February 2010 Market Update
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February 2010 Market Update
Our market update allows you to follow five simple market indicators so you can understand what’s happening in the Austin real estate market.
According to the Multiple Listing Service report, the volume of Austin area homes sales were up 4% in February 2010 compare to the same month in 2009. “These results demonstrate that Austin’s recovery is continuing steadily,” said John Horton, Chairman of the Austin Board of REALTORS®. “Our area has been identified as one of the first to emerge from the recession and the real estate trends of recent months clearly support this assertion.”
We will continue to see a good amount of activity up to April 30th due to buyers looking to take advantage of the first time home buyer tax credit.
According to Forbes Magazine, the Austin area tied for first place on a list of large metropolitan areas where the recession is easing first. Austin’s low unemployment rate and job growth from 2007 to 2009 – just below one percent, which was more than any other city included in the research – were cited as key factors for the ranking.
Mr. Horton continued, “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.”