March 2005 Market Report: March Report Shows Continued Rise in Home Sales

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April 26, 2005 - According to the most recent Austin Board of REALTORS® Multiple Listings Service (MLS) Report, Austin-area home sales in March 2005 surpassed those of the previous year. In a 38 percent increase from the year before, 2,104 single family homes were sold for an average price of $205,954. At $155,000, the median price showed no change from March 2004.

Multifamily home sales shot up to 125, an 84 percent increase from the year before. Farms and ranches showed a 50 percent increase in sales, bringing the total to 57. Townhouse and condominium sales also rose from the previous year to 167, representing a 34 percent increase.

While the number of homes sold increased, the number of active listings fell. The 8,605 single family homes on the market this year represent an 11 percent dip from the same time last year.

The amount of time homes spent on the market rose slightly since one year ago. Single family homes spent an average of 83 days on the market (DOM), up 15 percent from the year before. Townhouses spent 99 DOM, only 5 percent more than last year. Multifamily listings sat for 63 DOM, an even smaller 3 percent bump. Farms and ranches saw the most significant increase. Their average 143 DOM reflects a 59 percent increase.

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 6,000 licensed REALTORS® in Central Texas. For further information, contact Angela Tovar at 512/454-7636 ext. 1300.

 

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