Austin Market Statistics

According to the Multiple Listing Service (MLS) report by the Austin Board of REALTORS®, the volume of Austin area home sales in April 2010 was 2,043, up 31 percent from the same month in 2009. In the same period, pending sales increased 47 percent to 2,813. The median price of real estate in the Austin area remained unchanged in the same time period at $190,700.

“The considerable increase in sales and pending sales indicates increased activity among buyers trying to beat the April 30 tax credit deadline,” said John Horton, Chairman of the Austin Board of REALTORS®. “Although the tax credit has expired, we are entering a growing economic, real estate and seasonal cycle which we hope will continue to provide momentum to carry our market upward.”

Sales of condos and townhouses remained strong in April 2010, increasing 63 percent to 213 sales as compared to April 2009. Also during the same period, pending sales for condos and townhouses increased 70 percent to 338.

Mr. Horton continued, “The significant increase seen in the condo and townhouse market can most likely be attributed to the first-time homebuyer tax credit. The median price for condos and townhouses is approximately $30,000 less than the median price for a single-family home; and therefore, these properties can be a more affordable alternative for first-time buyers.”

In April 2010, the days on the market for single-family homes decreased 13 percent to 69 days as compared to April 2009. Additionally, the month’s supply of inventory in April was approximately 6.5 months, which represents a balanced market.

Horton concluded, “People buy homes because they want to be homeowners. The tax credits have made it more attractive for some buyers to purchase now, but there are a lot of buyers who have been waiting to purchase until they were confident in the economy. Now that we are seeing recovery in the economy and real estate market, in combination with historically low interest rates, those potential buyers who have been on the fence are now taking the leap and entering the housing market.”

April 2010 Statistics

• $485,772,282 – Total dollar volume of single-family properties sold, a 33 percent increase from April 2009.


• $190,700 – Median price for single-family homes, unchanged from April 2009.


• 2,043 – Single-family homes sold, a 31 percent increase from April 2009.


• 10,749 – Active single-family home listings on the market, a nine percent increase from April 2009.


• 2,813 – Pending sales for single-family homes, up 47 percent from April 2009.

Kiplinger names "10 Best Cities For The Next Decade"...Austin, TX #1

Farmers' Markets booming in central Texas

Find Affordable Housing

Texas Home Programs provides a summary of housing-related programs for homebuyers in the state of Texas. A number of programs provide homebuying assistance to individuals based on income.

http://www.txhomeprograms.org/

Austin real estate sales volume surges, prices remain stable

According to the Multiple Listing Service (MLS) report by the Austin Board of REALTORS®, the volume of Austin area home sales in March 2010 was 1,784, up 27 percent from the same month in 2009. The median price of real estate in the Austin area remained unchanged in the same time period at $180,000.

“Though we’ve seen increases in year-over-year sales volume consistently in recent months, it’s likely this substantial increase in volume is related to the impending expiration of the homebuyer tax credits on April 30,” said John Horton, Chairman of the Austin Board of REALTORS®. “What’s most encouraging, however, is that in the midst of this increase in sales volume, our real estate values have remained steady, which bodes well for the long-term value of real estate in Austin.”

Sales of condos and townhouses were particularly strong in March 2010, increasing by 129 percent to 215 sales as compared to March 2009. This follows sustained increases in demand for this property type since September 2009 and a year-to-date increase of 86 percent.

RISK OF MAJOR HOME PRICE DECLINE LOW IN TEXAS

A new study from the Real Estate Center at Texas A&M University explains why Texas’ housing market fared far better than other states during the current downturn. It also suggests why the state’s economy is expected to continue to do better than the rest of the nation in the coming months.

“Texas’ lower-than-national-average housing cost is one reason for the state’s higher-than-national-average growth rate,” said Dr. Ali Anari, a Center research economist and one of the study’s authors. “When Texans are able to spend more on nonhousing goods and services, the state’s economy is strengthened and more people attracted.

“These results illustrate one of the key reasons the Texas economy outperforms the United States in terms of job growth almost every year,” said Center Chief Economist Dr. Mark Dotzour. “The fact that Texans pay less of their income for housing means they have more to spend on other things that add to the overall quality of life. Texas offers a lower cost of living than many places in the United States.

“This allows Texas employers to be able to attract workers at a reasonable wage rate that allows them to compete successfully in the global economy,” said Dotzour.

Since 1987, the average annual expenditure for shelter per consumer increased in every major American metropolitan market.

Texas data for the study came from the Dallas-Fort Worth and Houston-Galveston-Brazoria metro areas because they are among the major metropolitan areas for which consumer expenditure data are available. These two metros accounted for 60.3 percent of Texas labor force last year and 64 percent of Texas GDP the previous year.

“Houston and Dallas consumers spent the smallest shares of their incomes on shelter in 2008 (18.6 percent),” said Anari.

The two Texas metros in the study had virtually no increase in their shelter expenditure shares from 1987 to 2008. Houston’s share rose 1 percent while Dallas’ share increased 2.2 percent.

CA investor buys $43M in Austin real estate - Austin Business Journal:

CA investor buys $43M in Austin real estate - Austin Business Journal: