The Austin Board of Realtors reports a record-breaking month of sales last month including double-digit year over year sales volume increases and the highest median home price ever of $320,000. Although the day-to-day pace has slowed since July, ABOR is projecting similar sales results for August given to the large amount of pending sales set to close. The lack of inventory for sale continues even with new home construction being at an all-time high. “Home sales are up across the board in the Austin area, but declines in housing inventory are almost just as steep. The city of Austin, in particular, lost almost half a month of inventory from July 2017 to July 2018. That’s a lot of inventory to lose year over year,” – Steve Crorey, 2018 president of the Austin Board of REALTORS®.
Real Estate Stats At A Glance:
- Single-family home sales activity up 9% to 3,103
- Median price for a single-family home up 6% to $320,000
- Average of 44 days on the market did not change
- Average of 2.9 months on inventory down .2%
- New listings on the market down 1% to 3,738
- Active homes on the market down 3% to 7,522
- Pending homes on the market up 11% to 3,065
Old Howdy Honda Dealership Getting a Major Upgrade?
What was formerly a Honda dealership in Austin is now in the works to become a 383-unit, 48-million dollar apartment project called “The Pearl” and has been cleared into the next steps for a site plan. The property totaling in 5.4 acres is located on the 25 and 100-year floodplain of Shoal Creek. “The Austin Monitor reported last month that the developer is making a flood safety plan that would include notifying residents about flood risks and preparing for how to respond in an emergency.” –Daniel Salazar Staff Writer, ABJ
Oakland Developer Continues to Expand in Austin
Oakland based developer Catellus, who led the Mueller development is set to make its next big move on the Colony Park project in NorthEast Austin. “As part of the city’s request for proposal process, a panel scored Catellus based on its financial and management proposals, development concept and plans to bring workforce housing, affordable housing, health care, education and job-training services to the area.” –Daniel Salazar Staff Writer ABJ
Fastest Growing Zip Codes in Texas
Is anyone surprised that Austin has the second highest migration rate in the country? Startups, headquarters, the University of Texas, and an ever-growing army reserve base are only a few of the new work opportunities available in Austin. It’s no wonder millennials are flocking. “Texas remains a hotbed for migration: 766,155 people moved here in 2016, and nearly 532,000 of them came from another state, the second-highest rate in the country after Florida.” –Will Anderson ABJ. Spicewood zip code 78699 (home to new home subdivisions like Sweetwater and West Cypress Hills) is one of the fastest growing zip codes according to the ABJ with more than 15% population growth between 2015 and 2016. Dale, TX Zip code 78616 was the #1 fastest growing zip code from 2015 to 2016.