Austin Area Real Estate Volume Down, Prices Remain Stable

Jan. 21, 2009 - PRLog -- AUSTIN, Texas – According to the December 2008 Multiple Listing Service report by the Austin Board of REALTORS® (ABoR), the volume of single-family home sales was down last month 21 percent compared to December 2007. However, prices in Central Texas remain stable, with the median price down by only four percent compared to December 2007, underscoring the long-term strength of Austin’s real estate market.

According to ABoR Chairman Jay Gohil, “Austin is feeling the effects of the economic downturn in our sales volume, but our price stability shows the long-term health of our market.”

He continued, “In Austin, we never saw the dramatic price run-ups like other parts of the country.  Now, our homes are retaining their value, even in the midst of market fluctuations.  Combine that fact with projections that Austin’s population will continue to grow and our economy will continue adding jobs in 2009 and it becomes clear Austin is a good place to invest in real estate.”

Year-end real estate totals for 2008 mirrored similar trends.  The median price for 2008 was $189,500, a 2 percent increase from 2007, and the volume of single family homes sales was down 20 percent to 20,199.

Chairman Gohil summarized the results this way, “These real estate statistics are important to understand the Austin market at large.  However, they don’t reveal whether this is a good time to buy or sell for you.  The best way to do that is to talk to your Austin REALTOR® and get the facts about your personal situation and make the decision that’s right for you.”

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Founded in 1926, the Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 7,500 licensed REALTORS® in Central Texas.