Following our record-breaking summer home sales here in Austin, according to the stats, things still haven’t slowed down. Continued demand for single-family homes in the Austin-Round Rock Metropolitan Statistical Area (MSA) led to the highest-grossing August on record for Central Texas home sales volume, according to the August 2018 Central Texas Housing Market Report by the Austin Board of REALTORS®.
Stats at a glance:
- Median price for a single-family home up 8% to $322,478
- Average of 50 days on the market up to 3 days
- Average of 3.1 months on inventory no change
- New listings on the market down 16% to 3,741
- Active homes on the market up 4% to 7,887
- Pending homes on the market up 12% to 2,798
Is Rainey due for a new highrise?
Up for city approval is a new high-rise to be located at 91 Red River. If approved, the project would bring 347 apartments plus 3 floors of office space and ground floor retail to the current parking lot on Red River between Davis and Driskell in downtown Austin (right across from the Hotel Van Zandt. The residential units have not yet been identified as either condos or apartments (we think apartments are more likely).
An Austinite helps combat housing prices…in California
A new house for $150,000? Austin based company Kasita is working to make high-end design, intelligent tiny houses a more affordable option for property owners in high-density cities. Kasita is changing the game with these units because it’s a one-stop shop, taking the hassle (and expense) out of designing, developing and building your own accessory dwelling on your site. With Kasita, homeowner can pick out a prefab tiny house and have it installed straight into their backyard. Kasitas are not only cool micro homes, but (according to the website) they also make great urban workspaces and offices. Kasita is making homes and lifestyle spaces to fit virtually anywhere, even on a rooftop. These homes are currently only permitted in Texas, Nevada, and California.
Austin is getting a “sustainable urban fairyland”?
Well…kind of. Austin based entrepreneur and co-founder of TreeHouse Inc. a sustainable home improvement store, Evan Lumis is creating a community of custom homes on 95 acres just west of Bee Cave named Signal Hill. What makes this community different from the other luxury home communities? The focus at Signal Hill is on cultivating community. The development will feature walking trails, wildflower zones, and farmers markets to entice people to connect. Home prices projected in the $1.25M – $1.5M range. Site prep work is underway and projected to begin selling in 2019.