Single family homes are sitting on the market for 27 percent longer than they were in February 2011, according to a Multiple Listing Service (MLS) report issued today by the Austin Board of Realtors in cooperation with the Texas A&M Real Estate Center.
Homes spent an average of 98 days on the market in February 2011. Austin Board of Realtors chairperson Judith Bundschuh said in a press release that it was largely because the federal government stopped providing what she called the "artificial stimulus" of homebuyer tax credits.
First time homebuyers who purchased a home before September 30, 2010 were eligible for a $8,000 tax credit. Repeat homebuyers could qualify for a $6,500 tax credit.
The report also showed fewer homes were entering the market in February. There were 2,335 homes listed last month, a 24 percent drop from 2010.
"This could mean buyers may encounter more competition for properties heading into the summer selling season. At the same time, increases in the days on market means sellers should prepare to be patient if they want to earn full value for their properties," Bundschuh said.
The median price for a home sale in February 2011 was $193,000, a two percent increase from February 2010. There were 1,112 homes sold last month, virtually unchanged from a year ago.
Here are some headline statistics from February 2011, courtesy the Austin Board of Realtors.
$271,752,784 – Total dollar volume of single-family properties sold, statistically unchanged from February 2010.
$193,000 – Median price for single-family homes, two percent more than February 2010.
1,112 – Single-family homes sold, statistically unchanged from February 2010.
98 – Days on market, 27 percent longer than February 2010.
2,335 – New single-family home listings on the market, 24 percent less than February 2010.
8,605 – Active single-family home listings on the market, eight percent less than February 2010.
1,543 – Pending sales for single-family homes, 11 percent less than February 2010.