Austin real estate continues to hold value despite slower sales volume in October

Nov. 18, 2010 - PRLog -- AUSTIN, Texas – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, the Austin real estate market continues to hold its value despite a slowdown in sales.

The volume of Austin area home sales in October 2010 was 1,221, down 31 percent from the same month in 2009. Sales volume year-to-date was down five percent from the same period in 2009 with 15,228 homes sold. Austin homes spent an average of 92 days on the market in October 2010, up 26 percent from the same month in 2009.

The median price of single-family homes in October 2010 was $198,500, up 10 percent from October 2009. Year-to-date, the median home price was $194,990, up three percent from the same period in 2009. Sales activity in the higher prices ranges continued to increase on a year-to-date basis in October with homes priced at $500,000 and above experiencing double-digit sales increases.

According to John Horton, Chairman of the Austin Board of REALTORS®, “Higher priced homes have continued to sell well over the last few months. This trend has been a driver in the steady increases in the median and average prices the market has experienced during the same period.”  

Chairman Horton explained, “It has been a unique year in evaluating trends in the real estate market due to the impact of the expired homebuyer tax credits. Monthly comparisons are still being skewed by the artificial stimulus the tax credits provided.”

Horton added, “The market is still providing exceptional opportunities for buyers as we approach the end of the year. Increased active listings throughout the month provide buyers with a good selection of homes to choose from. This, combined with stable home prices and historically low interest rates, makes it a great time for those looking to purchase.”

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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.