Marina's Blog

Austin area real estate volume down, prices remain stable

According to the December 2008 Multiple Listing Service report by the Austin Board of REALTORS® (ABoR), the volume of single-family home sales was down last month 21 percent compared to December 2007. However, prices in Central Texas remain stable, with the median price down by only four percent compared to December 2007, underscoring the long-term strength of Austin’s real estate market.

According to ABoR Chairman Jay Gohil, “Austin is feeling the effects of the economic downturn in our sales volume, but our price stability shows the long-term health of our market.”

He continued, “In Austin, we never saw the dramatic price run-ups like other parts of the country. Now, our homes are retaining their value, even in the midst of market fluctuations. Combine that fact with projections that Austin’s population will continue to grow and our economy will continue adding jobs in 2009 and it becomes clear Austin is a good place to invest in real estate.”

Year-end real estate totals for 2008 mirrored similar trends. The median price for 2008 was $189,500, a 2 percent increase from 2007, and the volume of single family homes sales was down 20 percent to 20,199.

Chairman Gohil summarized the results this way, “These real estate statistics are important to understand the Austin market at large. However, they don’t reveal whether this is a good time to buy or sell for you. The best way to do that is to talk to your Austin REALTOR® and get the facts about your personal situation and make the decision that’s right for you.”

December 2008 – Single Family Homes
• 1,299 was the number of homes sold, a 21 percent decrease as compared to December 2007
 

• $182,000 was the median price, a 4 percent decrease from December 2007

• $320,542,539 was the total dollar volume of properties sold, a 22 percent decrease from December 2007
 

2008 Year-End Totals
• $5,004,647,938 was the total dollar volume of single-family properties sold, a 21 percent decrease from 2007

• $189,500 was the median price, a 2 percent increase from 2007

• 20,199 single-family homes were sold, a 20 percent decrease from 2007
 

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 7,500 licensed REALTORS® in Central Texas. For further information, please contact Angela Brutsché at 512/454-7636, ext. 1300

Austin Area Feels Effects of National Housing Slowdown

In November 2008, the Austin real estate market showed signs of slowdowns seen in other parts of the country. According to the November 2008 Multiple Listing Service report published by the Austin Board of REALTORS® (ABoR), single-family home sales dipped 40 percent from November 2007, which represents a 20 percent decrease year-to-date.

The median price for a single-family home was $180,000, a three percent decrease from November 2007. In total, single family home sales in November 2008 contributed $231,014,520 to the local economy, not including approximately 1,147 pending home sales.

In light of the results, ABoR is calling upon the federal government to adopt a four-point solution proposed by the National Association of REALTORS® (NAR) to stimulate the real estate market and enable Austinites to take advantage of the benefits of homeownership.

“There is no denying the Austin market has begun to slow,” said ABoR Chairman Jay Gohil. “However, we still enjoy strong statewide job growth and low unemployment, two factors missing in other, more challenged parts of the country. These sound fundamentals, combined with capital that should flow more freely to homeowners from the recent federal bailout, will put Austin in good stead as the market begins to recover.”

NAR has proposed a four-point plan to stimulate the housing market, which ABoR supports. It includes proposals to make the $7,500 first-time homebuyer tax credit available to all buyers and eliminate the repayment requirements; to make the higher loan limits approved earlier this year for the Federal Housing Administration, Fannie Mae and Freddie Mac loan limit permanent; and to direct more funds from the Emergency Treasury bank relief program to mortgage relief and foreclosure prevention.
 

November 2008 – Single Family Homes
• 990 was the number of homes sold, down 40 percent from November 2007
• $180,000 was the median price, down 3 percent from one year ago
• $231,014,520 was the total dollar volume of homes sold, down 44 percent from last November
 

Courtesy of The Austin Board of REALTORS® -- a non-profit, voluntary organization representing more than 9,000 licensed REALTORS® in Central Texas.