Market Update: End of September 2009
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Updated Graphs & Statistics for the Austin Real Estate Market
Austin real estate market slows from summer buying months
Austin Board of REALTORS® releases August 2009 real estate statistics
September 18, 2009 – According to the August 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the Austin real estate market has slowed slightly during the first month of fall.
In August 2009, 1,793 homes were sold, a 10 percent decrease from 1,994 homes sold in August 2008. The median home price for Austin homes in August 2009 was $189,000, a four percent decrease from the same month the prior year.
“It’s fairly normal for the Austin real estate market to slow down in autumn. Although we’ve been encouraged by stable home prices and volume in recent months, we are clearly not out of the woods completely,” said Jay Gohil, chairman of the Austin Board of REALTORS®. “Looking ahead, it will be interesting to see what impact the November 30 deadline for the first-time homebuyer tax credit has on demand this fall.”
On November 30, the tax credit for first-time homebuyers of up to $8,000 expires. Despite speculation to the contrary, no definitive steps have been taken to extend it. To qualify, first-time homebuyers must close their real estate transaction by that date, a process that requires anywhere from 14 to 60 days or more.
August 2009 Statistics:
- $437,228,429 was the dollar volume of single-family properties sold
- $189,000 was the median price, a four percent decrease from July 2008
- 1,793 was the number of homes sold, a 10 percent decrease from one year ago
The months of inventory for the latest Austin housing statistics showed that our inventory declined with sales in August, 2009, putting our market more in the "neutral zone" -- neither a buyer's or seller's market. Home prices held steady, declining slightly, but still showing strength in the cooling fall market. Look for a pick up in Austin real estate at the end of November and into December as the first time home buyer credit expires and other buyers pick up properties at the end of the year to pick up a Homestead Exemption for 2009.
0-4 Months of Inventory = Seller's Market / 4-7 = Neutral Market / 7+ = Buyer's Market......... Our months of inventory figure in Austin is still lower than the hardest-hit parts of the country and is also keeping below 2003's level, when we were in the hardest part of the tech-bust. Although things seem rough in Austin, we are still in a fairly neutral market. We are accustomed to a seller's market in Austin, so relatively speaking, now does "feel" like a buyer's market. Tax incentives and low interest rates should help us in a slow recovery.
Austin Median Home Sales Price, Holding
Our Austin home sales volume continues to outshine the Nation's.
Austin and Texas home sales prices are holding strong relative to National home sales prices.
Unemployment Rates Are Dropping Across the Board - Austin's rate is due out soon, check back to http://AustinHome.Pro/Statistics for the latest Austin Economic and Housing Data
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