INHABIT AUSTIN: real estate

Inhabit Index January 2009

20 02 2009

This year started off a lot like 2008. Slow. Not a big surprise though, since many expect the recession to run its course through most of this year. Moreover, January and February are seasonally slower months. In Austin, the impact has left us with fewer homes selling and softening prices throughout the city. Here’s a quick look at how each sector fared this January compared to last:

Property Type	Sales	% Chg	Avg Price	% Chg
Single Family	834	-36%	$231,158	-6%
Townhouse/Condo	80	-35%	$156,119	-22%
Multifamily	22	-49%	$232,677	21%
Commercial	13	-28%	$228,632	-57%
Residential Lease	1,093	28%	$1,278	2%
Commercial Lease	9	0%	$1,163	-30%

By most accounts, Austin remains a buyer’s market. But there are pockets where reality is a little different. These areas have remained affordable and are seeing healthy activity as a result. For example, just this week, a client I represent missed a house with multiple offers in Crestview. It wasn’t a short-sale or foreclosure. The home was priced at market, in fantastic condition and happened to be precisely in the client’s desired area–the necessary elements for any successful sale.

Now, I wouldn’t say my anecdote is sufficient evidence that we’ve reached the bottom. More than likely, it’s one of a few isolated cases happening in our market. The fact remains, current inventory continues to give buyers the advantage. And although it’s slowly leveling off, many sellers rather than significantly adjusting their price, are either letting the listing expire or withdrawing altogether.

Reasoned prudence is in every one’s interest right now, especially if there is any uncertainty with job security. That being said, renters, who have been working diligently to eliminate their revolving debt and save for a down paymenet should be rewarded nicely when they choose to purchase this spring and summer. They’ll also get a nice tax credit if they haven’t owned for three years prior.

Buyers and sellers who are preparing to make difficult real estate decisions, now more than ever, need a thorough market analysis before pulling the trigger. It’s never enough to rely on the headlines. Which is why we’re breaking the numbers down by MLS area to give clients a more informed view of local market conditions.

Find your area below…

	Average	Median	$/SF	DOM	Active	Pending	Sold
Area: 10N
2008 Jan	$241,487	$171,250	$151	66	69	25	18
2009 Jan	$251,280	$193,900	$147	91	54	16	5


Area: 10S
2008 Jan	$184,746	$179,900	$105	59	109	60	37
2009 Jan	$184,551	$183,250	$107	70	106	33	28


Area: 11
2008 Jan	$130,234	$120,450	$86	71	72	21	20
2009 Jan	$105,273	$112,000	$74	59	74	10	12


Area: 1A
2008 Jan	$485,403	$405,000	$183	69	58	20	15
2009 Jan	$365,200	$369,000	$165	50	72	6	5


Area: 1B
2008 Jan	$976,705	$580,000	$345	85	110	18	11
2009 Jan	$484,836	$420,000	$208	129	188	15	12


Area: 1N
2008 Jan	$269,575	$255,000	$135	50	68	37	21
2009 Jan	$271,376	$260,500	$126	54	91	34	21


Area: 2
2008 Jan	$258,828	$257,950	$171	84	76	38	18
2009 Jan	$243,173	$242,000	$190	81	85	21	12


Area: 2N
2008 Jan	$128,511	$125,000	$92	85	70	28	21
2009 Jan	$166,940	$161,880	$107	90	73	16	7


Area: 3
2008 Jan	$174,772	$167,600	$129	58	121	25	14
2009 Jan	$253,717	$252,000	$144	64	141	22	19


Area: 3E
2008 Jan	$162,928	$128,090	$111	102	91	13	10
2009 Jan	$93,626	$93,630	$69	61	75	10	1


Area: 4
2008 Jan	$424,420	$364,250	$240	98	100	36	23
2009 Jan	$367,652	$344,000	$224	64	115	20	6


Area: 5
2008 Jan	$215,890	$173,500	$155	89	196	32	26
2009 Jan	$195,386	$120,500	$130	63	174	18	12


Area: 5E
2008 Jan	$115,175	$103,850	$61	79	44	3	4
2009 Jan	$104,226	$101,700	$60	80	39	3	6


Area: 6
2008 Jan	$287,298	$237,500	$248	74	96	15	5
2009 Jan	$315,144	$321,000	$209	92	94	11	10


Area: 7
2008 Jan	$446,642	$477,450	$246	70	24	8	10
2009 Jan	$432,500	$470,000	$238	83	33	4	3


Area: 8E
2008 Jan	$876,500	$623,500	$262	102	116	16	8
2009 Jan	$695,125	$511,750	$224	124	105	11	8


Area: 8W
2008 Jan	$510,400	$355,000	$191	77	128	19	10
2009 Jan	$450,380	$475,000	$147	109	128	18	5


Area: 9
2008 Jan	$207,056	$157,000	$162	71	25	7	3
2009 Jan	$140,264	$140,260	$91	26	29		2


Area: BA
2008 Jan	$161,632	$143,750	$91	57	155	27	18
2009 Jan	$127,254	$109,840	$83	87	139	20	11


Area: BL
2008 Jan	$252,915	$265,000	$134	202	35	6	5
2009 Jan	$151,750	$151,750	$108	18	46	3	2


Area: BT
2008 Jan	$113,900	$113,900	$69		1	0	1


Area: BU
2008 Jan	$142,776	$99,900	$90	51	145	10	10
2009 Jan	$163,750	$121,500	$95	100	178	9	15


Area: BW
2008 Jan	$195,000	$176,500	$88	107	96	21	12
2009 Jan	$202,500	$136,250	$81	89	108	12	11


Area: CC
2008 Jan	$157,438	$121,000	$74	216	115	7	8
2009 Jan	$67,049	$50,000	$52	79	125	15	7


Area: CLN
2008 Jan	$170,641	$150,500	$85	72	363	110	71
2009 Jan	$210,310	$154,900	$95	89	358	75	50


Area: CLS
2008 Jan	$232,959	$198,000	$100	67	362	90	61
2009 Jan	$221,721	$209,500	$94	98	374	68	42


Area: CM
2008 Jan	$152,500	$152,500	$67	37	50	3	2
2009 Jan	$149,700	$130,000	$98	114	54	4	3


Area: EL
2008 Jan	$122,458	$117,400	$70	90	95	31	21
2009 Jan	$103,127	$92,000	$55	77	108	18	14


Area: FC
2008 Jan	$60,000	$60,000	$39	8	10	2	1


Area: GTE
2008 Jan	$177,832	$155,000	$102	75	136	31	19
2009 Jan	$143,994	$144,000	$67	48	125	18	8


Area: GTW
2008 Jan	$250,354	$210,000	$115	95	411	80	59
2009 Jan	$220,994	$185,500	$93	126	462	42	28


Area: HD
2008 Jan	$290,409	$295,850	$121	106	273	42	23
2009 Jan	$264,662	$232,500	$111	115	242	25	14


Area: HH
2008 Jan	$179,821	$154,940	$86	82	380	87	69
2009 Jan	$145,737	$144,550	$73	69	337	69	45

Area: HS
2008 Jan	$216,071	$191,500	$92	84	71	19	7
2009 Jan	$159,049	$137,500	$84	63	67	9	11


Area: HU
2008 Jan	$148,813	$129,600	$70	83	190	38	25
2009 Jan	$154,983	$137,320	$80	73	188	41	24


Area: HW
2008 Jan	$251,844	$244,570	$119	122	120	24	10
2009 Jan	$413,800	$260,000	$192	101	130	14	5


Area: JA
2008 Jan	$174,874	$144,550	$87	70	34	10	4
2009 Jan	$93,160	$82,000	$62	96	35	4	5


Area: LC
2008 Jan	$123,072	$108,880	$64	52	29	3	6
2009 Jan	$322,500	$322,500	$98	302	30	2	1


Area: LH
2008 Jan	$251,051	$147,000	$109	94	121	11	13
2009 Jan	$174,057	$140,100	$90	141	78	11	7


Area: LL
2009 Jan	$140,600	$161,800	$84	193	80	6	3


Area: LN
2008 Jan	$202,783	$183,500	$108	124	202	19	12
2009 Jan	$247,155	$259,000	$108	138	221	11	12


Area: LS
2008 Jan	$483,691	$324,500	$175	146	692	64	47
2009 Jan	$364,377	$319,500	$144	108	647	51	34


Area: LW
2008 Jan	$670,000	$670,000	$234	15	84	4	1
2009 Jan	$265,000	$265,000	$102	127	82	2	1


Area: MA
2008 Jan	$154,879	$150,540	$74	82	137	22	16
2009 Jan	$102,994	$95,000	$66	63	126	18	14


Area: MC
2008 Jan	$182,267	$77,000	$104	61	31	4	3
2009 Jan	$89,500	$75,000	$76	84	56	4	3


Area: N
2008 Jan	$183,655	$180,130	$99	62	61	40	26
2009 Jan	$187,873	$180,600	$86	60	55	27	15


Area: NE
2008 Jan	$171,493	$166,440	$89	60	114	29	14
2009 Jan	$148,609	$145,750	$76	73	99	24	15


Area: NW
2008 Jan	$267,599	$217,000	$109	53	97	61	35
2009 Jan	$208,871	$196,000	$95	69	127	41	20


Area: OT
2008 Jan	$238,898	$265,900	$98	129	79	7	6
2009 Jan	$20,000	$20,000	$22	3	71	6	1


Area: PF
2008 Jan	$164,394	$156,000	$81	75	431	133	87
2009 Jan	$173,711	$152,900	$78	83	362	82	50


Area: RN
2008 Jan	$538,939	$378,350	$170	139	283	27	23
2009 Jan	$623,758	$423,000	$169	134	271	33	21


Area: RRE
2008 Jan	$195,252	$173,870	$85	88	508	126	94
2009 Jan	$177,470	$152,500	$77	89	436	86	40


Area: RRW
2008 Jan	$243,104	$219,450	$92	96	404	115	80
2009 Jan	$249,885	$240,000	$89	89	409	61	33


Area: SC
2008 Jan	$168,056	$147,500	$77	86	65	23	16
2009 Jan	$180,398	$148,690	$84	68	75	12	6


Area: SE
2008 Jan	$121,317	$120,000	$67	55	77	17	15
2009 Jan	$98,110	$106,600	$50	60	55	12	11


Area: SV
2008 Jan	$107,050	$99,400	$76	56	62	5	6
2009 Jan	$68,236	$70,000	$48	89	56	9	7


Area: SWE
2008 Jan	$209,324	$218,250	$101	80	125	67	40
2009 Jan	$215,305	$178,000	$102	81	180	41	23


Area: SWW
2008 Jan	$322,367	$285,000	$123	78	123	52	37
2009 Jan	$253,248	$234,000	$111	63	149	36	18


Area: TC
2008 Jan	$143,433	$118,100	$74	90	96	16	19
2009 Jan	$93,667	$98,000	$54	49	73	11	10


Area: UT
2008 Jan	$486,375	$486,380	$270	65	19	2	2
2009 Jan	$300,000	$300,000	$230	99	24	2	1


Area: W
2008 Jan	$718,754	$780,000	$177	115	125	19	13
2009 Jan	$781,008	$320,000	$214	114	101	23	14


Area: WE
2008 Jan	$360,000	$360,000	$152	111	16		1
2009 Jan	$225,000	$225,000	$113	102	27		1


Area: WW
2009 Jan	$109,700	$101,400	$81	56	24	2	4