Austin Real Estate Market Report and Statistics July 2008

[Real Estate Administrator]

The number of homes sold in Austin Texas so far this year is down 26% and prices are up 2.2%. The number of homes sold during July of 2008 is down 35% compared to July of 2007 and prices are up .6%. Comparing July 2008 to July 2007, prices have risen slightly for homes sold under $250K and over $500K, but prices have slid by 3.9% for homes priced between $250K and $500K.

Details:
Between January and July of 2008 Austin Texas had 5,207 homes sell with a median sold price of $122.46 per square foot and 1,905 square feet. This is 26% lower than the 7,014 homes that sold during the same period of time in 2007 with a median sold price of $119.82 per square foot and 1,917 square feet. There are currently 4,249 homes listed for sale and 992 homes pending sale in Austin.

During the month of July Austin had 726 homes sell with a median sales price of $126.95 per square foot and 1,905 square feet. This is 35% less than July of 2007 where there were 1,125 homes sold for $123.16 per square foot and 1,869 square feet. Austin had 944 home sold in June 2008 for $126.09 per square foot and 1,953 square feet. This is 27% less than the 1,291 homes sold in June 2007 for $122.38 per square foot and 1991 square feet.

During July 2008 Austin had 357 homes sold under $250,000 with a median sold price of $109.71 per square foot. During July 2007 Austin had 603 homes sold under $250,000 with a median sold price of $108.34 per square foot. During July 2008 Austin had 272 homes sold from between $250,000-$500,000 with a median sold price of $138.45 per square foot. During July 2007 Austin had 373 homes sold from between $250,000-$500,000 with a median sold price of $144.02 per square foot. During July 2008 Austin had 86 homes sold between $500,000 and $1,000,000 with a median sold price of $203.39 per square foot. During July 2007 Austin had 118 homes sold under $250,000 with a median sold price of $196.56 per square foot.

[sreeja]

What about the price of properties there.Is it increasing?I am from India.Here the price is rising?

[Real Estate Administrator]

In Austin Texas prices are rising overall, but decreasing slightly for homes between $250-$500K.

[Showervichy]

The Austin Rental Market continued to see gains in average and median rental rates for single family homes. But we still lag behind the rental rates landlords enjoyed 6 and 7 years earlier, if you can believe that.

[Claymorcott]

Austin’s retail market at mid-year has experienced a drop in occupancy due to the pull-out of national retailers such as Circuit City and Sportsman’s Warehouse. Generally, a “balanced” market in which neither the buyer or seller have an advantage is determined by about 6 month’s inventory, The month’s of inventory is just another tool we use to evaluate the market in genweral, along with the days on market.

[saramartin]

There is a ton of information here! It makes me tired just thinking of how much time you put into this!The rental housing market in the HMA has softened dramatically during the past year. The current rental vacancy rate is estimated at 12 percent.I hope the Austin market does pick up in the spring.
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