Austin Real Estate Stats – The Wise Assessment for Nov 2009 Austin Real Estate Market Conditions

Austin Real Estate Statistics – Is The Market Turning?!Single Family Monthly GraphsNote to readers: The Wise Assessment is posted on the first day of every month. We post our stats later that other real estate companies because we want the most accurate numbers available…and this makes them worth waiting for! Other agents simply copy and paste graphs that they get from other sources and offer no opinions to the marketplace conditions. We track data in house and compare the market on a whole to what we produce internally in order to produce an opinion of the data and give our thoughts of what we are personally experiencing as a top company in Austin.Keep reading for the written Wise Assessment and/or listen to our interpretations on our latest VLOG:

Overall Market Summary Report

Property Type	Sales	% Change Year Ago	Dollar Volume	% Change Year Ago	Average Price	% Change Year Ago
Single Family	1,576	58%	$377,603,296	62%	$239,596	2%
Townhouse/Condominium	169	84%	$28,389,296	61%	$167,984	-13%
Farm/Ranches	24	9%	$13,064,976	98%	$544,374	81%
Multifamily	47	57%	$9,143,333	58%	$194,539	1%
Lots	71	16%	$5,895,414	21%	$83,034	4%
Commercial	13	-24%	$4,497,298	-17%	$345,946	9%
Lease	946	8%	$1,133,308	3%	$1,198	-4%
Commercial Lease	11	57%	$11,473	41%	$1,043	-10%

The Wise AssessmentWARNING: These statistics are BORING! Nothing is on fire, nothing has flooded, and the Austin Housing Market is behaving like it should. This is GREAT news. What this means is that the Austin Real Estate Market is beginning to stabilize, and the drastic shifts in the graphs from Q4 of 2008 and Q1 of 2009 seem to finally be history.The number of single family Sales in November were 58% higher than November 2008….not terribly surprising since the market was in a tailspin in November 2008 and dipped lower than it has been in over 5 years. Does this mean the market has fully recovered and we are in for a great 2010? In my opinion, 2010 will be a slow and steady year building a stronger foundation for a stronger economy – both overall and specifically in real estate.

• SELLERS: The supply (Active Listings) of Austin homes for sale hit an annual low in November, providing fewer homes for buyers to choose from … and less competition for sellers in the market! This trend is not surprising, and easily predictable. As we note from the historical graph, November and December provide the fewest number of homes on the market, and this year is no different. What IS different is the unusually high number of home sales for the fall. Typically, the falling inventory coincides with the falling sales, and ultimately keeps the average sales price relatively steady. However, this year, we have had the decline in inventory and yet the sales have remained steady. If all homes in Austin were the same and priced equally, then this would trigger an increase in the average sales price. So why did the average sales price drop? The Government. In 2009, our government offered a tax rebate for first time homebuyers (virgins). This, plus the abundance of lower-priced homes skewed the average downward, ultimately lowering the average sales price. Therefore, we have been studying the influx of first-time home buyers in the market. Why are they buying right now?

1. Interest rates – rates remain extremely low and allows otherwise unqualified buyers to purchase homes in this market
2. Prices – prices are extremely affordable and lower than they have been in years
3. Tax credit – the governmental intervention and tax credit has incentivized buyers and made it possible for some buyers to have the necessary cash funds to purchase homes

Are you interested in selling your home right now? With more and more buyers entering the market because of the extended and expanded tax credit, demand continues to increase … and supply is still on the decline. What this means is that there are MORE buyers wanting homes and LESS homes from which to choose (i.e., less competition when selling to even more buyers!).NOTE: While this is great news for most of our sellers, we must also keep in mind that the overall market is still down over the past few years. So, if you bought your Austin home in the past few years and are selling it today, your home is most likely worth less than what you paid for it – not worth more. That means you will not be selling for a profit but for a loss. To learn more about pricing your home, read Krisstina’s article, “Are You Still Living In A Bubble“.What Is My Home Worth? Want to get a good idea of what your home is worth … and find out right now online? Check out our Market Snapshot for an analysis of the value of your home.

• BUYERS: Interest rates remain low. Pricing remains affordable. Sellers who have their homes on the market right now are REAL sellers (why else would anyone put their home on the market when the grass is dead, it is 20 degrees outside, and the holidays and new year capture us all?). Are you interested in buying and taking advantage of the Housing V? Take these steps to own the home you are dreaming of:

1. Choose a highly-qualified and accomplished real estate professional: Call 512.892.9473 to learn how to choose your Austin real estate agent
2. Learn about your Buying Power: Call us at 512.892.9473 so we can put you in touch with our mortgage banker, Kristin Carroll.
3. Begin touring homes with your GoodLife agent and choose your new dream home!

“Stop the car, honey … look at that house. I wonder what it’s worth?!?” Does this ever happen to you? Ever wonder what that house is worth? Find out now: What’s That Home Is Worth.Sales Closed by Month (Demand)After the blip on the screen for fall 2009, we return to your regularly programmed graph. As we note, the number of sales per month has returned (at least momentarily) to the historical seasonal decline. If our graph and buyers’ behaviors mimick history, December should prove to increase sales a bit over November.Active Listings (Supply)Shocking! No, wait. This is completely predictable. Inventory falls as the leaves do. Once all the leaves have stopped falling, so does inventory. What does this mean? If you are thinking of selling in the next 12 months, you may want to consider now as a perfect time to put your home on the market. You will have less competition and more demand for your home … just make sure you get expert help from qualified real estate professionals to design a thorough strategy to get the most amount of money in the least amount of time.Average Sales PriceIt appears that the average sales price has leveled off after a very exciting and turbulant ride earlier in 2009. We continue to hover around $240,000 as an average sales price, and barring any new legistlation, natural disasters, or single-digit temperatures (almost got there in January), prices should remain relatively stable moving into the new year.BTW, We do have very specific data for every price range and area of town. Want specific data pertaining to your neighborhood or your own home? We have it! Please let us know if you would like a neighborhood-specific analysis by emailing us at experience@goodlifeteam.com or calling us at 512.892.9473.

Simple Summary

Want to sell your house more quickly than your competitor?

Get really good help from proven professionals

and

Price your house accordingly.

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Tagged as: Market Statistics