Home Values in Austin Increased 8.7%
The title of this post was the subject line of an email I got from Zillow today. The email claims that according to Zillow's own market reports, Austin area home values increased 8.7% from the first quarter of 2008 to the first quarter of 2009. I don't know where they are getting their data, but this is relative proof that buyers and sellers can not trust Zillow in the state of Texas.
I just pulled data from the MLS and found that the average sold prices for single-family homes in the Austin MLS dropped 3% from Q1 of 2008 to Q1 or 2009. For all residential properties in the MLS, sold price decreased 2%. This would include mobile homes, duplexes, condos, etc.
Some of the home valuation sites might be fun to play on, but people need to know that the only people to get accurate information on the market value of a home is someone with MLS access or an appraiser. Texas is a non-disclosure state, meaning that sellers don't have to disclose the sold price of a property to the county tax appraisal districts and other government entities.
So what about different parts of the area quarter to quarter? In and Around Westlake, sold prices were up a little over 1%. In the south Lake Travis area, prices were down almost 12%. Within a 2 mile radius of downtown, prices were up about 1%. In the entire city of Cedar Park, prices were down around 4%. For the entire city of Round Rock, the average price was up $85 and statistically that is around 0%.
Questions about Austin real estate? Call me at 512-293-2422.