AUSTIN PRICES RISING. As predicted, homes sales are on the rise and market time has decreased. The home prices in Greater Austin are on the rise, according to the local Austin Board of REALTORS®. In 2005, the median home price was $148,000 in January. This January, the median is $165,750. The average home price rose from 198,804 in January 2005 to $228,202 January 2006.
The board also provides reports that rank "hotness" by area. The hotness ranking of an area is "the number of pending sales as a percentage of the active listings". The top 10 MLS areas ranked as follows: Area 3, 2, 10, SW, 6, 7, 1N, 1A, N, NW. Days on market were all under 45, with most under 30.
As previously reported by local analysts, resale home values will continue appreciate in 2006 and 2007. From an agent point of view, home sellers are seeing more multiple offer situations, which is only a preview to what the summer selling market will be like.
See http://www.TexasRealtyBlog.com for updated news and each week.
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