Austin Home Price Appreciation
21 01 2009The map below displays the median home price appreciation categorized by MLS area for 2008. Use the controls to zoom in and click the highlighted areas to view a specific neighborhood. Please note the area boundaries are approximations since I had to draw them by hand. Also, forgive me for any areas that overlap; I’ve always struggled with coloring within the lines. Some things never change.
Overall, prices in Austin appreciated by 2% last year. Not as big of a number as many hoped it would be. But all things considered, a positive number looks pretty good. Here are a few other things to note…
Not every area benefited this year. As the market continued its shift over the course of the year, inventory accumulated, especially in the high-end neighborhoods. Clearly, from the map, you can see exactly which areas outperformed the broader market. Many of the neighborhoods and MLS areas I expected to appreciate did so. Others, unfortunately, did not–1B (-7%).
Despite the desirable location and proximity to downtown, the area suffered, like much of west Austin, from the credit crunch. Early in the year, non-conforming loan guidelines tightened significantly in reaction to the sub-prime fallout. Currently, homes over $400,000 are taking nearly twice as long to sell when compared to $250,000 and below. Sellers are now adjusting their prices accordingly. To prove my point, I just received a notification for this $90,000 price reduction in Tarrytown, 1B.
Here’s a look at the price distribution of homes sold in December:
| Price Class | Sales | Sales Year-to-Date | % Change Year Ago | Active Listings | Estimated Days to Sell |
| $1 to $19,999 | 1 | 12 | -14% | 1 | 15 |
| $20,000 to $29,999 | 3 | 41 | -2% | 2 | 9 |
| $30,000 to $39,999 | 4 | 56 | -33% | 14 | 46 |
| $40,000 to $49,999 | 5 | 80 | -32% | 25 | 57 |
| $50,000 to $59,999 | 12 | 119 | -36% | 39 | 60 |
| $60,000 to $69,999 | 10 | 176 | -18% | 66 | 68 |
| $70,000 to $79,999 | 17 | 193 | -24% | 79 | 75 |
| $80,000 to $89,999 | 29 | 273 | -25% | 112 | 75 |
| $90,000 to $99,999 | 21 | 347 | -31% | 151 | 79 |
| $100,000 to $109,999 | 35 | 444 | -30% | 135 | 55 |
| $110,000 to $119,999 | 34 | 725 | -33% | 205 | 52 |
| $120,000 to $129,999 | 89 | 1,049 | -26% | 313 | 54 |
| $130,000 to $139,999 | 78 | 1,169 | -28% | 302 | 47 |
| $140,000 to $149,999 | 71 | 1,191 | -22% | 316 | 48 |
| $150,000 to $159,999 | 88 | 1,252 | -17% | 324 | 47 |
| $160,000 to $169,999 | 71 | 1,118 | -18% | 293 | 48 |
| $170,000 to $179,999 | 65 | 1,011 | -13% | 313 | 57 |
| $180,000 to $189,999 | 69 | 894 | -16% | 271 | 55 |
| $190,000 to $199,999 | 50 | 753 | -18% | 270 | 65 |
| $200,000 to $249,999 | 161 | 2,904 | -11% | 1,065 | 67 |
| $250,000 to $299,999 | 111 | 1,891 | -17% | 897 | 87 |
| $300,000 to $399,999 | 140 | 2,178 | -15% | 1,112 | 93 |
| $400,000 to $499,999 | 56 | 980 | -23% | 648 | 121 |
| $500,000 to $599,999 | 24 | 473 | -26% | 405 | 156 |
| $600,000 to $699,999 | 17 | 285 | -25% | 305 | 195 |
| $700,000 to $799,999 | 10 | 160 | -31% | 196 | 224 |
| $800,000 to $899,999 | 7 | 133 | -8% | 139 | 191 |
| $900,000 to $999,999 | 4 | 61 | -45% | 95 | 284 |
| $1,000,000 and more | 19 | 233 | -30% | 427 | 334 |
| Total | 1,299 | 20,199 | -20% | 8,520 | 77 |
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