Number of homes sold dropped approximately 20% from 2007.  

2008 median sales price dropped 3% in 2008

2008 average “days on market” was 91 as opposed to 73 in 2007

Austin area builders started construction on approximately 8,000 homes in 2008, the lowest number since 1997.   New home sales were down 26% from 2007.

The number of jobs in Central Texas grew by 2.2% in 2008, about half the rate of 2006 and 2007.  But the rest of the country isn’t faring nearly so well.  Just 1/5 of the nation’s 100 largest metropolitan areas added any jobs at all. 

The occupancy rate among Austin-area apartment complexes fell 5% in 2008 according to Capital Market Research.  Rents increased slightly but only because of several high-rent properties downtown. 

“Compared to other markets in the country, we are still healthy. There are other markets where prices have dropped 20-30% or more.” Charles Heimsath, Capital Market Research

“Austin’s housing market remains healthier than many across the country, but tighter lending requirements, eroding consumer confidence and slowing job growth have sharply curtailed Central Texas’ home sales after several record years.” Tx. Real Estate Ctr.

West Round Rock:

     Number of Homes Sold Decreased 21%

     Avg. Days on Market Increased from 70 to 89

East Round Rock:

     Number of Homes Sold Decreased 23%

     Avg. Days on Market Increased from 72 to 86

East Georgetown:

     Number of Homes Sold Decreased 28%

     Avg. Days on market Increased from 75 to 91

West Georgetown:

     Number of Homes Sold Decreased 13%

     Avg. Days on Market Increased from 94 to 120

Cedar Park-Leander North:

     Number of Homes Sold Decreased 23%

     Avg. Days on Market Increased from 63 to 78

Cedar Park-Leander South:

     Number of Homes Sold Decreased 19%

     Avg. Days on Market Increased from 68 to 86

Pflugerville:

     Number of Homes Sold Decreased 25%

     Avg. Days on Market Decreased from 84 to 81

Hutto:

     Number of Homes Sold Increased 2.9%

     Avg. Days on Market Increased from 79 to 84.