October 2006 Market Report: Single-family Home Sales Post Record in October

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The latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS® indicates the local real estate market continues to be productive, with single-family home sales posting an October record.

Single family homes sales increased 8 percent from the previous year to 2,073, a record for the month. At $175,000, the median price for these homes increased 9 percent. Sales from single family homes contributed $479,167,731 to the economy, up 19 percent from the previous year.

The 7,947 active listings represent an increase of 4 percent from last October; the number of new listings increased 12 percent to 3,074. October homes spent an average of 66 days on the market, down one percent from one year ago and a record low for October.

"These numbers indicate that the Austin real estate market will remain strong for the foreseeable future," said ABoR chairman John Rosshirt. "The local ABoR figures coincide with the 2006 third quater Metrostudy report that points to job growth and new developments downtown as indications of the Austin housing market's sustained productivity."

Single family homes were not the only properties to experience gains this month. Multifamily home sales increased by 36 percent to 133 and contributed $26,112,156 to the local economy, which is 41 percent more than they did one year ago. Sales of townhouses and condominiums increased by 25 percent to 266. These sales collected $51,085,300 in aggregate revenue, up 50 percent from October 2005.

October 2006 Single Family Homes

  • 2,073 was the number of single family homes sold in October, up 8 percent from one year ago and an October record
  • $175,000 was the median price for single family homes, an increase of 9 percent from October 2005 and a record for the month
  • $479,167,731 was the total dollar volume of properties sold, up 19 percent from one year ago
 

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