Austin Home Sales Up 15% in March
While gloom remains the overall theme of real estate markets in some other parts of the country, bloom and boom seem to be the words that best describe the market in Central Texas. In the capital city of Austin, for example, the latest available statistics show that during the month of March 2012, sales of single-family residences were up some 15% from a year previously. This surge occurred despite the fact that median selling prices were also up from March 2011 as a result of the changing supply and demand ratios inherent in the market. In other words, the steady improvement in the Austin Real Estate Market is being driven by people who want to pay to move to, or move up there, rather than by bargain hunters.
Austin Real Estate Statistics
Austin, Texas is the fourth largest city in the state and fourteenth most populated in the nation. For the month of March 2012, it posted sales of 1,852 single-family homes, which represents the yearly percentage increase mentioned above. The aggregate dollar volume of these sales was $480,471,768 (or nearly half a billion dollars), up 22% for the reporting period. At the same time, the median price of those homes rose 8% from the previous twelve months, reaching $200,000. Concurrently, active Austin Real Estate Market listings of this type were down 21%.
During the reporting period, sales of condominiums and townhouses in the ‘Live Music Capital of the World’ increased by a whopping 37%, despite a 15% increase – in one year – of the median listing price for those units. Median priced leases increased by 9% to $1250.
According to Leonard Guerrero, Chairman of the Austin Board of REALTORS(R), this marks the tenth month in a row that the bullish real estate trend in the ‘City of the Violet Crown’ has revealed itself in data supplied by Multiple Listing Service (MLS) local reports. The standing inventory of listed single-family housing continues to shrink, down 21% to 7,274, with new listings dropping by 4%.*
The Austin area real estate boom may be due to the presence of its largest company, Dell, Inc. (Dell is the world’s third largest maker of personal computers.) The Internal Revenue Service has also maintained offices in Austin for many years, and the city’s live music venues draw visitors from around the world. Other people migrate to Austin for its warm climate and abundance of trees and lakes, and still others relocate here simply because the city has a growing economy and is a pleasant place to live. Whatever the reason for growth in the housing market here, the trend seems to be a solid one. This article should by no means be construed as offering advice of any sort; however, the raw statistics alone tend to indicate that people considering a home purchase in Austin might be wise to act sooner, rather than later.
*All statistics courtesy of the Mutual Listing Service (MLS) and the Austin Board of REALTORS(R).
Image(s): FreeDigitalPhotos.net
If you liked ‘Austin Home Sales Up 15% in March’, then you may also enjoy other articles about the Central Texas real estate market written by Shenoah Grove at http://HippieHollowHomes.com
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