September 2006 Market Report: Austin Home Sales Show Strong Close in Third Quarter

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The latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS® indicates that September was another prosperous month for the Austin real estate market, with records posted for single-family home sales and aggregate monthly revenue.

The 2,341 single-family homes that were sold in September represent a 3 percent increase from the previous year and a record for the month. Totaling $167,000, the median price of these properties also increased by 3 percent. Altogether, single-family home sales contributed a record $533,626,268 to the local economy, which is 9 percent more than they did in September 2005.

The 8,203 active single-family listings in the MLS represent a 5 percent increase from 2005. At an average of 58 days, the amount of time these listings sat on the market decreased by 15 percent. Incidentally, that is the shortest amount of time single-family listings have waited to sell since September 2001, when the average was 46 days.

"If you want proof that Austin is a real estate hot zone, all you have to do is look out your window," said ABoR Chairman John Rosshirt. "The construction cranes that have become fixtures around the skyline underscore the city's desirability. In North Austin, for example, the area around the Arboretum is the target of serious commercial development, and the home sales data complements that fact."

The 1N section of Austin, which encompasses ABoR's northwest Austin neighborhood, posted particularly noteworthy numbers in September. The area's single-family home sales increased 47 percent to 69 and earned a median price of $240,000, an 18 percent increase from last year. Averaging 38 days on the market, these properties sat for 40 percent less time than they did in September 2005.

September 2006 Single Family Homes

  • 2,341 homes sold, a 3 percent increase from 1 year ago and a September record
  • $167,000 was the median price, a 3 percent increase from 1 year ago and a September record
  • $533,626,268 was the total dollar volume of properties sold, a 9 percent increase and a September record
 

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