Some Quick Mid-year Austin Real Estate Stats (Elgin, West: days on market, sales)

[austin-steve]

I just ran stats for YTD sales in Austin, broken down by MLS area (see pdf attachement for your area). Here is a summary of what I found:


* Of the 42 Austin MLS areas tracked, all but 1 have fewer sales Jan-Jun 2008 compared to 2007. The only area with more sales than the same 6-month period last year was the UT area with 26 sales YTD this year compared to 24 last year.


* 28 of the 42 Austin MLS areas have higher average sales prices for 2008 than the same period last year. That’s 2/3 of Austin’s MLS areas experiencing price increases for average sales price.


* The same number (28) of Austin MLS areas have increases in Median Sold prices compared to a year ago.


* 24 MLS areas saw an increase in both average and median sold prices.


* 27 of the 42 Austin MLS areas saw an increase in average price per square foot on homes sold.


* Of the 24 MLS areas that saw an increase in both average sold and median sold prices, 21 of those areas also showed an increase in the average sold price per square foot. This means half of all Austin MLS areas have experienced price increases in all three of the main metrics that indicate price appreciation. These areas generally tend to congregate around Central Austin. 14 of these areas are within a 20 minute drive of downtown. 7 are east of IH35.


* 7 of the Austin MLS areas saw a decrease in all three metrics of avg, median and psf sales prices. Those areas were 8W (Eanes West), EL (Elgin), LN (Lake North), LS (Lake South), MA (Manor), SC (Far SE Austin) and W (West Austin). It’s interesting that, with the exception of area LN, all of the areas with "triple drops" are either way above or way below the Austin average and median sales prices. This jives with what we know, that both the upper and lower ends of the market are slow.


* 7 of the 42 MLS area saw a decrease in the Days on Market, meaning homes are selling faster in those areas than a year ago. Most areas saw an increase in days on market, indicating slower sales.

Not in the attached chart, but another piece of interesting data is the YTD 39% of MLS listings have been withdrawn or expired without selling. That's about 2 in 5 listings that fail to sell. That said, the Austin market is reasonably steady though soft in many areas.

Steve

[Torontonian]

Originally Posted by austin-steve

Not in the attached chart, but another piece of interesting data is the YTD 39% of MLS listings have been withdrawn or expired without selling. That's about 2 in 5 listings that fail to sell. That said, the Austin market is reasonably steady though soft in many areas.

Steve

"With the death of the IndyMac Bank last week, and the GSEs Fannie Mae and Freddie Mac laying side-by-side in the EMT van on IV drips, headed for the Federal Reserve's ever more crowded intensive care unit", I would say there was never a better time to buy a house