The Sunshine Report:Greater Austin Real Estate Market Update

Strong home sales in Austin have continued at a steady pace this year and just finally slowed ever so slightly as evidenced by June’s statistics. From our perspective, 2007 will continue strong throughout the summer months and into the fall. And despite the slight downtick for June in units sold, ABOR chairman, Charles Porter, said,

"Austin has experienced record-breaking growth in home sales for the past four years. This year, we may see a slight decline in year end residential sales. Overall, the Central Texas housing market has been resilient and continues to be one of the best investments money can buy."

We here at The Sunshine Report agree wholeheartedly.

Mortgage consultant Mark Dunkley, Milestone Mortgage, added:
"Even though mortgage interest rates have increased this year, strong job growth, historically low unemployment and 80,000-100,000 new people moving to Austin this year continue to add to the strong residential home market . Additionally, the ability to refinance ARM's in the appreciating Central Texas residential market has also helped reduce the number of foreclosures that other areas of the country are experiencing."

Current inventory numbers remain extremely low with approximately 80 days of homes on the market, thus translating into a strong seller’s market for much of the Austin area. "We continue to experience a robust sales climate," said Melissa Squyres, Keller Williams Northwest Market Center – Assistant Team Leader, "and all indicators point to a great second half of 2007."
Statistics According to the Austin Board of Realtors:

• January 2007—Single-family Homes


• 1,452 was the number of single-family homes sold
• $175,000 was the median price for single-family homes, up 5 percent from last January and a record for the month
• $352,426,536 was the total dollar volume of properties sold, a 1 percent increase from a year ago



• February 2007—Single-family Homes
  
  
  • 1,714 homes sold, a 1 percent increase from 2006
  • $176,000 was the median price, up 4 percent from last February
  • $400,330,410 was the total dollar volume of properties sold, a 5 percent increase from a year ago
  
  
• March 2007—Single-family Homes


• 2,343 was the number of single-family homes sold
• $177,080 was the median price for single-family homes, up 6 percent from last March
• $569,848,059 was the total dollar volume of properties sold, a 6 percent increase from a year ago


• April 2007—Single-family Homes


• 2,313 homes sold, up six percent from last April
• $185,000 was the median price, a six percent increase from 2006
• $578,846,754 was the total dollar volume of properties sold, a 14 percent increase from a year ago


• May 2007 – Single Family Homes
  
  
  
  • 2,679 was the number of homes sold in May, up two percent from one year ago and a May record
  • $183,160 was the median price for homes, up five percent from the previous year and a record for the month
  • $671,716,386 was the total dollar volume single family home sales contributed to the local economy, up eight percent from 2006


• June 2007-Single Family Homes
  
  
  
  • 2,800 homes sold, a 6 percent decrease from one year ago and the second highest home sales recorded for the month of June
  • $191,050 was the median price, a 7 percent increase from one year ago
  • $727,843,200 was the total dollar volume of properties sold, a one percent increase from 2006