October 2009 Market Report: Austin area home sales volume surges in October

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Austin Board of REALTORS® releases October 2009 real estate statistics

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According to the Multiple Listing Service report by the Austin Board of REALTORS®, the volume of home sales in the Austin-area real estate market surged in October 2009, potentially related to the tax credit for first-time homebuyers.

In October 2009, 1,823 homes were sold, a 38 percent increase from 1,322 in October 2008. The median price of Austin homes in October 2009 was $182,000, a five percent decrease from the same month the prior year.

In the early part of this year, home sales volume in Austin was down significantly compared to 2008. However, that gap in sales volume began to close in July 2009 when the local market reached a volume similar to the same month in the year prior.

“Sales volume like this is similar to what we saw in 2005, which is an encouraging sign,” said Jay Gohil, chairman of the Austin Board of REALTORS®. “It’s possible some of this surge in volume was related to the original deadline for the first-time homebuyer tax credit, so it’s good for our market that the tax credit was both extended until April and expanded to include more current and prospective homeowners.”

October 2009 Statistics

  • $434,975,092 - Total dollar volume of single-family homes sold, a 35 percent increase from one year ago.
  • $182,000 - Median price for single-family homes, a five percent decrease from October 2008.
  • 1,823 – Single-family homes sold, up 38 percent from the same time last year.

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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