Latest Austin Real Estate Market Statistics

Here are the latest stats on the Austin real estate market for the month of December 2008. Thanks to Alamo Title for compiling and sharing.

Units for Sale in Austin: (compared to December 2007)
New listings were down 12.84%.
Pendings were up 34.86%.
Solds decreased by 16.01%.

Average Austin Real Estate Prices:
The "New Listings" average list price is up 2.36% to 300,316. In December 2007 the average list price was $293,392.
Sold average sales prices decreased 5.66% to $238,867. For December 2007 it was $253,205.

Active Listings
We had 9,929 active listings during the same week in 2007. Today there is 10,097 active listings. That is 3.78% increase from last year. Total inventory for Austin area MLS is 5.77 months - still hovering at the equilibrium between buyer/seller market.

What's Selling in Austin

For the first part of 2008, sales volume here in Austin was on par with 2004 sales volume. This made sense given that 2005, 2006, and first half of 2007 were booming markets and of course our local market would reflect the national economic decline on some level. However, during the last few months, our 2008 sales volume has gone and slipped to below 2004 levels.

Source: Alamo Title

So now, you would think – there must be some great deals out there! Right? Well – the answer is sometimes. Even with the local slow down, quality houses that are priced and marketed right are selling very quickly here in Austin. On average, houses are selling for 95% of list price. My last listing sold in 10 days at 98% of list price. The biggest discounts are on new construction homes from builders or homes priced over $700K (which are NOT selling fast). So, if you find a house and you want to make an offer, definitely go low with your offer, but don’t expect gigantic discounts.

With that in mind, if you are thinking about listing your Austin home for sale this spring, in today’s market you must pull out all the stops. The MLS listing, a sign in the yard, and an open house are really only the beginning. To sell at the maximum price in minimum amount of time, you must make your home as competitive as possible. Do not overprice “just to see what you can get”. Choose an agent who implements progressive marketing strategies including blogging, Facebook, Craigslist, Zillow, Trulia, virtual home tours, and customized websites. I personally syndicate my listings on over 30 websites. Staging and presentation of the home are also more important than ever. Finally, your agent should be providing you with constant feedback as to what potential buyers are saying when they tour your home.

Below are some example SOLD properties from the month of December to give you an idea.

SOLD IN 9 DAYS – 99% OF LIST PRICE
1809 Rockmoor Ave: Original List price $549,950, Sold Price $545,000
Immaculately updated, unique property located in MLS area 1A within walking distance to Lake Austin. 2 bed/ 2bath, 2020 square feet, .25 acres; 9 days on market

SOLD IN 45 DAYS – 95% OF LIST PRICE
5915 Rickerhill: Original List Price $264,900, Sold Price $250,000
Cute little Circle C home with 4 bed/2 baths, 2091 square feet, .19 acres, 45 days on market

SOLD IN 9 DAYS – 97% OF LIST PRICE
700 Jessie Street: Original List Price $450,000, Sold price $438,500
Beautifully staged, fully updated with modern design located in MLS Area 7 (south Austin), 3 bed/2bath, 1370 square feet + bonus building, .21 acres; 9 days on market

SOLD IN ZERO DAYS – 91% OF LIST PRICE
1007 Arcadia: Original List price $175K, Sold Price $160K
Handyman special located in MLS area 2; 3 bed/ 1 bath, 1692 square feet, .17 acre lot

SOLD IN 742 DAYS – 75% OF LIST PRICE - $1 MILLION PRICE REDUCTION!
4708 Mirador: Original List price $4,495,000, Sold Price $3,400,000 (included $350K in non real estate items)
Custom built new construction located on 5 acres in MLS area W; 5 bed/ 5 baths/3 half baths, 8650 square feet

SOLD IN 15 DAYS – 83% OF LIST PRICE
800 E. 451/2 Street: Original List Price $299,000, Sold price $250,000
Cute 1939 bungalow with hardwood floors, original tile bathrooms, kitchen and detached 1 car garage located in north Hyde Park, 2 bed/1 bath, 1056 square feet, .18 acre lot

Weeeeeeeeeeeeeeee

Happiness is playground equipment that spins you round and round and round until you are so dizzy you can't walk straight and you fall to the ground in a pile of giggles.

Taken at Phil's Icehouse on Burnet Road this afternoon while we waited for our to-go order.

New Year, New To-Do List

I am a chronic list maker and as if I need yet another list of things to-do in my life... here 'tis for 2009:

1. Embrace my toddler's vivid imagination and lack of self discipline before they're gone
2. Ramp up my marketing efforts for real estate (sorry mailing list friends and trees)
3. Read more fiction (currently have a stack of non-fiction on my night stand)
4. Run a half marathon
5. Fill the blank pages of my 2nd born child's scrapbook
6. Eat more vegetables
7. Speak French with my kids
8. Drink less wine "with dinner"

Unfortunately, I don't think my heart is really into #6 or #8, but I need to at least put them down there because I know I need to work on them.

Well -- off to devise more new and inventive ways to pester my client database. Gary Keller (author of Millionare Agent & founder of Keller Williams Realty) calls these points of contact "touches" which sounds much nicer.