Area housing market still hot

By end of November, home sales topped total for last year.

By M.B. Taboada
AMERICAN-STATESMAN STAFF
Wednesday, December 20, 2006

Central Texas home buyers have snatched up a record number of homes so far this year.

Sales of existing single-family homes rose 6 percent in November from the same month a year ago. From January through November, sales surpassed the total number of homes sold in 2005.

Last month, 1,902 homes were sold, according to the Austin Board of Realtors. Prices also showed an increase, with the median price at $175,000, up 3 percent from the previous year.

"November was phenomenal," said Elizabeth McKenzie, a real estate agent with Coldwell Banker. "Our market typically slows down closer to the holiday, but that has not been the case. November was just a really strong month, even the week of Thanksgiving."

Central Texas continues to fend off the cooling housing market that is occurring in other parts of the country.

Pending sales were up 14 percent year-over-year at 2,148, which indicates that December also might be a stronger month. It is also a good indicator of positive activity into the first quarter of 2007, said Charles Heimsath, president of Austin-based real estate consulting firm Capitol Market Research.

"Ending the year on a strong note is really positive news for Austin," Heimsath said. "We are certainly a bright spot in the national housing market because many other markets in the country are entering a much slower period, and in some cases, even a slump."

Homes remained on the market for 68 days on average, which keeps it a seller's market. Sales of townhomes and condominiums also were up 16 percent from last year.

"Because of our strong market, we have more buyers coming to the area, which makes it a good opportunity to sell and buy for those who want to upgrade as well," McKenzie said.

The greatest number of single-family homes sold in November in any price category, 565, were priced between $200,000 and $400,000. And the high-end market also remained strong in November, with 30 homes priced $1 million and more sold.

So far this year, sales in Central Texas were up 10 percent to 24,881, compared with the same period a year earlier. The median price for the same period is up 7 percent to $174,000. Last year, 24,541 homes were sold.