April 2008 Market Report: Austin Area Continues to Benefit From Stable Real Estate Market

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Single-family homes in Central Texas are spending less time on the market as the number of home sales continues to resemble those in 2005, according to the latest Multiple Listing Service (MLS) Report.

“Austin has one of the lowest foreclosure and unemployment rates and is one of the fastest growing cities in the nation,” said ABoR Chairman Socar Chatmon-Thomas. “As we enter the heart of selling season, it's a buyer's market.”

Single-family home sales in 2008 reached their highest point in April, totaling 1,981 and contributing $479,718,960 to the local economy. Overall, home sales this year correspond closely with the volume tracked in 2005, before Central Texas experienced the record-breaking home sales activity of 2006.

Homes sold in April spent an average of 66 days on the market, the shortest period in seven months. The median price of single-family properties was $187,900. Active listings grew to 10,034.

April 2008 Single-Family Homes

  • 1,981 was the number of single-family homes sold, a 14 percent decrease from last year
  • $187,900 was the median price for single-family homes, a 2 percent increase from one year ago
  • $479,718,960 was the total dollar volume of properties sold, a 16 percent decrease from April 2007
 

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