July 2005 Market Report: Big Boost for Real Estate Market in July

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August 17, 2005 - The Austin-area real estate market experienced a noteworthy surge in July, according to the latest Multiple Listing Service report from the Austin Board of REALTORS®. Across the board, sales and revenue were up over one year prior.

Single family home sales grew by 17 percent to 2,560. The dollar volume generated by these sales rose 28 percent over last year, totaling $579,929,600. The average price at which single family homes sold was $226,535, a nine percent bump from 2004, and the median price was $169,740, an increase of five percent.

The number of new single family listings decreased 14 percent to 3,457. Active listings similarly fell by 12 percent to 8,871. At an average of 62 days, these homes sat on the market for seven percent less time than they did last year.

The July report revealed several other interesting movements in the market. Townhouse/condominium sales jumped 43 percent above last year, finishing at 277. Farm/ranch properties enjoyed a booming 53 percent increase in sales, selling for an average price of $306,643 and a median price of $185,000. The last two totals represent increases of 43 and 16 percent, respectively.

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 6,500 licensed REALTORS® in Central Texas. For further information, contact Angela Tovar Brutsché at 512/454-7636 ext. 1300.

 

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