According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, 1,973 single-family homes were sold in the Austin-area in July 2011, a 32 percent increase from July 2010. During the same time period, the median price for Austin-area homes was $196,750, resulting in an 11 percent decrease when compared to July 2010.
Judith Bundschuh, Chairman of the Austin Board of REALTORS®, commented, “We can now compare month-to-month sales activity to a market that is not influenced by last year’s homebuyer tax credits.”
Chairman Bundschuh continued, “The median price for Austin-area homes decreased in July, reflecting a shift in demand from higher to lower-priced homes. The increase in sales compared to the drop in price shows that Austinites are hunting for bargains.”
Austin-area homes spent an average of 77 days on the market, four days longer than July 2010. The Austin market also featured 13 percent fewer new listings in July 2011, which was 20 percent fewer active listings and 28 percent more pending sales than in July 2010.
“The combination of decreasing listings and increasing sales means the inventory of Austin-area homes is beginning to shrink,” said Bundschuh. “Recent sales activity continues to follow an upward trend, indicating that Austin could be returning to a pre-recession cycle.”
The volume of townhouses and condominiums (condos) purchased in the Austin-area in July 2011 was 205, which represents a 45 percent rise over July 2011. In the same time period, the median price for condos was $164,250, three percent higher than July 2010, and townhouses spent an average of 82 days on the market, eight days less than July 2010.