2009 Real Estate Market Summary

Every once in a while I like to give myself a good research project.  It's funny because I didn't realize how much I enjoyed reading and studying until I got away from school.  Now, I get to read and study the things that actually interest me. 

This time around I decided to do a detailed 2009 analysis of the Austin real estate market.  I especially wanted to focus on the differences between resale, short sale and foreclosure sales and how they reacted differently to market dynamics.  I also focused only on house sales.

Foreclosures and distressed sales are the most popular thing with buyers.  Everybody wants a deal but I wanted to explore more about whether or not they really were good deals or just hype.   Keep in mind this is a very unscientific study.  The market data included the entire Austin MLS Area which spans a large area.  The number of regular resale transactions far exceeds foreclosure sales and even more so short sales (therefore the short sale numbers are a bit skewed)  

Id be happy to send the spreadsheet to anyone who is interested, but here are some highlights from the analysis.  In 2009 there were 18537 house sales tallied overall across the Austin market.

• The Median Sales Price for all House Sales in Austin for 2009 was $190,000
• The highest level of sales occurred in June (2051) followed by July (2013)
  
• The highest median sales price occurred in June ($200,000) followed by May, July and December, surprisingly (all $195,000)
  
• The average time it took to sell a house in 2009 was 75 days and the median was 47
• On Average, all Sales yielded 93% of Original List Price

There were 2195 Foreclosure Sales on Austin MLS for 2009 only about 12% of all recorded sales.         

• The Median Sales Price for foreclosures in Austin was only $122,000 for 2009
• The Average Sales Price was $153,203
• On Average, it took only 45 Days for Foreclosures to Sell (29 Median)
• The Quarterly Breakdown of Foreclosure Sales was evenly distributed (545, 604, 590, 514)
• On Average Foreclosure Sales yielded 93% of Original List Price
  

There were 506 Recorded Short Sale on Austin MLS for 2009 - about 3% of all recorded sales.  (These were sales that were accurately marked as short sales, there could have been more that were not labeled)

• The Median Sales Price for 2009 Austin Short Sales was $140,000
  
• The Average Sales Price for 2009 Short Sales was $191,306
  
• On Average, it took 102 Days to Complete a Short Sale with 80 days the Median
  
• The highest number of Recorded Short Sales took place in December 2009
• On Average, Short Sales yielded 90% of their Original List Price

For a detailed breakdown of the MLS Sales for all areas of the Austin Real Estate Market, you can download the comprehensive report here.  Plus a link to the MLS Area map for reference. 

2010-2011 Austin Economic Forecast (Angelou Economics)

Comments

[Nicole Lahti]

great info, Ryan! interesting how the foreclosure and short sale median sales prices are significantly lower (more than I would have guessed). Also pretty interesting to see they sell of 90-93% of listed price. That's an eye opener to people who think banks will just give houses away to get them off their books.