Austin Real Estate Sales Volume Surges, Prices Remain Stable

April 20, 2010 - PRLog -- According to the Multiple Listing Service (MLS) report by the Austin Board of REALTORS®, the volume of Austin area home sales in March 2010 was 1,784, up 27 percent from the same month in 2009. The median price of Austin real estate remained unchanged in the same time period at $180,000.

“Though we’ve seen increases in year-over-year sales volume consistently in recent months, it’s likely this substantial increase in volume is related to the impending expiration of the homebuyer tax credits on April 30,” said John Horton, Chairman of the Austin Board of REALTORS®. “What’s most encouraging, however, is that in the midst of this increase in sales volume, our real estate values have remained steady, which bodes well for the long-term value of real estate in Austin.”

Sales of condos and townhouses were particularly strong in March 2010, increasing by 129 percent to 215 sales as compared to March 2009. This follows sustained increases in demand for this property type since September 2009 and a year-to-date increase of 86 percent.

Mr. Horton continued, “A softer condo market at the beginning of 2010 provided a good opportunity for buyers, and we are now seeing the results with an increase in activity. Condos can be attractive properties for first-time homebuyers, so it’s possible this increased demand is also related to both the first-time homebuyer tax credit, as well as an increased supply of condos in Austin in recent years.”

March 2010 also marked the second consecutive month of substantially decreased “days on market,” which refers to the average time homes remain active in the MLS. At 73 days for March 2010, homes spent 16 percent fewer days on the market than in March 2009. In the same time period, pending sales increased 31 percent to 2,421; new listings increased by 29 percent to 4,170; and active listings increased by six percent to 10,300.

“These statistics indicate that demand is continuing to outpace supply, which is encouraging,” said Horton. “However, no one really knows the full impact of the homebuyer tax credits yet, so we’ll look ahead to this summer to determine the sustainability of these conditions.”

# # #

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas.