Austin Real Estate Statistics 2006 to 2010
I typically run end of the year statistics around this time of the year. This year, I was curious to see how Austin has performed since 2006 (arguably the start of Austin’s real estate boom) through 2008 (arguably the peak) through 2010 (arguably the end of the recession.) I expected to see numbers that showed neither the Chicken Littles (the sky is falling!) nor the Real Estate Cheerleaders (most agents) were correct. I expected to see a gradual decline in volume & price, with a very slight uptick in pricing in 2010. The numbers were pretty contradictory. First, all the numbers (you can click to expand.)
The first thing I noticed is the total units sold. This number is way, way down (almost 35%.)
So it looks like the sky actually is falling. The next set of numbers indicates roughly the same thing. Total sales volume is also way down – almost 30%.
However, if the # of units sold is down by 35% and sold volume is down by 30%, then it indicates that prices have actually gone up. If we look at average sold price, we see they’ve increased by just under 7% since 2006, with a decent dip in 2009/2010.
Many people don’t like to look at average sold price, but prefer to look at median. If you look at median, the price flux is toned down, but price is still up by almost 10%.
So median sold price is up with a dip in 2009. Many people consider median sold price/s.f. the best metric. If we look at this, we’re still up by almost 5%, but down slightly since 2007.
So who’s right – the Cheerleaders or the Chicken Littles? In my opinion, both are right, and both are wrong.
5 Responses
Conversation