Hello and we hope you are doing well. The Austin weather is amazing, and we hope that you are able to enjoy some time outside. The Austin market is starting to see some traces of inventory and we are seeing slight increases in inventory in certain areas. Again, we have manually run some high-level numbers from the Austin metro statistical area. We have only included single family homes since the condo and townhome market is minimal when looking at the overall market. We will also look at the appreciation happening in the market and the May market statistics for Austin.
Austin Appreciation
The Austin market has been challenging so far in 2021 and unfortunately some are being priced out of the market. The rapid price increases have created an unbalanced market price wise. Here is a look at what has been happening in the Austin market during 2021. The prices listed for the major cities in Austin are the average price of a single-family home. Notice that in nearly all markets prices have increased over 25% since January of 2021. Currently we are starting to see more inventory on the market which will hopefully slow the rapid price increases that we have been seeing.
Austin Market
We have run preliminary numbers using ABOR’s data for the metropolitan statistical area and for the Travis County and Williamson County. These numbers only account for the sales of single family homes and do not include townhomes or condos. See the chart for the May market statistics for Austin.
As you notice sales in the MSA were up over 35% for the same period last year and prices were up over 40% in the various markets. Homes are also selling faster as the markets demand has been greater than the supply available. The days on market for the MSA, Williamson and Travis counties is currently sitting at 5 and probably should be lower as some house have multiple offer deadlines and agents are a little slow at marking properties as pending.
Austin News
Last week the Round Rock city council gave approval to the mixed-use development, The District. City officials said the project will be at the intersection of Greenlawn and Louis Henna boulevards and will include multi-family housing, hotels, offices, retail stores, restaurants, and a grocery store. The development is also expected to create 5,000 jobs when fully developed. Read more about https://communityimpact.com/austin/round-rock/development/2021/05/05/round-rock-commission-recommends-pud-rezoning-for-the-district/
Bastrop has also recently been in the news with there city council working towards an agreement with Line 204 Studios for a proposed 546-acre project. There are still some hoops for the developer to clear and you can read more about it from this Statesman article https://www.statesman.com/story/news/local/bastrop/2021/06/10/bastrop-city-council-continue-work-development-agreement-line-204-studios-alton-butler/7552293002/
If you or anyone you know need any resources, or are looking to sell, buy or lease, please feel free to reach out as the market or find out more about us here –> https://www.cornwallpropertiesatx.com/about-us