March 2007 Market Report: March Property Sales Reflect Healthy Market

According to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®, the local market continued to improve in March while the rest of the nation experienced downfalls.

Reflecting a healthy 6 percent increase in total monthly revenue from 2006, single-family home sales generated $569,848,059 for the local economy, selling a total of 2,343 homes. The median price for single-family homes was $177,080, increasing last year's price by 6 percent. Moreover, March homes spent an average of 65 days on the market, a 4 percent decrease from one year ago.

Townhouse and condominium sales remained a profitable real estate area, collecting $59,654,724 for the Austin economy, a 19% increase from 2006. The median price also rose 14% from one year ago to $170,000.

March 2007-Single-family Homes

• 2,343 was the number of single-family homes sold
• $177,080 was the median price for single-family homes, up 6 percent from last March
• $569,848,059 was the total dollar volume of properties sold, a 6 percent increase from a year ago