One Last Look Back - Austin Real Estate 2007 Summary

According to the latest Austin Multiple Listing Service (MLS) report, single-family home sales in December were lower than during the same period in 2006. The median sales price for homes in Central Texas grew (8%) eight percent.

"Austin area home sales and prices experienced steady and stable growth over the past few years, contributing to the overall economic health in Central Texas," said ABoR Chairman Socar Chatmon-Thomas. "All indicators show that making a long-term investment in Austin and the Central Texas area continues to be a solid financial strategy."

December 2007 single-family home sales were down 16 percent from last year, totaling 1,655. These sales brought the year-end total of homes sold to 25,151, an 8 percent decrease from 2006. The median price of single-family properties in December rose 8 percent to $191,250, while the 2007 year-end median price rose 6 percent to $185,000.

Altogether, single-family property sales contributed $6,301,644,094 to the local economy in 2007, down only 2 percent from the previous year. These properties sat on the market for an average of only 62 days, the shortest time span in five years. Active listings increased by 10 percent to 8,628.

Source: Austin Board of Realtors