August 2005 Market Report: Real Estate Market Continues Growth Trend in August

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September 20, 2005 - Austin-area properties in August outsold the previous year, in some instances by as much as 108 percent. According to the latest Multiple Listing Service (MLS) report, the local market continued to grow steadily last month.

Single family home sales rose by 28 percent to 2,759, altogether contributing $600,860,538 to the local economy. The median price at which these properties sold was $169,620, an increase of nine percent.

While sales increased, the number of new and active single family listings on the market fell. The 3,105 new listings represent a 12 percent decrease from 2004, and the 8,302 that are active represent a dip of 15 percent. At an average 67 days on the market, these properties sat for four percent less time than they did one year ago.

The MLS report revealed several other interesting market developments. Multifamily property sales increased by 108 percent to 179. The dollar volume generated by these sales rose by a complementary 101 percent to $32,008,422. Townhouse/condominium sales increased 40 percent to 256, generating 58 percent more revenue at $40,904,960.

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 7,000 licensed REALTORS® in Central Texas. For further information, contact Angela Brutsché at 512/454-7636 ext. 1300.

 

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