February 2009 Market Report: Central Texas real estate sales volume down, Home prices show modest increase

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Austin Board of REALTORS® releases February 2009 real estate statistics

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According to the February 2009 Multiple Listing Service report by the Austin Board of REALTORS® (ABoR), the Austin-area home sales volume remains down year-over-year, but home prices have risen compared to February 2008.

The median price of a single-family home in Central Texas was $189,900, up five percent from February 2008. There were 1,116 single-family homes sold in February 2009, a 28 percent decrease as compared to one year ago. Collectively, sales in February 2009 contributed $271,048,500 to the local economy.

“These statistics demonstrate how Austin-area home prices have held steady and continue to appreciate, despite volatile credit markets and difficult conditions in other states,” explained ABoR Chairman Jay Gohil. “Compared to last month, we’re seeing the year-over-year gap begin to close on sales volume and hope consumer confidence will continue to rise to further spur the market.”

He added, “With unprecedented incentives available to homebuyers, such as an $8,000 first-time homebuyer tax credit and some of the lowest mortgage interest rates in history, we believe many Central Texans will recognize this spring as a great time to build wealth through Austin real estate.”

February 2009 – Single Family Homes

  • $271,048,500 was the total dollar volume of homes sold
  • $189,900 was the median price, a five percent increase from February 2008
  • 1,116  was the number of homes sold, a 28 percent decrease from one year ago

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas.  For more, please contact Angela Brutsché at 512/454-7636, ext. 1300.

 

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