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• Number of “Not Sold” (exp or withdrawn) is up a whopping 56% over the same month last year.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| # Withdrawn |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.