See updated Austin Housing Statistics Here
Choose: Housing Data – Months of Inventory
(This post & chart are dated 5th Nov, 2009)

Lower M.O.I. figures show a seller's market, higher show a buyer's market. Current levels represent a neutral market.

To put this in perspective, I’d like to share a chart from another Realtor in Tucson, Arizona.  This should help show how stable our market here in Austin is compared to other parts of the country.  From The House Chick in Tuscon:

Tucson, for example, has seen fluxuations from 6.1 to 16.6 months of inventory in the past two years while Austin has remained between 4.5 to 7.4 in the same time period.

Here is the latest and greatest (and most accurate data out there) for you to visualize the trends you hear and read about.

About the real estate data & statistics on my site:

I’ve received emails about how my graphs look differently that Zillow’s/Trulia’s, and believe me, those websites’ notoriously inaccurate and incomplete information can be the bane of my existence. My promise to you is that this data is the absolutely most complete and accurate data out there! While other websites use error-ridden tax data & user-submitted listing data, my data combines sales from the national, state, and local MLS systems as well as builder associations and is compiled by the esteemed Real Estate Center at Texas A&M University. Addiitonally, you may see data from Austin Board of Realtors®, Texas Association of Realtors®, National Association of Realtors® (and related MLS systems), Austin Chamber of Commerce, the US Census Bureau, and the US Bureau of Labor and Statistics.

My answers to these questions relate to the sales price, months of inventory, and home sales volume.  So see for yourself, Austin’s growth has remained mostly consistent over this decade, prices are mostly holding after the boom of 2006 and downturn of 2007/2007.  We are seeing inventory levels similar to 2001 (think tech-bust & 9/11) but still below those of late 2003 through 2004 (more tech crunches).  Home sales volumes are always seasonal… last year we saw similar numbers to 2004, but had a large drop in January 2009 to levels that we haven’t seen since 2000-2004 when Austin was smaller and less economically developed.  I expect February’s numbers to be much stronger, we are seeing nearly 500 pending sales right now in addition to sales earlier this month and builder’s home sales.  December was also stronger than we had seen, probably due to expiring tax credits and property tax homestead exemption benefits.

It will be a long road to recovery, but Austin is showing its resilience and steady economic nature.  It is a great time to take advantage of low interest rates through buying a home, remodeling loans, and refinancing.  I am happy to help you evaluate the benefits of each to help you decide which option is best for you.

Austin–Round Rock leads the country’s largest core-based statistical areas (CBSA) in home price appreciation with a 3.7 percent increase in 2008, according to First American CoreLogic.

Ready to invest in Austin?  Call me at 512.771.1776 or get in touch online to let me know what your goals are.

2007 National Association of REALTORS® Member Profile

• 60% of REALTORS® typically work at least 40 hours per week.
• 25% of a REALTOR®’s business is based on referrals from past customers.
• Half of REALTORS® are affiliated with independent, non-franchised firms (local Brokerages).
• The median income for a REALTOR® working 40-59 hours per week is $63,000.
• Medial experience of all REALTORS®: 7 years.
• 41% are male; 59% are female.
• Median age: 51.
• 34% of REALTORS® have some college education while 12% have an associate’s degree, 26% have a Bachelor’s degree, 8% only have a high school education, 10% have at least a Graduate Degree, and 8% have had some graduate school education.
• 90% of REALTORS® own their home.
• 95% are registered to vote.

• As of today, 468 residential homes are currently pending in MLS.
• The longest one of these sold homes was on the market was 385 days.
• Average Days on Market was 71 days.
• Median Days on Market was 56 days.
• The most expensive home to sell so far this year sold for $5,150,000, down from the original listing price of $5,900,000.
• The least expensive home to sell so far this year sold for $48,500, down from the original listing price of $49,000.
• Average Listing Price: $311,233 / Median: $219,950
• Average Selling Price: $292,002 / Median: $214,000
• Average Selling Price Per Square Foot: $137.20 / Median: $115.12
• Average % of Sales Price of Listing Price: 96% / Median: 96.9%

The 5 Biggest Real Estate Myths:

1. Sellers are desperate
2. Don’t buy before prices have bottomed
3. You can’t buy a home unless you have 20% down
4. Now’s the absoulte worst time to sell
5. Before you refinance, shop around

There are great deals to be had out there right now, but it doesn’t mean that every seller is desperate just because their house is on the market now.  Financing is still out there for consumers, it’s corporations who are feeling the crunch.  Unless you are a very high risk, sub-prime lendee, you should have no problem getting a loan.  Selling now doesn’t mean you’ll have to take a huge hit, especially in Austin.  And waiting for prices to bottom is like waiting for a stock to be at it’s absolute lowest.  You can never know for sure when that will be, but if you look at Austin’s numbers, that time has already passed you by.  All numbers are on the up including average sales price, sales volume, median sales price… except for months of inventory, which is now approaching the 4-5 month range (same we saw in 2005).

Although homes are taking longer to sell, sales are up, and the average sales price in Austin is also up (see statistics).

So if you are STILL waiting and STILL on the fence, stop waiting and fulfill your goals before this opportunity slips away.

Thank you to Ines Hegedus-Garcia at Agent Genius for bringing this video to my attention.

Austin’s Real Estate Inventory Statistical Data Chart

Months of Inventory is said to show the general health of a market.  A high figure means a buyer’s market (less healthy) and a low number means a seller’s market (generally considered a strong market).  Compared to the previous 5 years, Austin’s residential home inventory started around average.  It has climbed into 2003 & 2004 territory, proving that we are currently experiencing a buyer’s market where buyers can generally spend more time looking and offer lower.  In Austin, we are still seeing strong prices.  Experts agree that although we are in a buyer’s market with a cooling sales record, prices have not declined, only the amount of time that a home spends on the market has increased.

Check the blog all this week for more statistical insight into today’s real estate market in Austin.

May housing statistics are out for Austin and there are no huge surprises unless you’ve had your head too far into national news.  Here in Austin, the housing market remains healthy and numbers are closely relating to those we saw in 2005 — a healthy year in Austin.  Keep in mind that 2006 and most of 2007 was a boom period for Austin, especially in dense areas like downtown and central Austin (Hyde Park, Brentwood, Allandale, Crestview, Rosedale, etc).  Although we currently have 5.7 months of inventory, this is not a sign of a crashing market, only a buyer’s market.

Those who will see the most benefit from our current market conditions are those relocating to Austin.  These buyers can find a great deal in Austin that is likely to appreciate well.

Another group that can do well in today’s market is the move-up buyer group.  If you are moving from a lower-valued home into a higher-valued one, you can reap the benefits of this rare buyer’s market in Austin.  Just be sure to take into consideration the amount of time and effort that will go into selling the home that you are moving out of.  It may take longer than expected to sell your home so be sure that you can afford both mortgages before you buy your new home.  And if you expect to bring in top-dollar, realize that in many areas of Austin, especially suburbs like Round Rock, there is a large amount of inventory.  That means more competition for your listing.  You’ve seen it on shows like HGTV’s “Designed to Sell,” homes that are prepared for sale get much more attention.  I recommend hiring help if doing it yourself is overwhelming.

Overall, there is no reason to panic over what the media is feeding you.  It is rare that Austin sees a buyer’s market, so take advantage if you are considering an investment in Austin’s real estate or even a second home as deals on new condo developments become easier to find.

As always, these statistics can be found in more detail at http://liveaustinrealestate.com/statistics

These statistics are from the Texas A&M Real Estate Center and include more comprehensive data than the Austin Board of Realtors MLS system.  If you have any questions, call or email!

2003 – Strong Buyer’s Market
2004 – Buyer’s Market
2005 – Neutral to Seller’s Market
2006 – Strong Seller’s Market
2007 – Seller’s Market to Neutral
2008 – Began Neutral, headed into a Buyer’s Market

Any surprises?