I am not talking about the 100+ August temperatures.
If you are interested in moving to Austin, or perhaps already live in Austin and curious what the pandemic is doing to the housing market here is some interesting information from a recent article in the Austin Business Journal .If you are interested in buying a home in Austin, the market is still very active and now is the time to act while the interest rates are still incredibly low.
If you own a home in Austin, and curious as to how much it is worth, simply complete the questions on my Home page and we can get the market analysis started.
The article below has been shortened for this post.
Source:Erin Edgemon
Austin Business Journal
Houses near Apple Inc.’s forthcoming $1 billion campus are selling almost as soon as they hit the market due to the strong demand and low inventory in the highly desired North Austin ZIP code, according to the Austin Board of Realtor’s top executive.
These homes in the 78729 ZIP — nestled between State Highway 130, State Highway 45 and McNeil Road — are selling within 12 days, which is about two weeks faster than in the first half of last year, Emily Chenevert, CEO of ABOR, said at the 2020 North Austin Growth Summit.
In June, the housing inventory in the Austin metro dropped almost an entire month to 1.8 months of inventory, Chenevert said. The housing shortage is felt the most in the city of Austin where prices are higher. Demand remains high, inflating housing costs and exacerbating the housing affordability crisis in our region.
The Texas A&M Real Estate Center considers 6.5 months to be a balanced housing market.
Here is a look at some of the latest ABOR data from the first half of 2020 in some of North Austin’s prime ZIP codes, based on the office campuses they are home to.The Domain (78758)• Home sales in the first half of 2020 were down 28% year-over-year, likely due to critically low inventory of 1.3 months and the pandemic.
• Median home sale price was $327,400, up 11%.
• New home construction is largely non-existent in this part of Austin. One in four homes sold in the first half of the year were condominiums.
• Homes spent an average of 21 days on the market.
Indeed campus (78750)• Home sales in this ZIP dropped 25% in the first half of the year, compared with the same period last year.
• Median home sale price was $398,500, down 9%.
• Homes spent an average of 24 days on the market, a decrease of eight days.
• Neighborhoods in this area are generally older with little to no construction. Condo and townhome sales make up a quarter of the market.
Dell campus in Round Rock (78664)
• Home sales were down 24% in the first half of the year, compared to the same period last year.
• Median home sale price was $254,500, up 1.8%.
• Homes spent an average of 40 days on the market.
• Home inventory bottomed out at 0.7 months as of June.
