January 2006 Market Report: Real Estate Market Strong in January

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The Austin real estate market remained productive last month according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. In fact, residential properties outsold the previous year.

Single family home sales totaled 1,556, a 16 percent increase from 2005. Their aggregate contribution of $355,082,312 to the local economy represents a 34 percent bump from the previous year. At $165,750, the median price at which these properties sold increased 12 percent over January 2005.

While the vast majority of sales increased, the number of new and active single-family listings on the market decreased. At 3,165, the number of new listings dropped seven percent from 2005, while active listings fell 11 percent to 7,143. These properties sat for one percent less time than they did one year ago, averaging 78 days on the market.

Single family units were not the only property type to experience a sales boom. Townhouse/condominium sales were up 35 percent in January, totaling 127. These sales added $23,821,390 to the local economy, an increase of 52 percent.

 

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