Austin area home sales down in September, flat year-to-date heading into fall

Oct. 20, 2010 - PRLog -- AUSTIN, Texas – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, Austin area homes sales were down in September compared to the same month the prior year, but remained on pace with 2009 year-to-date.

According to John Horton, Chairman of the Austin Board of REALTORS®, “As we’ve seen the last few months, year-over-year comparisons have been artificially altered due to the timing of the homebuyer tax credits. Thus, year-to-date figures continue to be a more meaningful measure of our market this year.”

The volume of Austin area home sales in September 2010 was 1,274, down 27 percent from the same month in 2009. Year-to-date, sales volumes were 14,014, down one percent from the same period in 2009. Homes spent an average of 82 days on the market in September 2010, up 15 percent from the same month in 2009.

The median price for September 2010 was $195,000, up four percent from September 2009. Year-to-date, the median price was $194,970, up three percent from 2009. Price classes that performed particularly well in terms of sales volume year-to-date were those in the higher price ranges. Sales in the $300,000-$399,999 price class were up 12 percent year-to-date in September.

Chairman Horton explained, “Looking at the market over the course of the year, 2010 looks very much like 2009. However, sales have been weighted more heavily toward the first half of the year and sellers are waiting longer to earn values close to list price for their properties.”

He added, “Low interest rates are providing unprecedented opportunities for buyers. In addition, Austin is in the fortunate and unique position of having an ample inventory of homes and stable home prices. Thus, buyers have many properties to choose from, but they shouldn’t expect steep discounts. Conversely, sellers can aim for solid values, but should prepare to be patient and competitive to earn them. Both buyers and sellers must continue to navigate the recovering economy throughout the fall season.”

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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.