Austin Real Estate Sales Breakdown by MLS Area – June 2008 YTD

Posted on July 15, 2008. Filed under: -- Austin Related, -- Real Estate Guide For Today's Market | Tags: , |


Austin Real Estate Sales Breakdown by MLS Area – June 2008 YTD

posted by Molly Greaves for your education…

It seems like everyone is talking about how BAD the real estate market is, but how bad is it really? People like Donald Trump and Robert Kiyosaki seem to think this is a chance of a lifetime to get into real estate.  With that said, as a soon-to-be real estate investor, I am particualarly interested in the local Austin market.  I did some research and found this great blog below, which I thought you would find helpful.  Steve has a lot of great information on his site, and his information can be found on my Blogroll as well. 

Article written by Steve Crossland, MPM of Keller Williams of Austin

July 14, 2008

Below is the breakdown of year-to-date home sales in Austin by MLS area. This is for houses only, no condos, townhomes, etc. I’m often asked, “how is the Austin real estate market?”, to which I reply, it depends on which market you are talking about. There are multiple “markets” and sub-markets in Austin. Here are some summary points I gleaned from the stats.

* Of the 42 Austin MLS areas tracked below, 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.

* 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 downtwon. 7 are east of IH35.

* 7 of the Austin 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.

This chart will take you directly to Steve’s site, where you can finish the article, and also see how your particular area is doing…
 

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One Response to “Austin Real Estate Sales Breakdown by MLS Area – June 2008 YTD”

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Austin in on most professional real estate investors radar as being potentially a place to purchase investment real estate.


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