While housing markets around the country took a significant hit as the country struggled through economic troubles, the Austin real estate market has fared much better. Although the Austin housing market did take a dip in sales and in housing prices, the fall has not been as drastic as with most markets throughout the country. In addition, just as economic experts predicted, the Austin housing market has started to rebound before other housing markets around the country.
According to the Austin Board of Realtors, multiple listing service data indicated that home sales increased while also spending less time on the market during the month of February. In fact, a total of 1,145 homes sold within the Austin market, representing a 4% increase when compared to February of last year. These figures also represent a significant increase when compared to January, at which time 884 hoes were sold.
Although the median sale price of homes remained unchanged at $189,500, it looks as if the modest job growth and the relatively lower unemployment rate enjoyed by Austin's residents is helping the housing market slowly turn around.
"It appears we're beginning to see an impact from this steady improvement, particularly in increases in pending sales and new listings, as well as a decrease in the length of time homes are staying on the market, all of which are indicators of future demand," said John Horton, who is the Chairman of the Austin Board of Realtors, in an Austin Business Journals article.
The amount of time homes are spending on the market has also gone down. When compared to February of last year, the number of days the homes stayed on the market fell by 13% to just 77 days. This is quite a significant difference when considering that the average number of days on the market changed by only 5% when comparing fall 2009 figures to those from the previous year.
Pending sales have also increased significantly within the Austin market. In February, pending sales increased by 24% to 1,738. New listings also enjoyed an increase in February, growing by 16% to 3,067. Active listings, on the other hand, remained unchanged at 9,335.
While Austin still has some work to do before it can declare a full recovery from our country's recent economic troubles, all signs are pointing in the right direction. Of course, for those who are interested in purchasing a home in Austin, they better not wait too much longer because an increase in selling prices is sure to be right around the corner.