February 2010 Market Report: Austin area home sales volume continues to increase; Statistics indicating future demand show positive signs

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Austin Board of REALTORS® releases February 2010 real estate statistics

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According to the Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin area home sales in February 2010 was 1,145, up four percent from the same month in 2009. The median price of real estate in the Austin area remained unchanged in the same time period at $189,500.

“These results demonstrate that Austin’s recovery is continuing steadily,” said John Horton, Chairman of the Austin Board of REALTORS®. “Our area has been identified as one of the first to emerge from the recession and the real estate trends of recent months clearly support this assertion.”

According to Forbes Magazine, the Austin area tied for first place on a list of large metropolitan areas where the recession is easing first. Austin’s low unemployment rate and job growth from 2007 to 2009 – just below one percent, which was more than any other city included in the research – were cited as key factors for the ranking.

Mr. Horton continued, “It appears we’re beginning to see an impact from this steady improvement, particularly in increases in pending sales and new listings, as well as a decrease in the length of time homes are staying on the market, all of which are indicators of future demand.”

In February 2010, homes remained on the market an average of 77 days, a 13 percent decrease from the same month in 2009. This is a substantial year-over-year decrease when compared to the fall of 2009, during which the average days on market for properties changed less than five percent from the prior year each month. In addition, pending sales were up 24 percent to 1,738; new listings increased by 16 percent to 3,067; and active listings remained unchanged at 9,335.

“It’s encouraging to see steady increases in sales volume and stability in price,” said Horton. “Those two factors combined with positive changes in pending sales and days on market are good indicators for the Austin market.”

February 2010 Statistics

  • $279,778,460 – Total dollar volume of single-family properties sold, a 5 percent increase from February 2009.
  • $189,500 – Median price for single-family homes, unchanged from February 2009.
  • 1,145 – Single-family homes sold, a four percent increase from February 2009.

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.

 

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