November 2005 Market Report: Austin Real Estate Market Contributes Over $500 Million to Economy During Holiday Season

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December 19, 2005 - The Austin-area real estate market generated $512,658,555 in total revenue last month, adding fuel to the holiday economy. Reaching new heights with some of the largest November growth percentages ever, the market saw single family home sales generate $420,078,670 in revenue, a record-setting 44 percent increase from November 2004, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®.

Single family home sales for November totaled 1,870, representing a 24 percent increase from last year. The median price of these homes was $170,000, up 15 percent from 2004, and at an average of 68 days, these homes sat on the market for 13 percent less time. The 7,173 active listings represented a 14 percent decrease from last year.

Other property types also showed growth last month. Multifamily home sales were up 61 percent, totaling 127. These sales generated $25,802,209 in revenue, an increase of 95 percent over the previous year. Townhouse/condominium sales rose 53 percent to 178, boasting an 82 percent increase in dollar volume with $31,911,484 in revenue.

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 7,500 licensed REALTORS® in Central Texas. For further information, please contact Angela Brutsché at 512/454-7636 ext. 1300.

 

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