condo sales March 2010 up 135%

The numbers are in and sales in Austin condos are booming! Sales in March 2010 were up 135% over March 2009. Since these sales are only the ones reported in the Austin MLS, sales in reality were higher. Builder/developer sales are not typically reported to the MLS.

Sales overall in the Austin market were up 27% which represents a very large gain as well.

Some of the sales can be attributed to the expiration of the federal tax credit, which ends at the end of April 2010. Homes under contract by April 30 have until June 30th to close and still be eligible for the federal tax credit.

There are various definitions of what makes up a “balanced” market in real estate. These definitions hinge on one important piece of information, absorbtion rate of homes for sale. In other words, how long will it take to sell every available home at the current rate of sales. This number is represented as “months of inventory”.

The definition for a balanced market varies from area to area, but is generally thought of as a 6 – 6.5 month supply of homes according to this paper by the Texas A & M Real Estate Center.

So where does Austin rank? Glad you asked! Here is the graph

Austin Real Estate Market Report

So, keep this in mind. This chart is one I pulled for the entire Austin MLS area. These numbers will vary by large amounts for different parts of the city (and from Round Rock to Cedar Park, etc.) Also keep in mind that this chart will vary to a large degree by different price points. In other words, there is a large difference in homes that cost $100,000 versus homes that are above $1,000,000. You can always use our Austin home search tool to help you find out what is available in your neighborhood, of give us a call. We’re glad to help!

The latest stats from the Austin Board of Realtors states that pending home sales were up 46% in March 2010 compared to March 2009. That is an amazing stat! 
As always, if you’d like additional information on what is going on specifically in YOUR neighborhood, please contact us and we would love to help you out.

Don’t believe the hype you read about how the real estate market is hurting.  Things are blowing and going strong in Austin.  This week we put 3 new listings on the market and received referrals for 4 others.  We also had an offer accepted today from one of our buyers.  So, in a nutshell

Austin Real Estate is HOT!   Business is good, but we are never too busy for you and your friends and family.

Maxwell

Business here in Austin is GREAT right now.  Get moving before the tax credit expires on April 30.  There is still time to do get a home under contract!  You have until June 30 to close the deal, so get off your butt and do something for a change.  Make a difference in your life.  It’s not every day that Uncle Sam gives you 8 large for nothing.  Go buy a house, make the economy stronger.  Take care of yourself and your family.