Austin Real Estate News

The following information is from the Austin Board of Realtors website:

Austin Board of REALTORS® releases November 2009 real estate statistics

December 21, 2009 – According to the Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin-area home sales continues to surge, increasing 58 percent in November 2009 compared to November 2008.

“This is the largest increase in year-over-year homes sales the Austin market has seen in more than ten years,” explained Jay Gohil, chairman of the Austin Board of REALTORS®.

In November 2009, there were a total of 1,576 home sales, contributing $377,603,296 to the local economy. The median home price for Austin in November 2009 was $179,000, a two percent decrease from the same month the prior year.

“The combination of steady home prices with increasing demand is very encouraging for the Central Texas real estate market,” said Gohil.

In the face of increasing sales volume, the Austin real estate market is seeing a decrease in home inventory.  The Real Estate Center at Texas A&M University cites 6.5 months of inventory as a balanced market, meaning demand for homes is evenly balanced with inventory of homes for sale.  At approximately 5.4 months of inventory for November 2009, demand for homes in the Austin real estate market is slightly outpacing inventory.

November 2009 Statistics

• $377,603,296 – Total dollar volume of single-family properties sold, a 62 percent increase from November 2008.
• $179,000 – Median price for single-family homes, a two percent decrease from November 2008.
• 1,576 – Single-family homes sold, a 58 percent increase from November 2008.

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The Austin Board of Realtors (ABOR) just released October sales data, and there’s good news for home sellers in the Austin area – home sales surged for the month. “In October 2009, 1,823 homes were sold, a 38 percent increase from 1,322 in October 2008.” (ABOR October 2009 real estate statistics)

ABOR notes the increase is likely due to the first time home buyer tax credit. Since the government extended and expanded this tax credit, we hope to see home sales continue to rise.

Here is a snapshot of the market provided by ABOR:

Learn more about Austin Real Estate through our Austin Homes for Sale search or by calling Reilly Realtors at 512.600.1800.

If you are a regular visitor to this site, you may have noticed that AustinHomeListings.com is now a service of Reilly Realtors where previously it was a service of Great Austin Properties. That’s because Great Austin Properties changed its name recently. Reilly Realtors will still offer the same great residential real estate service Great Austin Properties provided. In fact, we believe Reilly Realtors will provide even better service with our growing real estate team that is able to provide in depth knowledge to Austin real estate buyers, and with the additional marketing effort we will put into our home listings.

Learn more about how we can make your next Austin real estate transaction a rewarding experience – call Reilly Realtors today at 512.600.1800.