Austin Area Home Sales Continue To Climb; Statistics Indicate Sustained Growth

May 20, 2010 - PRLog -- AUSTIN, Texas – According to the Multiple Listing Service (MLS) report by the Austin Board of REALTORS®, the volume of Austin area home sales in April 2010 was 2,043, up 31 percent from the same month in 2009. In the same period, pending sales increased 47 percent to 2,813. The median price of real estate in the Austin area remained unchanged in the same time period at $190,700.

“The considerable increase in sales and pending sales indicates increased activity among buyers trying to beat the April 30 tax credit deadline,” said John Horton, Chairman of the Austin Board of REALTORS®. “Although the tax credit has expired, we are entering a growing economic, real estate and seasonal cycle which we hope will continue to provide momentum to carry our market upward.”

Sales of condos and townhouses remained strong in April 2010, increasing 63 percent to 213 sales as compared to April 2009. Also during the same period, pending sales for condos and townhouses increased 70 percent to 338.

Mr. Horton continued, “The significant increase seen in the condo and townhouse market can most likely be attributed to the first-time homebuyer tax credit. The median price for condos and townhouses is approximately $30,000 less than the median price for a single-family home; and therefore, these properties can be a more affordable alternative for first-time buyers.”

In April 2010, the days on the market for single-family homes decreased 13 percent to 69 days as compared to April 2009. Additionally, the month’s supply of inventory in April was approximately 6.5 months, which represents a balanced market.

Horton concluded, “People buy homes because they want to be homeowners. The tax credits have made it more attractive for some buyers to purchase now, but there are a lot of buyers who have been waiting to purchase until they were confident in the economy. Now that we are seeing recovery in the economy and real estate market, in combination with historically low interest rates, those potential buyers who have been on the fence are now taking the leap and entering the housing market.”

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Founded in 1926, the Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas.