December 2006 Market Report: Austin Home Sales Show Steady Growth

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According to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS® (ABoR), single-family home sales in December were higher than during the same period in 2005, capping another record year for the Austin-area housing market.

"Once again, Austin's competitive cost and quality of living have helped deliver a record-setting year for the local housing market," said ABoR Chairman Charles Porter. "As the national housing market continues to slow, we look forward to holding steady in 2007."

December 2006's single family home sales were up 3 percent from last year, totaling 1,996. These sales brought the year-end total of homes sold to 26,958, a 10 percent increase from 2005. The December median price of single-family properties rose 4 percent to $177,500. In addition, the 2006 year-end median price rose 6 percent to $174,500.

Altogether, single-family property sales contributed $6,355,015,356 to the local economy in 2006, a 20 percent increase over the previous year. These properties sat on the market for an average of 63 days, the lowest time span in four years. With homes selling so quickly, the number of active listings also declined by 4 percent to 7,830, marking the lowest number since 2001.

Certain parts of the Austin metropolitan proved to be especially popular with buyers in 2006. Houses in Areas N and SW, which respectively border Hays and Williamson counties, sold particularly quickly. Homes in Area N decreased their average time on the market by 20 days, while the amount of time homes in area SW sat on the market dropped by 21 days.

Hays County also posted notable gains, with Area HH's record 1,125 home sales besting the previous year by 236. Homes in area HH sat on the market for an average of 69 days in 2006, which is a decrease of 8 days from 2005.

December 2006 Single Family Homes

  • 1,996 was the number of single family homes sold, an increase of 3 percent and a record for the month
  • $177,500 was the median price for single family homes, up 4 percent from last December and a record for the month
  • $475,227,640 was the total dollar volume of properties sold, a 9 percent increase from one year ago and a record for the month

2006 (Year-End Totals)-Single Family Homes

  • 26,958 homes sold, a 10 percent increase from 2005 and a record
  • $174,500 was the median price, an increase of 6 percent and a record
  • $6,355,015,356 was the total dollar volume of properties sold, an increase of 20 percent and a record
 

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