Historically low interest rates add another variable to housing market

 The Austin Board of REALTORS® (ABoR) February 2020 market analysis showed a 6.8% increase in residential home sales in the Austin-Round Rock Metropolitan Statistical Area (MSA) and a 12.8% increase in median sales price to $327,140. While sales increased from 2,363 homes in February 2019 to 2,524 homes last month, new listings decreased 11.8% year-over-year, and inventory dropped to 1.5 months of inventory, painting the picture of Austin's historically competitive housing market and high demand. With the impact of COVID-19 beginning to take hold, it's uncertain how social distancing will affect the way the market continues to operate.

“Historically low interest rates are a…

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Housing inventory continues to decline

The first Central Texas Housing Market Report of the year shows steady gains in both home sales and prices across the five-county Austin-Round Rock Metropolitan Statistical Area (MSA), according to the Austin Board of REALTORS® (ABoR).   

Compared to January 2019, residential home sales in the Austin area increased 8.5% to 1,947 sales, and the median price increased 4.8% to $308,000, setting a record for the month of January. Housing inventory––which fell to 1.6 months––was driven to critically low levels across the MSA due to drops in both new and active listings. At the same time, increases in pending sales activity in January could signal further declines in inventory in the year ahead amidst strong…

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Single-family home sales increased by 84% since 2010

While Austin continued to rank high on “Best of U.S." lists, Central Texas REALTORS® sold more homes in 2019 than any year on record, according to the latest Austin Board of REALTORS® (ABoR) analysis. The December and Year-End 2019 Central Texas Housing Market Report reflects a record-breaking 33,084 home sales and $13,158,737,333 in sales volume.

"Austin's unprecedented population growth during the past decade has heavily impacted the real estate market. Compared to 2010, home sales in 2019 increased by 84%," Romeo Manzanilla, 2020 ABoR president said. "That type of exponential growth has put enormous pressure on the market, raising the median home price from $193,520 in 2010 to $318,000 in…

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If colder weather has you looking for a warm spot to spend you evenings, check out our list of the Coziest Happy Hour spots in Austin! Keep reading to learn more about their specials!

1. Jeffreys

This classic restaurant is in the popular Clarksville neighborhood. The happy hour menu features half-off appetizers and $2 off drinks at the bar. It runs all night on Monday, and then from 4:30 to 6:30 p.m., Tuesday through Sunday. Our menu item is the Truffled Deviled Eggs. 

 

2. The Driskill Bar

Located in the historic Driskill Hotel in Downtown, this bar offers happy hour everyday. Sunday thru Wednesday 5:00 PM - 7:00 PM and Thursday thru Saturday 4:00 PM - 7:00 PM they have $5 Cocktail Specials and 1/2 price bar snacks and finger foods.…

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A state appeals court ruled Nov. 27 that the city's regulations banning some types of short-term rentals and restricting their use are unconstitutional. In 2016, Austin City Council passed an ordinance to outlaw by 2022 short-term rentals in residential areas where the owner doesn't live on the property. The ordinance also created requirements around advertising, noise, inspections and occupancy limits at the rentals. The state appeals court has declared some elements of Austin's rules governing short-term rentals unconstitutional, including provisions banning non-owner-occupied rentals and occupancy limits.

In 2016, the City Council passed sweeping new regulations of short-term rentals, like those you find through Airbnb…

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Austin has a booming real estate market and it does not appear to be slowing down. With the growing market comes growing real estate prices. Austin is "leading the nation, in terms of population growth over the last eight years. Along with all of the population and economic growth comes higher home prices. So, what you get for that $1 million budget just isn’t as much as it used to be. You are losing about 1,000 square feet for that $1 million home just in the last five years," says Zillow Economist Kathryn Courselle. Home values in the U.S. have grown 40% and in comparison have grown over 60% in the Austin metro. While downtown Austin is seeing an invasion of condominiums valued at over $1 million, according to Zillow, 87% of the homes valued at…

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Improvements on RM 222

There are multiple projects planned and ongoing for 2222. One that is currently being worked on will widen the road from Bonaventure Drive to Ribelin Ranch Drive and include a new center median with turn lanes. It is expected to be completed by early 2020.

Improvements on RM 620

Taking RM 620 to 2222 will become easier by the end of 2020. According to TxDOT, they will be adding an outside northbound merge lane along RM 620 from Steiner Ranch Boulevard that will connect to a new bypass road to RM 2222. There will also be center-turn lanes and medians between the new bypass road and RM 620.

There will be a left-turn lane added on Bullick Hollow Road at the FM 2769 intersection.

There has been a discussion of…

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