Industry News

Austin real estate sales smash record

Market sees impressive gains for third month

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Single-family home sales in the Austin, Texas, area continued their double-digit annual growth in March and set a record for the month, according to the latest Multiple Listing Service report from the Austin Board of Realtors. Single-family home sales totaled 2,373 last month, up 18 percent from a year ago when approximately 2,010 homes were sold. Selling at a median price of $166,500, homes last month experienced a 7 percent increase from approximately $155,500 reported in March 2005. However, March's figure is down from February's $169,900 median sales price. The 3,689 new listings entered into the database last month represent a 2 percent annual increase, while the 7,811 active listings reflect a drop of 9 percent. At an average of 68 days on the market, single-family listings sat for 18 percent less time than they did last year. Other property types experienced sales increases in March, with townhouse/condominium sales jumping 80 percent to 292. Likewise, farm/ranch sa...