Austin Real Estate Report
Austin area home sales volume surges in October
Austin Board of REALTORS® releases October 2009 real estate statistics
AUSTIN, Texas – Nov. 18, 2009 - According to the
Multiple Listing Service report by the Austin Board of REALTORS®, the
volume of home sales in the Austin real estate market surged in October
2009, potentially related to the tax credit for first-time homebuyers.
In October 2009, 1,823 homes were sold, a 38 percent increase from 1,322 in October 2008. The median price for Austin homes in October 2009 was $182,000, a five percent decrease from the same month the prior year.
In the early part of this year, Austin real estate sales volume was down significantly compared to 2008. However, that gap in sales volume began to close in July 2009 when the local market reached a volume similar to the same month in the year prior.
“Sales volume like this is similar to what we saw in 2005, which is an encouraging sign,” said Jay Gohil, chairman of the Austin Board of REALTORS®. “It’s possible some of this surge in volume was related to the original deadline for the first-time homebuyer tax credit, so it’s good for our market that the tax credit was both extended until April and expanded to include more current and prospective homeowners.”
Gohil continued, "As the deadline for the first-time homebuyer tax credit approaches on Nov. 30, we may continue to see increases in home sales into October and November." On Nov. 30, the tax credit for first-time homebuyers of up to $8,000 expires. To qualify, first-time homebuyers must close their real estate transaction by that date, a process that requires anywhere from 14 to 60 days or more. For more, visit www.AustinHomeSearch.com.
October 2009 Statistics:
- $434,975,092 - Total dollar volume of single-family homes sold, a 35 percent increase from one year ago.
- $182,000 - Median price for single-family homes, a five percent decrease from October 2008.
- 1,823 – Single-family homes sold, up 38 percent from the same time last year.
The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. For more, please contact Angela Brutsché at 512/454-7636, ext. 1300.