Austin Home Sales in April...
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.
Obviously this is in large part due to buyers trying to beat the April 30 tax credit deadline. If the tax credit had to end, I feel that April 30th was a perfect time, becuae the momentum rom the tax credit and the seasonal increase in home sales in Spring should help Austin real estate continue its improvement.
Another terrific sign is that sales of condos and townhouses in Austin remained strong in April 2010, increasing 63 percent to 213 sales as compared to April 2009. Once again, the tax credit is what helped propel this increase on condo sales. Since the median price for condos and townhouses is approximately $30,000 less than the median price for a single-family home, condos and townhomes can be a more affordable alternative for first-time buyers.
In April 2010, Austin homes sold faster, as 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. (Economists use 6.5 months as their "Normal market indicator... anything below that moves toward a sellers' market and anything above moves toward a buyers' market.)
April 2010 Statistics in summary:
- $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.
We are watching the Austin market closely for post-tax credit trends. We have already seen internet traffic slip to similar levels as before the tax credit... not necessarily a bad thing, as sales were steady in 2008 and 2009. Its too soon to tell, but we will keep a close watch!
