Jan 28 2008
ABOR releases market update - Report Shows Slower Pace for Home Sales in Central Texas as Prices Continue to Rise
This is a little late in coming, but this week has been crazy. What I take away from these two statistics is that while there are more properties on the market only the good ones are selling. The homes that do sell are taking a little longer to sell than in the previous year, but since the best homes are selling and likely there is still competition from buyers for the best homes, we see increasing prices.
Sellers in this market need to price their homes aggressively or be the best house out there and capitalize on the demand for best in class homes.
The below release comes from the Austin Board of Realtors.
January 23, 2008 - According to the latest Multiple Listing Service (MLS) report, single-family home sales in December were lower than during the same period in 2006. The median sales price for homes in Central Texas grew 8 percent.
“Austin area home sales and prices experienced steady and stable growth over the past few years, contributing to the overall economic health in Central Texas,” said ABoR Chairman Socar Chatmon-Thomas. “All indicators show that making a long-term investment in Central Texas property continues to be a solid financial strategy.”
December 2007 single-family home sales were down 16 percent from last year, totaling 1,655. These sales brought the year-end total of homes sold to 25,151, an 8 percent decrease from 2006. The median price of single-family properties in December rose 8 percent to $191,250, while the 2007 year-end median price rose 6 percent to $185,000.
Altogether, single-family property sales contributed $6,301,644,094 to the local economy in 2007, down only 2 percent from the previous year. These properties sat on the market for an average of 62 days, the lowest time span in five years. Active listings increased by 10 percent to 8,628.
December 2007 - Single Family Homes
• 1,655 was the number of single-family homes sold, a 16 percent decrease from one year ago
• $191,250 was the median price for single-family homes, an 8 percent increase from one year ago
• $416,465,855 was the total dollar volume of properties sold, an 11 percent decrease from one year ago2007 (Year-End Totals) - Single-Family Homes
• 25,151 homes sold, an 8 percent decrease from 2006
• $185,000 was the median price, a 6 percent increase from 2006
• $6,301,644,094 was the total dollar volume of properties sold, a 2 percent decrease from 2006The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. For further information, please contact Angela Brutsché at 512/454-7636 ext. 1300.
Contact:
Angela Brutsché
Austin Board of REALTORS®
512/454-7636
abrutsche@abor.com###
