Austin Real Estate Gaining Momentum Heading into Spring Buying Season

RISMEDIA, April 21, 2009-According to the March 2009 Multiple Listing Service report by the Austin Board of Realtors®, the volume of single-family home sales in March 2009 was 1,421, down 22% from March 2008, and the median price was $180,160, down 4% over the same time period.

Jay Gohil, Chairman of the Austin Board of Realtors®, provided some insight, “Sales volumes in March are still down compared to a year ago, but we’re beginning to see the gap in volume close.”

For example, in January 2009, sales volume was down 36% compared to January 2008. In February 2009, sales volume was down 28% compared to February 2008, and in March 2009, the 22% decrease in volume compared to March 2008 shows the Austin real estate market is gaining momentum.

Chairman Gohil continued, “Looking at the first quarter of 2009, we’re seeing sales volumes improve and home values remain steady – that’s good news for Austin homeowners. Those factors, combined with Austin’s strong economic fundamentals, bode well for our market heading toward the summer buying season.”

One of the most important economic fundamentals driving the real estate market is job growth, for which Austin was fortunate in 2008. Looking ahead, a recent study based on data from the U.S. Bureau of Labor Statistics cited Austin among the top 10 metropolitan areas in the country with the highest potential for job growth in 2009.

March 2009 Statistics:
$328,098,953 – Total dollar volume of single-family properties sold.
$180,160 – Median price for single-family homes, a four percent decrease from March 2008.
9,704 – Active single-family home listings on the market, a one percent increase from March 2008.
1,421 – Single-family homes sold, a 22% decrease compared to March 2008.