March 2006 Market Report: Hot Housing Market in March

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The Austin-area housing market was hot in March, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. Last month, the March home-sales and aggregate revenue records were broken.

Single-family home sales, totaling 2,373, increased by 18 percent from the previous year. Selling at a median price of $166,500 - a seven percent bump - these properties collectively contributed $546,653,772 to the local economy, 33 percent more than they did one year ago. The 3,689 new listings entered into the database last month represent a two percent increase, while the 7,811 active listings reflect a drop of nine percent. At an average of 68 days on the market, single-family listings sat for 18 percent less time than they did last year.

Other property types experienced sales increases in March. Townhouse/condominium sales jumped 80 percent to 292. Likewise, farm/ranch sales increased 41 percent to 82. The median price of both classifications rose by 6 percent - townhouses/condominiums to $147,580 and farms/ranches to $189,450.

 

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