September 2009 Sales Statistics were recently released by ABOR. Having compiled numbers for the first three quarters of 2009, a picture of the year's housing market in Austin is near completion. I have taken a snap shot of the number of single family homes sold and medium sales prices in 2007 and 2008 to compare with the current situation to see where we are and predict the direction of the market. Though we are not having a banner year, things most certainly could have been much darker. In all, we will finish the year behind in total sales than that of the two preceding years, and our sales prices will continue to drop. 
September 2009 Single Family Homes Sales were 1,780. Sales for the month were down just 2.8% from September sales in 2008 and down 11.4% from September sales in September 2007. The September numbers follow the trend of 2009. Throughout the year Austin has been down in sales by month compared to 2007 and 2008. There is a silver lining to the statistics in that in the third quarter of 2009 Austin. Though total third quarter sales were down 27.2% compared to 2007 and 4.5% compared to 2008, in comparison to second quarter 2009 (down 45.0% and 17.0% respectively) the gap was tightened. As someone who follows the market closely, it makes me feel better that the year has followed what I will call the normal trend: Sales starting slow in January and seemingly peaking in the summer months. It would have frightened me to no end should the summer month sales have dropped or remained even with the first quarter. I am looking for fourth quarter sales to mirror that of 2007 not that of 2008 when the market crashed in October. I expect a smooth transition, without peaks or troughs, into 2010. By the end of the year Austin will have closed the gap on 2008 total sales for the year, but overall sales will be down compared to the previous two years.
In September, the medium sales price for a Single Family home in Austin was $185,000. Since the peak in June, which almost surpassed our highest medium sales price in the last ten years (and probably ever) - $199,940 in June of 2008, we have seen a steady decline. In fact, in September we were within throwing distance of the national medium sales price of $177,500 which was down 12.1% from the previous year. The graph below shows a steady –which we all should be thankful – decline in price over the last few months. Austin's medium sales price, which until very recently remained below the national, is above. According to the National Association of Realtors® distressed properties continue to downwardly distort the medium price because they generally sell for 15 to 20% less than traditional homes. With a large majority of people with a wait and see attitude, the medium sales price in Austin will continue to slowly decline.
Feel free to post your thoughts and comments about the information above and Real Estate in general. I look forward to hearing from you.
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