January 2009 Market Report: Lack of consumer confidence slows Austin real estate market

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Austin Board of REALTORS® releases January 2009 real estate statistics

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According to the January 2009 Multiple Listing Service report by the Austin Board of REALTORS® (ABoR), the volume of single-family home sales was 834, down 36 percent compared to January 2008.

According to ABoR Chairman Jay Gohil, it is not local economic fundamentals slowing the Austin-area real estate market, but a lack of consumer confidence, “Right now, we’re our own worst enemy. Uncertainty about the national economy and a looming government stimulus package has consumers taking a wait-and-see attitude. However, we expect that our strong local economy and stable real estate prices will put us back on the upside quickly when consumer confidence rebounds.”

According to the report, the median home price in January 2009 was $175,500, down 6 percent from the same period last year. That price is similar to January 2007, when the median price was $175,000.

“Prices are fluctuating some based on decreased demand. However, it’s important to put these figures in perspective. For example, if you bought your home between 1999 and 2006, you’re likely to find it has appreciated anywhere from 20 to 35 percent,” Gohil said, based on statistics of the median home price in Austin over the last ten years. “The best advice I can give is always the same, no matter what’s happening in the market: Every market is a good market for someone, so define your goals, get the facts about your personal situation and make the decision that’s right for you.”

January 2009 – Single Family Homes

  • $192,785,772 was the total dollar volume of homes sold
  • $175,500 was the median price, down six percent from one year ago
  • 834 was the number of homes sold, down 36 percent from January 2008

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 7,500 licensed REALTORS® in Central Texas. For further information, please contact Angela Brutsché at 512/454-7636, ext. 1300.

 

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