Single-family home prices rise, inventory declines in May

Single-family home prices rise, inventory declines in May

Austin Area, Real Estate News
34-year-old Land Development Code continues to hold back housing market AUSTIN, Texas – Decreasing housing inventory paired with strong demand continues to drive Austin’s growing affordability crunch, according to the May 2018 Central Texas Housing Market Report from the Austin Board of REALTORS® (ABoR). In the city of Austin, the availability of housing compared with demand — as measured through inventory — continues to be historically low while median home prices have reached historic heights. The median price for single-family homes in the city of Austin increased 3.7 percent year-over-year to $389,000 in May, an all-time high for the city. While home sales rose 5.9 percent to 1,037 sales, housing inventory decreased from 2.1 months last year to 2.0 months during the same time frame. There were fewer active listings as well,…
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Home sales, prices continue to climb

Home sales, prices continue to climb

Austin Area, Real Estate News
Inventory remains critically low for most price classes AUSTIN, TX–The Austin-area housing market’s declining inventory and robust sales trends are creating an increasingly competitive housing market across all price classes, according to the latest Central Texas Housing Market Report from the Austin Board of REALTORS® (ABoR). “In the Austin-Round Rock MSA, price classes across the board are seeing an increase in demand with a decrease in inventory,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “While new listings are up year-over-year, homes are selling faster than they can be listed on the market. This has led to a smaller number of active listings and an increasingly competitive market for homebuyers.” Within the Austin-Round Rock MSA, new listings increased 5.6 percent to 4,139 listings; active listings decreased 2.8 percent to…
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4 Things a First Time Renter Needs to Know

Austin Area, Real Estate News, REnting
[embed]https://youtu.be/kSM2ouv4HAI[/embed] 4 Things a first-time renter needs to think about are: Budget The Lease Honesty Renter's Insurance Figure out your budget As I said last week, you are responsible for more than just rent, PLUS there are often additional expenses and deposits when you move in. To Move In: Application fee, lease security deposit, pet deposit, first month’s rent, possibly deposits for electricity, gas, cable, phone, and internet. Some apartments may have a fee for parking especially if you want to park in a garage or a covered space near your front door. Also, if you’re coming from your bedroom at your parent’s house, you will need furniture, lamps, dishes, silverware, towels, cleaning supplies, soap, shower curtains, trash cans, toilet paper, and the list goes on. You might even need…
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Top 7 Things to Know Before Moving out of your Parent’s House

Real Estate News, REnting
[embed]https://youtu.be/3GRiqUiKi5I[/embed] You’re done with high school, possibly about to graduate from college, and you want to get a place of your own… possibly with roommates. Whether your folks prepared you for it or not, it’s likely that you have no clue how costly living on your own can be. EVEN IF you have roommates to share the expenses! With a little bit of planning, and a checklist like this one, you can get yourself started on the right foot. Most young adults look forward to renting, but most of these steps can also get you well on the road to purchasing a home. One of the major influencers on setting a foundation for a successful first-time lease application process is showing the prospective landlord that they are making a good…
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Tax Appraisals vs. Lender Appraisals

Home Care Tips, Real Estate News
[embed]https://www.youtube.com/watch?v=HePrCZNW2YU[/embed]   This time of year, there is a lot of discussion (or complaining, in our region) about APPRAISALS.  There are two types of appraisals that we generally talk about when we are focused on home ownership: Tax appraisals and Lender appraisals. Because property tax bills tend to arrive in our mailboxes in the spring, the question ‘Why is my house value so high?’ or ‘Why is my house value so low?’ is common come April. Then, when going through the process of buying a house, the Lender Appraisal comes into question. So which is which, and do we want either of them to be higher or lower than what we think our house is valued at?   What is a tax appraisal? In Texas, each county has a tax…
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Central Texas housing market ends quarter with strong sales

Central Texas housing market ends quarter with strong sales

Austin Area, Real Estate News
Single-family homes spent less time on the market AUSTIN, TX–The Austin housing market continues to show increased demand, with double-digit percent increases in sales in March 2018 according to the Austin Board of REALTORS® (ABoR). The Austin-Round Rock Metropolitan Statistical Area (MSA) experienced a 10.5 percent increase in sales compared to the same time last year, the March 2018 Central Texas Housing Market Report found. “Last month, 2,714 single-family homes were sold in the five-county Central Texas region, which is more sales than any March we’ve seen on record,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “This type of growth early in the year indicates a strong summer selling season ahead. Those who are interested in buying or selling a home this summer should seek out the services…
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Central Texas home sales, prices jump in February 2018

Central Texas home sales, prices jump in February 2018

Austin Area, Real Estate News
Strong population growth causes home prices to spike, inventory to drop in local markets with strongest demand AUSTIN, TX–February is typically a slow month for home sales, but the Central Texas housing market didn’t slow a bit last month, according to the latest report from the Austin Board of REALTORS® (ABoR). The February 2018 Central Texas Housing Market Report showed that while home sales volume across the Austin-Round Rock Metropolitan Statistical Area (MSA) grew in February, areas with the highest market demand and lowest inventory experienced double-digit percent price increases and annual declines in sales activity. “Last month, economists predicted an upwards of 5 percent growth in median home prices within the Austin area, and we have far surpassed that,” Steve Crorey, 2018 president of the Austin Board of REALTORS®, said. “This…
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January 2018 Statistics

January 2018 Statistics

Austin Area, Real Estate News
Following are December 2017 single-family housing market statistics for the Austin-Round Rock MSA 1,655 – Single-family homes sold, 8.5 percent more than January 2017 $290,000 – Median price for single-family homes, 3.6 percent more than January 2017 68 – Average days homes spent on the market, 8 days more than January 2017 2,316 – New home listings on the market, 7.9 percent fewer than January 2017 4,876 – Active home listings on the market, 4.2 percent more than January 2017 2,365– Pending sales for single-family homes, 12.2 percent more than January 2017 1.9 – Months of inventory, the same as January 2017 $593,796,056 – Total sales dollar volume, 10.6 percent more than January 2017   CodeNEXT’s third draft aims for responsible planning AUSTIN, TX–The Austin Board of REALTORS® (ABoR) first market analysis of the year shows steady increases in single-family…
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December 2017 Statistics

December 2017 Statistics

Austin Area, Real Estate News
Following are December 2017 single-family housing market statistics for the Austin-Round Rock MSA 2,653 – Single-family homes sold, 12.6 percent more than December 2016. $310,000 – Median price for single-family homes, 7 percent more than December 2016. 71 – Average days homes spent on the market, 10 days more than December 2016. 1,635 – New home listings on the market, 3.2 percent more than December 2016. 5,220 – Active home listings on the market, 8.8 percent more than December 2016. 1,971– Pending sales for single-family homes, 23.8 percent more than December 2016. 2.1 – Months of inventory, 0.1 months more than December 2016. $998,896,239 – Total sales dollar volume, 18.9 percent more than December 2016. Sales increased despite flooding, taxes and rising prices AUSTIN, TX – Central Texas had yet another record-breaking year for total homes sold, according to…
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