared to the year prior. If you own a home in an area that had a dog year, your particular neighborhood or size/price of home may have perfromed differently, and that won’t be reflected in this type of macro analysis of area-wide stats.

OK, the entire Austin MLS is broken down by MLS Area in the chart below. As usual, questions, comments, observations are welcome.

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Posted by Steve
5 years ago

Austin Real Estate Market Update – July 2009 Stats

It’s getting real hard to write about the Austin real estate market when month after month it just keeps doing what is expected, treading water overall, doing well under $200K, especially close in, and still soft in the $400K+ price ranges. That really sums it up, month after month. At the beginning of the year I predicted Austin would be down 3% to 5% overall this year, and we’re still on track for that.

For July, the average sold price compared to July 2008 is down about 4%, a bit more than the 3% average we’ve been seeing each month, but not a surprise. Median sold price is down 1.5%. Average price per square foot is down 5% from a year ago. Days on market is up to 71 average and 44 median, which are not bad numbers, but still worse than a year ago, which was worse than the year before. See the chart below for the previous month and pevious year comparisons for July.

Austin Real Estate Sales Market Update July 2009
Homes only (condos, duplexes, etc. not included) compiled from Austin MLS data

Jun 2009 Jul 2009 Jul 2008 Yr % Change
# Sold 2031 1950 2017 -3.32%
Avg List $264,959 $259,167 $269,724 -3.91%
Med List $206,000 $199,900 $203,000 -1.53%
Avg Sold $254,059 $249,560 $260,832 -4.32%
Med Sold $200,000 $195,000 $198,000 -1.52%
Sold/List % 95.89% 96.29% 96.70% -0.42%
Avg SQFT 2221 2188 2166 1.02%
Med SQFT 2012 1985 1962 1.17%
Avg $ SQFT $114.39 $114.06 $120.42 -5.28%
Avg DOM 77 71 61 16.39%
Median DOM 48 44 39 12.82%
# Expired 392 476 537 -11.36%
# Withdrawn 679 825 881 -6.36%
Not Sold 1071 1301 1418 -8.25%
Not Sold % 34.53% 40.02% 41.28% -3.06%


The year-to-date chart is below. For the year Austin Average Sold price for houses is down 2.96%, median is down is dead even at 0% change, and average price per square foot is down about 5%. Our “not sold” are holding at 42%. See below for the details

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Posted by Steve
7 years ago

Austin Real Estate Market Update – May 2009 Stats

The Austin real estate market continues to chug along in a manner that would be considered unimpressive if not for the fact that it was expected to be doing so much worse by so many. Average sold prices are down about 3.5% and the Median is down about 2.25%. We’ll take take that. I’m not complaining.

Austin Real Estate Sales Market Update May 2009
Houses only (condos, duplexes, etc. not included) compiled from Austin MLS data

Apr 2009 May 2009 May 2008 Yr % Change
# Sold 1522 1610 2060 -21.84%
Avg List $245,130 $268,001 $274,380 -2.32%
Med List $198,170 $199,970 $203,037 -1.51%
Avg Sold $234,444 $256,603 $265,878 -3.49%
Med Sold $190,000 $195,250 $199,788 -2.27%
Sold/List % 95.64% 95.75% 96.90% -1.19%
Avg SQFT 2136 2208 2154 2.51%
Med SQFT 1950 1989 1945 2.26%
Avg $ SQFT $109.76 $116.22 $123.43 -5.85%
Avg DOM 74 75 61 22.95%
Median DOM 44 43 36 19.44%
# Expired 391 383 516 -25.78%
# Withdrawn 648 590 598 -1.34%
Not Sold 1039 973 1114 -12.66%
Not Sold % 40.57% 37.67% 35.10% 7.33%



One interesting thing to note is that the “Not Solds” have dipped down to 38%, barely higher than the 35% for the same month last year. This is the first time the Pending/Withdrawn listings (not solds) have been less than 40% of the total departing Austin MLS listings since June 2008, when they represented 37% of the departing listings. We hit 61% in Jan 2009 and 62% in Nov 2008, which meant a lot of sales efforts were ending in failure last fall and winter, but things have improved a lot since then.

Personally, Sylvia and I have 6 closings this month and we are really, really busy. It’s starting to feel like 2006/2007, but the numbers don’t look like 2006/2007. We’re running really fast on our hamster wheel, but putting together transactions that stick is as hard as ever.

Below is the Year to Date (YTD) chart for Austin, followed by several other charts and graphs that will bring you up to date on current conditions in the Austin real estate market.

Read more …

Posted by Steve
7 years ago

Austin Sales Market – June 2008 and Mid-Year Stats Update

Below is the June 2008 Austin real estate market update, including YTD stats. For starters, I thought I’d post a graph showing Average Sales prices in Austin from 1999 through June 2008 for houses, condos and multi-family properties. Austin’s real estate market has historically moved in fits and starts. The slowdown indicated by the June 2008 YTD dip in the graph is real and present, but I’ll match this graph against that of almost any other metro area in the US and say that, relative to the rest of the country, the Austin real estate market is looking pretty darned good.
Austin Sales Market History 1999 through June 2008 Graph

The average sales price for houses in Austin increased 0.47% in June from $263,421 in June 2007 to $264,653 June 2008. We continue to have a large number of expired and withdrawn listings though, and days on market continues to creep upward. Nevertheless, many homes are selling fast with hardly a sign of a slow market, while others, though seemingly well priced and in good showing condition, sit with no offers. Sylvia and I placed a new listing in South Austin on the market a couple of weeks ago and had it under contract in 4 days with a good offer. It was in average condition. Other listings we have in south Austin are equally as well priced and in better showing condition, but no offers yet. I just placed a new listing in Cedar Park yesterday which is priced at about 97% of market value, and I expect it to sell fast, but can’t be as confident as I could in 2006 and 2007. The market seems fickle and somewhat unpredictable at present.

Here is a quick summery of the June stats.
• Number of homes sold is down 25% from 2,702 June 2007 to 2,032 June 2008.
• Average sold prices in Austin were up 0.47% over the same month last year to $264,653.
• Median sold price was up 3.62% over the same month last year to $202,000. I’ll have to doublecheck, but I think this is the first time the median sales price in Austin has broken through the $200K mark.
• Avg sold price per square foot is up 0.84% over June 2007 to $124 per sqft.
• Avg days on market is up 11 days (22%) from 50 last year to 61 this May. Exactly the same as last month.
• Median days on market is unavailable again this month because our $1M/yr MLS software, MLXChange, won’t produce it. (I continue to be dismayed and deeply disappointed in the poor performance of our MLS software, MLXChange, which we are 8 months into and still experiencing numerous data intergity problems.)
• Number of “Not Sold” (exp or withdrawn) is up a whopping 29% over the same month last year, but a far less increase than last month.

Below is the chart with these stats, along with a YTD chart. I’ll have area breakdowns posted in a separate post later today or tomorrow, so check back to see how your area is doing.
Read more …

Posted by Steve
8 years ago

Austin Real Estate Market – May 2008 Update

The average sales price for houses in Austin increased 5.14% in May from $259,958 in May 2007 to $275,711 May 2008. Sales prices had been flat or falling since Feb 2008, but May has us heading the other way again. We continue to have a large number of “failed sales” listings though, and days on market continues to creep upward. In short, there are a lot of mixed signals in the sales data. Here is a brief summary followed by charts below.

• Number of homes sold is down 24% from 2,630 May 2007 to 2,006 May 2008.
• Average sold prices in Austin were up 5.14% over the same month last year to $275,711.
• Median sold price was up 7.01% over the same month last year to $199,925.
• Avg sold price per square foot is up 4.02% over May 2007 to $124 per sqft.
• Avg days on market is up 11 days (22%) from 50 last year to 61 this May.
• Median days on market is unavailable because our $1M/yr MLS software, MLXChange, won’t produce it this month. I’ll leave it at that before I go off on another “MLXChange Sucks” rant.
• Number of “Not Sold” (exp or withdrawn) is up a whopping 56% over the same month last year.

Austin Real Estate Market Update for May 2008
All Austin / Central TX MLS Areas – Houses Only

Apr 2008
May 2008
May 2007
Yr % Change
# Sold
1826
2006
2630
-23.73%
Avg List
$254,318
$275,711
$259,958
6.06%
Med List
$194,935
$203,037
$189,900
6.92%
Avg Sold
$245,483
$267,231
$254,169
5.14%
Med Sold
$189,000
$199,925
$186,832
7.01%
List/Sold %
96.52%
96.92%
97.77%
-0.87%
Avg SQFT
2117
2155
2132
1.08%
Med SQFT
1924
1941
1928
0.67%
Avg $ SQFT
$116
$124
$119
4.02%
Avg DOM
63
61
50
22.00%
Median DOM
39
*
*
not avail MLS
# Expired
519
509
306
66.34%
# Withdrawn
586
599
473
26.64%
Not Sold
1105
1108
779
42.23%
Not Sold %
38%
36%
23%
55.71%
On the Market (houses) as of June 23, 2008:
12,466 = Active Res Listings in Austin MLS (12,066 last month)
10,335 = Total Single Family Homes listed (9942 last month)
1870 = Condo/Townhome/Loft/Garden Homes listed (2026 last mo.)
97 = Mobile/Manufactured Homes (97 last month)

For the Year-to-Date numbers, the sales prices for Homes in Austin are about even for Jan-May 2008 over Jan-May 2007.
Read more …

Posted by Steve
8 years ago