February 2006 Market Report: Healthy Home Sales in February

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Home sales were plentiful in February, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. Residential properties of all types saw healthy growth from the previous year's numbers.

Single-family home sales experienced a 15 percent increase in February, totaling 1,722. The $390,291,300 aggregate contribution of these sales to the local economy reflects a 33 percent improvement from 2005. Their $169,900 median selling price represents a 7 percent increase. At an average of 71 days, single-family properties sat on the market for 13 percent less time than they did last year. The number of active single-family listings also decreased, by 11 percent, to 7,377.

Other property types enjoyed sales increases in February. Townhouse/condominium sales rose by 28 percent to 190, and farm/ranch sales jumped 126 percent to 77. Both property types added accordingly more to the local economy: aggregate townhouse/condominium sales totaled $30,342,430, a 27 percent increase from 2005; and combined farm/ranch sales increased by 126 percent to $22,284,262.

 

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