April 2006 Market Report: Austin REALTORS® Report Strong Local Market Despite Nationwide Cooling

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The April Multiple Listing Service (MLS) Report from the Austin Board of REALTORS® shows strong and growing demand for Central Texas homes - a trend that runs counter to the national market. Single-family home sales were up 12 percent from last year to 2,190 and contributed $517,812,360 to the local economy-27 percent more than in April 2005.

"There is no question the Austin real estate market is hot" said Austin Board of REALTORS® Chairman John Rosshirt. "Supply is shrinking, particularly in south Austin, which continues to push up prices for residential properties - making Austin a great place to buy and sell homes."

Area 10 in south Austin, which is located between I-35 and Mopac and bordered by Ben White and Slaughter Lane, reported some of the most notable results. Single-family homes in the area sat on the market for an average of 27 days, selling for 10 percent more than in 2005 at a median price of $143,500 ($99 per sq foot). Area rent rose 15 percent from $850 in 2005 to $980 ($64 in rent per 100 sq feet).

"One reason for the city's continued growth is that the cooling markets in other areas of the country are drawing out-of-state investors to Austin," Rosshirt continued. "Unlike many other markets, where property values skyrocketed in a short period of time, Austin has enjoyed steady growth in real estate values that are more sustainable over the long-term. As this investment continues, we will see a continued increase in the number of properties for rent and a steady appreciation in property values and rent in areas in the north and south parts of town."

In the month of April, single-family properties in the Central Texas area earned a median price of $175,000, up 8 percent from 2005. The homes sat on the market for an average of 59 days, which represents both a 20 percent decrease and the first time in two years that number has fallen below 60. Of those homes, 97.7 percent sold to list price, which is the largest portion since June 2005.

April proved to be a prosperous month for other property types, as well. Sales of farm/ranch listings bested the previous year's total by 40 percent. They collectively produced $25,116,560 in revenue, which is a 68 percent jump over 2005. Declines occurred across the board in active listings and average days on the market which, combined with increases in pending and total sales, indicate that Austin consumers' appetite for properties is showing no signs of slowing soon.

April 2006 Single Family Homes

  • 2,190 Homes sold a 12 percent increase from 1 year ago
  • $175,000 was the median price, and that increased 8 percent
  • $517,812,360 was the total dollar volume of properties sold, which increased 27 percent.
 

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