Following a record-breaking 2018, there was a slow down in new listings that resulted in fewer sales to kick off the new year in January. The stats are in and numbers are still up year over year despite the slight slowdown. Kevin P. Scanlan, president of Austin Board of REALTORS® said: “Austin’s market remains extremely competitive and 2019 is highly likely to be another strong year.”
Real Estate Stats At A Glance
(Year-over-year January 2018 to January 2019, Austin-Round Rock MSA)
- Median price for a single-family home up 2% to $296,999
- Average days on market up 2 to 72 days
- Average inventory up .4 months to 2.3 months.
- New listings on the market up 22% to 2,820
- Active homes on the market up 21% to 5,840
- Pending homes on the market up 11% to 2,452
Austin Allowing Affordable Housing Builders to Cut Corners?
It looks like the Austin City Council is meeting to consider for affordable housing developers. The Austin Business Journal reported that City council member Greg Cesar “hopes new rules could help the city stretch its support through bond dollars, homestead preservation districts and the Housing Trust Fund to get as many units out of those funding streams as possible.” Some of the proposed ideas are waived parking requirements, waived maximum floor-to-area-ratio requirements, reduced front yard and rear setbacks (by 50%), and residential design standards would not be applied. The goal of this initiative is to aid builders to grow affordable housing at a rate that is not currently possible. City Council member Alison Alter added “I really like how this resolution focuses us on our low and moderate-income housing goals, which the market is not on its own going to provide”.
Is Google Heading to the Eastside?
You may have already heard that Google leased an entire 35 story office building downtown on block 185 (off of Cesar Chavez, Nueces, and Second St), but they just took things a step further. They are expanding to the Eastside as well, and will call 7 stories in the Saltillo office building home, which is east of I-35 between Fourth and Fifth street. There could potentially be enough room for 750 employees to take up the 150,000 sqft that is leased. The Austin Business Journal reported “The developers are Columbus Realty Partners Ltd. of Dallas and Endeavor Real Estate Group LLC, the Austin-based company that helped create The Domain.” With Whole Foods, Snooze, and Hopdoddy already signing leases in the Saltillo building, this section of the Eastside can expect to get drastically busier thanks to its new neighbors!
“The Grove” Developers Move Closer to Home
WBW Development Group, the developers behind The Grove at Bull Creek are moving their from Killeen to Georgetown. The Austin Business Journal stated, “WBW is expected to invest $3 million and create 40 jobs under an incentives agreement that could be worth up to $320,000 in infrastructure reimbursements if the company meets job-creation goals.” The company has two large residential projects in the works in Taylor, that would include two subdivisions with over 600 homes. WBW’s vice president of development said: “We see it as a market that will continue to grow for the coming years”. It looks like WBW Development group has their sights set on North Austin.
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