March 2011 Market Report: Homes sales volume down year-to-year in March, prices continue to hold value

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Austin Board of REALTORS® Releases March 2011 Real Estate Statistics

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According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, the volume of single-family home sales decreased year-over-year, while the price of Austin area real estate remained stable in March 2011.

Specifically, 1,597 homes were sold in the Austin area last month, 10 percent fewer than March 2010, and the median price was $185,260, two percent more than the same month last year.

“Though some aspects of the real estate market have fluctuated in the last few years, one thing has remained steady for Austin and that’s price appreciation,” said Judith Bundschuh, Chairman of the Austin Board of REALTORS®.

Since June 2010, the median price for Austin area homes has been the same or greater each month when compared to the same month of the prior year. With only one exception—in May 2010, when the median price was two percent less than the prior year—that has been the case for the past 16 months in Austin.

Chairman Bundschuh continued, “This degree of price stability, despite fluctuations in sales volume, indicates long-term strength in Austin’s real estate market.”

At the same time, the time required to sell a home in Austin continues to increase compared to last year. In March 2011, homes spent an average of 96 days on the market, 32 percent longer than March 2010. Since October 2010, homes have spent an average of 90 or more days on the market.

Additionally in March 2011, new listings were down 17 percent, active listings were down 11 percent and pending sales were down 17 percent compared to March 2010.

Chairman Bundschuh explained, “Like all of 2011 thus far, we must recognize that month-to-month comparisons are still being influenced by the impact of last year’s homebuyer tax credits. Thus, fluctuations in sales volume and listings compared to last year are to be expected.”

Additionally, leasing activity in the Austin area continued to increase in March with 1,174 properties leased, nine percent more than March 2010, and a median lease price of $1,200, four percent more than March 2010.

March 2011 Statistics

  • $396,389,773—  Total dollar volume of single-family properties sold, five percent less than March 2010.
  • $185,260—  Median price for single-family homes, two percent more than March 2010.
  • 1,597—  Single-family homes sold, 10 percent less than March 2010.
  • 96—  Days on market, 32 percent longer than March 2010.
  • 3,480—  New single-family home listings on the market, 17 percent less than March 2010.
  • 9,156—  Active single-family home listings on the market, 11 percent less than March 2010.
  • 2,012—  Pending sales for single-family homes, 17 percent less than March 2010.

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,500 licensed REALTORS® in Central Texas. Visit www.austinhomesearch.com, a public resource on Austin real estate, for the latest news on the local housing market. For more information, please contact Angela Brutsché at 512-454-7636.

 

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