Austin home sales volume down due to tax credit; price continues to slowly rise

May 19, 2011 - PRLog -- According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,690 single-family homes were sold in the Austin area in April 2011, 16 percent fewer than the same month of the prior year when the federal homebuyer tax credit expired. At the same time, the median price for Austin real estate was $196,400, three percent more than April 2010.

Judith Bundschuh, Chairman of the Austin Board of REALTORS®, commented on the report, “As has been the case for all of this year, comparisons of year-over-year sales volume are skewed due to last year’s homebuyer tax credits. That’s particularly true for this month, since the most expansive tax credit expired on April 30, 2010, creating a surge in demand that month.”

In April 2011, Austin homes spent an average of 88 days on the market, 28 percent longer than April 2010, but the shortest “days on market” figure in the Austin area since September 2010.

Additionally in April 2011, new Austin real estate listings were down 25 percent, active listings were down 10 percent and pending sales were down 27 percent compared to April 2010.

Chairman Bundschuh continued, “Given that only 16 percent fewer Austin homes were sold in April 2011 than April 2010 without the benefit of a tax credit and that prices for Austin real estate continue to rise, we’re encouraged at the health and strength of our market.”

The volume of leasing activity in the Austin area tapered off in April 2011 with 1,117 properties leased, three percent fewer than April 2010, while the median price for lease property was $1,250, six percent more than April 2010.

April 2011 Statistics

$458,676,140 – Total dollar volume of single-family properties sold, four percent less than April 2010.

$196,400 – Median price for single-family homes, three percent more than April 2010.

1,690 – Single-family homes sold, 16 percent less than April 2010.

88 – Days on market, 28 percent longer than April 2010.

3,330 – New single-family home listings on the market, 25 percent less than April 2010.

9,679 – Active single-family home listings on the market, 10 percent less than April 2010.

2,054 – Pending sales for single-family homes, 27 percent less than April 2010.

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Founded in 1926, the Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,500 licensed REALTORS® in Central Texas. Visit AustinHomeSearch.com, a public resource on Austin real estate, for the latest news on the local housing market.