Wednesday, January 5, 2011

Austin December 2010 Preliminary Real Estate Stats

From this weeks Alamo Title weekly market update (http://www.alamotitle-austin.com/mls_statistics.php), I see great news for the Austin residential real estate market that is really should be no surprise.  After seeing 10 year lows in residential sales from July through November, December shows a 10% increase in closings when compared to 2009 for the same month.  The income tax home buyer credit that expired last May had pulled many sales in.   Still, sales were ahead for the year by 10% around the August timeframe when compared to the same period for cumulative number of closings in 2009.  But after 5 months of depressed sales in the market, demand began to pile up, and threats of increasing mortgage rates helped people to make buying decisions during the holiday season.  Now with more good news coming down the news wire about an increase in hiring activity early in the year, I expect this first quarter for 2011 will compare well versus non-tax credit years.

ALAMO TITLE'S MARKET NEWS REPORT
JAN 4 2011

New Preliminary December 2010 Data:
Units for Sale: (compared to December 2009)
New listings are down 7.45%.
Pendings are up 1.75%.
Solds increased by 10.53%

As for Average Prices:
The "New Listings" average list price is down 8.78% to $253,934.  In December 2009 the average list price was $278,378. 
Sold average sales prices decreased 4.76% to $246,533.  For December 2009 it was $258,861.

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