November 2009 Market Report: Austin area home sales continue to rise

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Austin Board of REALTORS® releases November 2009 real estate statistics

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According to the Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin-area home sales continues to surge, increasing 58 percent in November 2009 compared to November 2008.

“This is the largest increase in year-over-year homes sales the Austin market has seen in more than ten years,” explained Jay Gohil, chairman of the Austin Board of REALTORS®.

In November 2009, there were a total of 1,576 home sales, contributing $377,603,296 to the local economy. The median home price for Austin in November 2009 was $179,000, a two percent decrease from the same month the prior year.

“The combination of steady home prices with increasing demand is very encouraging for the Central Texas real estate market,” said Gohil.

In the face of increasing sales volume, the Austin real estate market is seeing a decrease in home inventory.  The Real Estate Center at Texas A&M University cites 6.5 months of inventory as a balanced market, meaning demand for homes is evenly balanced with inventory of homes for sale.  At approximately 5.4 months of inventory for November 2009, demand for homes in the Austin real estate market is slightly outpacing inventory.

November 2009 Statistics

  • $377,603,296 – Total dollar volume of single-family properties sold, a 62 percent increase from November 2008.
  • $179,000 – Median price for single-family homes, a two percent decrease from November 2008.
  • 1,576 – Single-family homes sold, a 58 percent increase from November 2008.

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas.  For more, please contact Angela Brutsché at 512/454-7636.

 

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