Central Texas home sales in October 2007

In this recent press release from the Austin Board of Realtors, we can see that despite slower year-to-date sales for October, the Austin market is in great shape. Median sales prices are up by 3% compared to 2006, the unemployement rate and job growth are excellent and people continue to move here in record numbers.

It is quite normal for real estate markets to fluctuate and a reduced number of sales after a couple of record breaking years (2005-2006) is not necessarily a bad thing. I say that because it keeps our housing market affordable, out property taxes from increasing out of control and our city desirable for companies and their employees - all good things for a continued healthy economy.

Danny Gallant, Realtor
The Gallant Group Keller Williams Realty
http://www.gallant-group.com/
danny_gallant@kw.com

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Press Releases: 2007

Central Texas Home Sales Sluggish in October
November 20, 2007 - Single family home sales saw a decline in October, according to the latest Multiple Listing Service (MLS) report from the Austin Board of REALTORS®. Year-to-date home sales for October mark a six percent decrease from one year ago.

October’s 1,772 home sales represent a 15 percent decline from 2006. The total dollar volume from these sales was $430,254,004, down 11 percent from last October.

At $180,000, the median price for single family homes marked a three percent increase from October 2006. Homes remained on the market for an average of 69 days in October, up three percent from one year ago. Pending sales decreased 19 percent from last October to 1,953, while active listings rose 19 percent from one year ago to 9,431.

“The Austin area saw record-breaking sales in 2005 and 2006. When compared to figures from 2004, 2007 continues to see healthy sales,” says ABoR Chairman Charles Porter. “With local job and population increases, the Austin Board of REALTORS® predicts substantial growth in Central Texas for the next 20 to 30 years.”

Single family home sales in October 2004 totaled 1,653. That month, there were 9,255 active listings and 1,076 pending sales.

October 2007 – Single Family Homes :

1,772 was the number of homes sold, a 15 percent decrease from one year ago
21,870 was the number of year-to-date home sales, down 6 percent from last October
$180,000 was the median price, a 3 percent increase from one year ago
$430,254,004 was the total dollar volume of properties sold, an 11 percent decrease from 2006

The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 9,500 licensed REALTORS® in Central Texas. For further information, please contact Angela Brutsché at 512/454-7636 ext. 1300.