May 2006 Market Report: May Home Sales Post Record

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According to the May Multiple Listing Service (MLS) report from the Austin Board of REALTORS®, homes sales posted record numbers for the month. Representing a 15 percent increase from the previous year, the 2,620 single-family properties sold collected $619,383,720 in aggregate revenue, 24 percent more than they did in May 2005.

"Once again, the MLS report confirms what anyone who's walked along Austin's increasingly crowded streets has already figured out: people love this city, and they want to live here," said Austin Board of REALTORS® Chairman John Rosshirt. "As sales continue rising, properties are sitting on the market for shorter amounts of time. The consumer appetite for local housing is very encouraging."

Selling on average at 98 percent of their asking price, single-family homes earned a record-high median price of $174,000, an 8 percent increase from 2005. While 3,812 new listings entered the market in May (up 11 percent), the total number of active listings fell 2 percent to 8,172. Overall these properties sat on the market for 58 days, a 12 percent decrease.

Complementing the bountiful home sales were the 1,147 leases signed during the month, a 44 percent jump from 2005. These properties collected $1,341,990 in rent, an increase of 52 percent.

Other property types reported prosperous sales, as well. The 337 sold townhouses/condominiums, whose median price rose 2 percent to $145,500, outmatched the previous year's sales by 54 percent. At 70 days on the market, townhouses/condominiums sold 27 percent more quickly than they did in May 2005.

May 2006 Single Family Homes

  • 2,620 homes sold, a 15 percent increase from 1 year ago
  • $174,000 was the median price, an 8 percent increase that represents an all-time record
  • $619,383,720 was the total dollar volume of properties sold, an increased of 24 percent
 

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