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Austin Real Estate March Statistics

As we predicted last month we saw a pretty large increase in sales for the Austin real estate market this month. The tax credit is ending so we had a lot of buyers hurrying to purchase before it ended. Sales from this time last year were up 27 percent. Average prices were up 3 percent and median prices were flat from this time last year. This kind of conflicts with what I have been seeing in the market with houses in certain neighborhoods that are much cheaper than what I have seen in the past. For instance I saw a house come up in hyde park recently for 215k. So why are average prices up? I think this is a combination of 2 factors. The lower end of the market is not moving. Additionally, houses with needed repairs are selling for substantially less. Before there were a lot of flippers looking for "rough properties" they have been pretty much flushed out of the market at this point so properties with needed repairs are selling for a substantial discount. Below are the statistics for the last few years.

Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory
08 Jan 1,312 $245,305 $187,000 8,727 1,935 95.4% 6.651
08 Feb 1,547 $233,945 $180,090 9,127 1,803 96.1% 5.899
08 Mar 1,829 $239,777 $188,000 9,638 2,063 95.9% 5.269
08 Apr 1,944 $240,592 $186,950 10,034 2,109 96.5% 5.161
08 May 2,108 $261,580 $195,000 10,577 2,146 96.9% 5.017
08 Jun 2,222 $259,114 $199,940 10,886 1,996 96.4% 4.899
08 Jul 2,068 $256,526 $195,000 10,913 2,032 96.7% 5.277
08 Aug 1,994 $256,345 $196,740 10,348 1,792 96.2% 5.189
08 Sep 1,673 $241,881 $182,000 10,217 1,520 96.2% 6.106
08 Oct 1,322 $243,364 $192,460 9,944 1,234 95.4% 7.521
08 Nov 997 $234,444 $182,000 9,243 1,147 94.9% 9.27
08 Dec 1,305 $247,025 $182,500 8,520 1,114 94.2% 6.528
09 Jan 840 -0.36 $231,006 -0.06 $176,750 -0.05 8,738 0 1,327 94.3% 10.402
09 Feb 1,106 -0.29 $241,262 0.03 $189,900 0.05 9,373 0.03 1,406 94.7% 8.474
09 Mar 1,404 -0.23 $230,931 -0.04 $180,000 -0.04 9,704 0.01 1,846 95.1% 6.911
09 Apr 1,577 -0.19 $232,569 -0.03 $189,900 0.02 9,889 -0.01 1,919 95.6% 6.27
09 May 1,689 -0.2 $252,524 -0.03 $193,000 -0.01 9,939 -0.06 2,132 95.7% 5.884
09 Jun 2,085 -0.06 $251,066 -0.03 $199,500 0 10,107 -0.07 2,084 95.9% 4.847
09 Jul 2,050 -0.01 $245,004 -0.04 $192,740 -0.01 9,988 -0.08 1,996 96.3% 4.872
09 Aug 1,770 -0.11 $243,505 -0.05 $189,000 -0.04 9,555 -0.08 1,980 96.2% 5.398
09 Sep 1,759 0.05 $240,694 0 $186,550 0.02 9,148 -0.1 1,886 95.7% 5.2
09 Oct 1,787 0.35 $237,074 -0.03 $180,000 -0.06 8,948 -0.1 1,811 95.8% 5.007
09 Nov 1,568 0.57 $237,484 0.01 $176,950 -0.03 8,551 -0.07 1,232 95.8% 5.453
09 Dec 1,364 0.05 $258,162 0.05 $191,500 0.05 8,079 -0.05 1,073 95.6% 5.923
10 Jan 857 0.02 -0.35 $243,042 0.05 $178,000 0.01 8,569 -0.02 1,417 95.4% 9.998
10 Feb 1,108 0 -0.28 $243,066 0.01 $189,500 0 9,335 0 1,738 95.3% 8.425
10 Mar 1,784 0.27 -0.02 $236,860 0.03 $180,000 0 10,300 0.06 2,421 96.2% 5.773
Yr Month Sales % 1 Yr Change % 2 Yr Change Average Price % Price Change Median Price % Price Change Active Listings % Change Pending Sales Sold to List Price Months of Inventory

There were 10,300 houses on the market for an increase of 6 percent compared to this time last year. And compared to last month we had a bigger increase than usual. This is probably simply due to people rushing to list while the tax credit was still in effect.

The condo market is showing some more activity. This month we saw an increase of 129%. While part of that is because of the tax credit we have been seeing more activity in the for the last few months. We also saw a 21% increase in the multifamily market. This is a little more interesting. Why? The tax credit is not affecting sales in the multifamily market. So this is a somewhat positive sign for the multifamily market. The commercial market stats were a little mixed. We saw an 11 percent increase in sales but the average price decreased 54%. Basically what is happening is smaller properties are selling in many cases for cash. But larger properties that need financing are not selling simply because getting loans for commercial properties is incredibly tight right now.

I am still not all that hot for the commercial market. With a commercial loan you can typically only lock in your rate for 5-7 years. With rates near all time lows one of the main benefits of buying now is locking into rates that are very low by historical standards for 30 years.

The market for Austin luxury homes seems to be strong this year. Here is a chart show sales for the first 3 months of the year.

What’s interesting if we look at the 5th column we see there is a 45% increase in homes over 1 million compared to the same time period last year. We also saw a 37% increase in homes from 800k-1 million.

Here are the stats broken down by Austin MLS area.

If you have any questions about the market in general or a property in particular, feel free to contact us. If you want to search for properties on the market, here is our search of the Austin MLS.

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