Austin Real Estate News

Austin Real Estate Stats Dec. 2006 and Year-End

December’s Multiple Listing Service report from the Austin Board of Realtors shows single-family home sales were higher than during the same period in 2005, capping another record year for the area housing market.

Single-family home sales for the month were up 3 percent from last year, totaling almost 2,000, with the year-end total sold at almost 27,000, a 10 percent increase from 2005.

The December single-family median price rose 4 percent to $177,500, and the year-end median price rose 6 percent to $174,500.

Average days-on-market was 63 days, the lowest time span in four years. The number of active listings declined by 4 percent to just over 7,800, marking the lowest number since 2001.

Circle C Stats for Nov. & Dec. 2006

20 properties sold in the various Circle C Communities for November 2006. They ranged in size from 2145 sq ft to 3754 sq ft. The average home was on the market for 25 days prior to selling, recieving 98% of their list price. The average price per sq ft was $113.63.

For December, we saw another 20 properties in Circle C sell ranging in size from 1640 sq ft to 4410 sq ft. The average home was on the market for 63 days prior to selling and recieved 97% of their asking price. The average price per sq ft was $119.65 per sq ft.

Currently there are 29 properties for sale in Circe C ranging from $225,000 to $569,000. These stats don't include the Meridian Communities located on the east-side of I-45 near FM 1826. There are 12 spec homes currently for sale in Meridian ranging in price from $255,308 to $583,790. The Meridian 55's are offering a lot of value with their standard homes including silestone or granite counters, ceramic tile, and custom paint.

Austin #2 for Population Growth in 2007?

autin1 The Austin Business Journal reported that Austin Area employers are expected to create 25,000 new jobs this year and that these new positions will be filled by a lot of out of staters putting increasing demand on an already tight local rental market.

Vacancy in the Austin apartment market was at 7.1 percent in 2006 and is expected to decline even further in the coming year as new construction continues to fall short of increasing demand (according to Marcus & Millichap Real Estate Investment Brokerage Co.'s 2007 National Apartment Report.)

Listing rents in are forecasted to rise 3.2 percent to $817 a month as effective rents jump 5.3 percent to $756 a month.

On the construction side, developers are estimated to bring roughly 2,800 new units to market in 2007, about the same as 2006. Investors are likely to continue to look for Central Austin properties as the city continues its efforts to get more people living in and around downtown.