Austin Real Estate Housing Market Update for August 2020

AUSTIN, Texas— Moving to Austin? As the summer real estate market season comes to a close, the Austin Board of REALTORS® (ABoR) latest Central Texas Housing Market Report indicates the Austin-area housing market continues to exhibit strength, despite economic setbacks amid the ongoing pandemic. The Austin-Round Rock MSA posted robust gains this August, as home sales experienced a double-digit increase of 12.9% year over year to 4,019 sales. Continue reading

The Austin Housing Market Continues to Rise

Austin Skyline in 2020AUSTIN, Texas—According to the latest Central Texas Housing Market Report released by the Austin Board of REALTORS® (ABoR), the Austin-Round Rock Metropolitan Statistical Area (MSA) continues to exhibit resiliency in the face of COVID-19. The MSA posted its second consecutive month of strong home sales numbers with a 21.5% increase in July sales year over year. The robust increase demonstrates the vital role real estate will play as the region begins its economic recovery from the COVID-19 pandemic.

Austin Home Sales Rise in Median Prices, Units and Dollars across MSA

In addition to the 21.5% jump to 4,537 home sales across the five-county MSA, the median price increased 10.7% to $353,000 and sales dollar volume also soared 36.7% to $2,037,152,035. Pending sales climbed 32.2% to 4,607 as new listings increased 13% to 4,767, while active listings dropped 32.4% to 5,309 due to demand. Continue reading

Austin Boasts Record Setting Year and Decade for Real Estate Sales

The Austin Board of REALTORS® has reported that Central Texas REALTORS® sold more homes in 2019, than any other year on record. The December and Year-End Central Texas Housing Report echos the findings noting 33,084 in home sales and home sales and $13,158,737,333 in sales volume.

Austin area closes decade with record-breaking $13B in home sales: Single-family home sales increased by 84% since 2010

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Real Estate News for December 2019

Mozarts Coffee Roasters

For data lovers out there, here are some numbers to know whether you are moving to Austin or within Austin. The Central Texas real estate market is headed for record-breaking sales this year. November home sales throughout the five-county Metropolitan Statistical Area (MSA) pushed the year-to-date total to 30,561 sales, which is approximately 300 homes shy of last year’s total sales volume.

From the Austin Board of Realtors – Each county experienced a double-digit increase in home sales; the city of Austin slightly rose 4.5% to 670 sales, according to the Austin Board of REALTORS® latest Central Texas Housing Market Report. Continue reading

Navigating Downtown Austin

Central Library

Last week I spent a bit of time downtown for work and play. For work, I showed some condos in the Posada Del Rey condominium community at 505 W 7th Street. If you haven’t heard of this community, that is partially due to its small size and has units available for lease more frequently than for purchase. While searching for parking, I circumnavigated the old Extended Stay Hotel, which will be the home of the new 6 X Guadalupe tower at 400 W 6th Street. This will be a mixed-use tower comprised of office spaces, 349 residences and ground floor retail. After driving around in a circle for a bit, realizing my parking karma wasn’t with me that day – I settled on a parking garage. Continue reading

Austin Real Estate Market Sizzles

Recently Sold Home In Kyle

The summer home selling season is sizzling in Austin real estate news. Market activity set an all-time sales volume in May reaching $1.2 billion, according to the May 2017 Central Texas Housing Market Report released by the Austin Board of REALTORS®.  By the numbers, May 2017 single-family housing market statistics in the Austin-Round Rock Metropolitan Statistical Area showed 3,170 Single-family homes sold, which was 9% more than May 2016.  The median price for single-family homes was $310,000, an 8% increase over May 2016.  The average time on the market was 43 days homes, which was one day less than May 2016.

Austin is Weird

The key to this market for a buyer is flexibility in terms of location and a solid understanding of budget. Austin is weird and the beauty of that is having a wide variety of home styles to choose from, in a unique mix of neighborhoods.

With low inventory, Buyers are searching for a home in a larger area then they once were.

The key to this Austin real estate market for sellers is also understanding that their home is also unique right now. In some neighborhoods, there may be only one house for sale in a particular price point. This creates a sellers’ market and an opportunity.  The Austin housing market has buyers searching within a larger map area these days because of the lack of inventory and will keep looking elsewhere if the home does not show well.

Sellers are representing the neighborhood.

Keeping the house clean and cool in the summer are two of the easiest ways to welcome a buyer, show pride of ownership, and now-a-days represent the neighborhood.

Interest Rates Impact Housing Market Trends

Austin Texas Home Sales February 2017

 Austin, TX … The water cooler topic these days is all about mortgage interest rates. Everyone is anticipating rates to go up, but it is not clear when that change will happen or even by how much. Interest rates factor into real estate because they help determine buying power. Lower interest rates increase buying power. Lenders look at the debt to income ratio when deciding to approve a buyer for a loan. Debt includes existing data like student loans and car payments, but the principle and interest on your proposed mortgage will also be a factor. The more you spend on interest the lower your principle payment on the house will need to be to meet the qualifying debt to income ratio.

People always ask me if selling next year means selling for more than this year. I can’t predict the future. When I list a house, and even when I represent a buyer, I look at trends in the market. Market trends vary about every 3 months based on how fast inventory is moving, what houses have sold for and what houses entering the market are being listed for. Austin housing prices are a reflection of both national and global economic factors that affect interest rates, the stock market, the bond market and employment rates to name a few. The volatility of market conditions makes it impossible to predict what your house will sell for a year from now. Sometimes I review sales over the past year, but it’s not to price a house – it’s to look at the trend.

Austin Texas Real Estate Markets are Local

Markets are local which can be scaled down to a particular subdivision or specific condo community. Markets can be defined as a school district, zip code, etc. Looking back in time longer than 3 months helps me see the trend of that particular market because – although the list price can’t be predicted a year from now, how hot a specific market is generally can. Price, on the other hand, is a moment in time.

Price is a Moment in Time

Interest rates go up and down constantly.  A consistent steady decline or rise in interest rates does ultimately affect home values. Time will tell what this year will bring in Austin. Sales seem to have flattened a bit, but Spring is in the air.