Data graphics by Jay Jones

The residential real estate market in the greater Austin area has shown a steep drop in the total amount of inventory since the COVID-19 pandemic began in the U.S., and local experts have said that sales in the same five-county region have also dropped as a direct result.

Compared with data from May 2019 provided by the Austin Board of Realtors, residential sales in May 2020 in the five-county region that makes up the Greater Austin metropolitan statistical area dropped almost 30% to 2,697.

But while anticipated negative effects of the pandemic have created a lag in the market, members of ABoR and other local real estate companies said the recent data also show that Austin remains a strong market. That includes the Lake Travis-Westlake market.

Mark…

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Homes at the Signal Hill development in Bee Cave are selling faster as interest in residential real estate throughout the Lake Travis-Westlake area begins to pick up momentum. (Courtesy Evan Loomis)

Though sales in the residential real estate market throughout Greater Austin took a hit as the effects of the COVID-19 pandemic began to take hold in March, developers in Western Travis County have said they are now seeing an uptick in interest from builders and buyers.

Whether it is because the market is starting to correct on its own or because a growing interest in relocating away from dense urban areas is taking hold, sales of new homes in the Lake Travis area are rising.

The sales numbers reported by local developers and Realtors come as the state of Texas is facing historic shortages in the real estate market.

A July 14 report from the Real Estate Center at Texas A&M University states that Texas’ months of inventory, or the amount of time it would…

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June home sales rebound across Austin area; sales decline in first half of 2020 due to COVID-19  

AUSTIN, Texas—Home sales in the Austin-Round Rock Metropolitan Statistical Area (MSA) rebounded this June with a 9.3% increase year over year, which helped hold sales to only a 5.2% decline during the first half of 2020 as the market was impacted by COVID-19, according to the Austin Board of REALTORS® (ABoR) June and Midyear Central Texas Housing Market Report. 

Across the five-county MSA in June, residential home sales increased 9.3% year over year to 3,969 sales, and the median price increased by 4.6% to $340,000. Sales dollar volume also increased 13.1% to $1,674,070,282 and pending sales increased by 33.7% to 4,737. Housing inventory declined…

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When interest rates are low, homeowners may look to save money by refinancing, which means getting a new mortgage with a better term or interest rate to lower payments. (Source: Matt Frankel/Community Impact Newspaper)

When interest rates are low, homeowners may look to save money by refinancing, which means getting a new mortgage with a better term or interest rate to lower payments. Mortgage rates have steadily declined since November 2018, according to weekly data from Freddie Mac, also known as the Federal Home Loan Mortgage Corp.

Matt Frankel, a certified financial planner and mortgage analyst at The Ascent by Motley Fool—a general personal finance advice resource—shared advantages and disadvantages of the refinancing process.

What to consider

 

    • Is the current market rate at least 1% lower than your existing mortgage rate?

 

    • Are you planning to stay in the same home for at least five more years?

 


How to start

 

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Rare opportunity to own 5 acres of prime Lake Travis waterfront land.  Enjoy incredible panoramic views of the lake and sunsets over the water.  Fabulous location near the iconic Oasis only 16 miles to downtown Austin within one of Austin’s highest rated school district’s - Leander ISD.  Surrounded by multi-million dollar homes, this hill top land is not Builder restricted - choose your own and build the perfect waterfront estate home! 

 

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An 11-acre plat of land in Lakeway was rezoned to commercial/retail status during Lakeway City Council's June 15 meeting.

The rezoning was the latest step in the advancement of a multiuse development called The Square on Lohmans, which will mostly contain residential housing. The rezoning approval for the 11 acres is for a parcel that sits along Lohmans Crossing.

Two Lakeway residents living near the acreage submitted complaints to City Council, expressing their objections, citing added traffic, noise and higher density.

Information from the city states the land's owners, Carlson, Brigance & Doering Inc., must submit for approval a preliminary plan and plat to the Lakeway Planning & Zoning Commission and City Council prior to its development.

A…

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The 80-acre Village at Spanish Oaks multiuse development in Bee Cave has been cleared for construction of storm drain and water quality infrastructure.

The approval came during Bee Cave City Council's June 9 meeting and follows an April 28 approval of a preliminary plat application from the developers.

Lindsey Oskoui, Bee Cave planning & development director, said April 28 the project's developers are planning to submit roadway construction plans this summer or early fall.

Developer Greenbrier Southwest, in partnership CCNG Development, first submitted plans for the final extension of the Spanish Oaks subdivision in 2018. Included in the development is room for shops, restaurants, office buildings, an upscale inn and spa as well as a range of…

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A divide between local leaders representing Austin and Travis County and those representing more suburban and rural areas in Central Texas emerged June 8 in a vote on which local projects should be deferred to funnel funding toward I-35.

The Capital Area Metropolitan Planning Organization is made up of government leaders from across Central Texas and responsible for coordinating funding for transportation projects in the region. On June 8, CAMPO’s board voted to defer $633 million of construction projects that had previously received funding—setting those aside so the organization can support the state’s effort to take on a $4.3 billion project to add managed lanes to I-35 in Central Austin.

Deferred projects include $25 million of work that would have…

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Bar 620 celebrated a soft opening May 22 at 1113 N. RM 620, Lakeway. The restaurant formally called Grumpy’s Saloon underwent a renovation and rebranding.

Bar 620 is currently serving drinks and dinner with plans to become fully operational in July. Once fully open, Bar 620 will also serve lunch. 512-382-5441. www.bar620.com

 

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