October Market News
The Austin Real Estate market continues to do very well and is one of the fastest growing markets in the United States. Let’s take a look at the Austin Market News for October. The COVID-19 pandemic has also given homeowners the added flexibility of working from home, which has led to more buyers flocking to the suburbs, particularly Williamson and Hays county.
One of the issues that the market has been struggling with is low inventory. Each month inventory has been decreasing and we are currently under 1 month of inventory in the metro area. One of the issues associated with the low inventory is the building costs. Homes in the City of Austin generally cost about 20% more to build.
Developers said zoning regulations, permitting improvements and other issues limiting the supply of new construction—such as a nationwide lumber shortage due to the pandemic—all affect their ability to build new houses. We have also seen home builders start to limit the number of sales due to these shortages.
The real estate market has continued to surprise us, and we have decided to begin sending “first look” market statistics at the beginning of every month. These are preliminary numbers that we run in house. We hope you find this valuable.
Market Statistics
We have looked at numbers from the Austin metro area, along with numbers specifically for Travis and Williamson County. Here is what we found for the month of October
The broader market appreciated at 10.85% when considering average price per square foot and 20.32% when considering average sold price. The sales in the Austin Metro area where up 17.62% and the amount of time a home was on the market decreased by 20 days on average.
Travis County also saw sales increase by 9.27% while average price appreciated by 28.07%. Again the amount of time a home was on the market decreased by 15 days on average. Properties available in Travis County
Williamson County also saw sales increase by 29.25% and on average homes appreciated by 11.33%. Homes were on the market for an average of 23 days less. Properties available in Williamson County
Market News
Construction will begin soon on another mixed-use development that was announced in the Austin Business Journal on October 26th, 2020. The 454-acre development called Parmer Ranch will include more than 1,000 residential units, 100 acres of commercial development and 47 acres of parkland. It will also include a site for an elementary and middle school.
The mixed-use community will be in northern Georgetown at Ronald Reagan Blvd and Williams drive, not far from the Cowan Golf Community. The homes will be built by GFO Homes, Sitterle Homes, Gehan Homes and Empire Communities and will be priced starting at $250,000. The announcement mentioned that the commercial portion of the development may not begin for a few years after the residential is established.
If you would like additional information on this project, take a look at Parmer Ranch – Georgetown
If you or anyone you know need any resources, or is looking to buy, sell or lease, please feel free to reach out and we would be glad to assist.
Stay healthy!