Luxe Austin Homes - inventory

Report: Average apartment rents in the Austin area have hit an all-time high

Average apartment rents for the Austin area have hit an all-time high, an expert told KVUE's media partners at the Austin American-Statesman.

Charles Heimsath has been tracking conditions in the area's real estate market since the early 1990s. He told the Statesman that between December and June, average rents jumped by their largest percentage ever in the time he's been tracking the market.

Heimsath said apartment rents in the area – which spans from Georgetown to San Marcos – increased, on average, 11.6% from December to June. He told the Statesman that he expected to see a slow down during the first half of the year, but that didn't happen.

"Rents continue to rise with no relief in sight," Heimsath said.

The…

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Homebuyers regain some power in Austin as inventory continues to climb

Homebuyers continue to gain negotiating power in the Austin area, a welcome change of pace in a market that has been defined for much of the past two years by blistering conditions.

The latest numbers from the Austin Board of Realtors convey good — or at least better — news for this home-starved market and people struggling to find a home. They also signal a comforting trend that would help Austin avoid a housing crash after years of phenomenal appreciation.

Housing inventory increased in July for the second straight month, to 2.7 months for the region and 2.4 months for Austin city limits, according to ABOR. Instead of a summer outlier, this now seems to point to a trend of decreasing demand, especially in light of rising mortgage rates,…

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First phase of 1,400-acre Mirador neighborhood in Del Valle takes step forward

Plans to develop a huge residential and commercial hub on the southeastern edge of Austin have taken another step toward.

With little discussion, the city's Zoning and Platting Commission on Aug. 16 unanimously approved a preliminary plan for the first phase of construction for the planned community on 1,400 acres near Pearce and Wolf lanes. That is in the unincorporated community of Del Valle, east of Circuit of The Americas race track and south of Tesla's new gigafactory.

Houston-based real estate developer Hines purchased the land earlier this year with the intention to create Mirador, a master-planned community that includes 2,500 single-family lots and 75 acres of commercial space.

The project also includes 50 acres of multifamily homes…

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Austin housing inventory skyrockets to highest levels since 2018

More signs of relief for the Austin housing market. The latest monthly report from Austin Board of Realtors, released Tuesday, August 16, offers indications that the market is continuing to stabilize.

There are still new records to report, but “In every aspect of our market," says Cord Shiflet, 2022 ABoR president, in a release, "Realtors are seeing positive signs that Austin’s housing market continues to normalize.”

One of the most promising signs is an explosion of inventory in the Austin-Round Rock metro area. In July 2022, the region's housing inventory reached 2.7 months — the highest level seen  since November 2018, ABOR notes, and an increase from the 2.1 months reported in June 2022. 

“On top of rising housing inventory, home price…

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Something big is happening in bubbly housing markets

Even before the lockdowns were eased, white-collar professionals who saw their jobs go remote were ditching their apartments in places like Seattle and New York City for homes in markets like Austin, Boise, and Las Vegas. That rush of homebuyer activity, of course, saw home prices absolutely skyrocket in those markets. In Las Vegas alone, the Pandemic Housing Boom pushed home prices up 49%.

That boom is over now.

Across the country, housing markets are cooling down. Home sales are falling. Multiple offers are drying up. Homebuilders are scaling back and offering buyer incentives. But every aspect of the cooldown is more intense in markets like Boise and Austin. Simply put: Pandemic boomtowns are getting hit the hardest by the Pandemic Housing…

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A Buyer’s Bonanza or a Seller’s Dilemma? Where the Housing Market Sits Now and What It Means for You

The real estate market seems to have a split personality.

On the positive side for homebuyers, the number of properties for sale shot up by a record-setting 30.7% this July compared with the same month last year, according to a recent Realtor.com® report. That’s the most significant increase in active listings in the data’s history. And in another hopeful sign for buyers, the share of homes seeing their prices slashed—19.1%—hit a record not seen since 2019.

Yet on the flip side, the $449,000 median list price of homes is a 16.6% increase compared with last year. And the average time a home spends on the market before it sells remains significantly lower (a mere 35 days) than in pre-pandemic times.

So how does a savvy homebuyer make sense of…

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Could Austin surpass D-FW as Texas’ top luxury home market?

Dallas-Fort Worth has been the longtime leader in luxury home sales, but it has a strong competitor further south on Interstate 35.

In the Houston, Dallas-Fort Worth and San Antonio areas, the number of homes sold for $1 million or more in the first five months of 2022 was about on par with the number sold in all of 2018, according to a new report from the Texas Real Estate Research Center at Texas A&M University. But in Austin area, the number of home sales is already double its 2018 total.

Four years ago, the Austin area had half the number of home sales of Houston and D-FW. By 2021, though, the city was just behind Houston, and so far this year, Austin and Houston are neck in neck.

“D-FW is definitely an international city, but the name…

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Austin-Round Rock housing market returning to pre-COVID normalcy

New housing market data showing increased inventory and decreased residential home sales points toward a slowing housing market for the Austin-Round Rock Metropolitan Statistical Area.

The deceleration is bringing the Austin area housing market back "to pre-COVID normalcy," according to the Austin Board of REALTORS (ABoR).

“These numbers are a breath of fresh air for a housing market that has been holding its breath,” ABoR president Cord Shiflet said in a statement. “The trajectory of our market over the last two years was unsustainable and it was in no way going to last. The resurgence of activity after the COVID-19 pandemic, historically low interest rates and massive job growth created record-high housing demand in our market."

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New ‘boutique’ housing development slated for bustling South Austin area

A “boutique” development featuring nearly 80 homes will soon get underway in South Austin.

Houston-based David Weekley Homes will offer 79 single-family homes at the Village on Cooper Lane, near South First Street and West Dittmar Road. Prices start in the $600,000s, which is in line with the median home price in the city.

“We’re excited about this new central Austin project, as we know that new home supply in this location is scarce,” Dave Mire, division president in Austin for David Weekley, says in a news release. “This boutique community will be very charming. We will be introducing exciting new product, and we look forward to the response from our homebuyers.”

Each two- or three-story home will measure 1,680 to 2,625 square feet.…

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Major Inventory Growth in Austin, Phoenix and Raleigh Housing Markets

• Austin, Phoenix and Raleigh housing markets have gained inventory.
• Among major metros, they led the nation for inventory growth.
• Active listings in the Austin area grew by 144% over the past year.
• These real estate markets are also seeing more price reductions.
• It’s evidence that these hot housing scenes are cooling in 2022.

Inventory shortage. That two-word phrase has appeared in countless real estate market reports over the past couple of years. In most cities across the country, a shortage of supply relative to demand has frustrated home buyers and boosted house prices like never before.

But now for the good news. We are starting to see some housing market inventory growth in major cities across the country. This trend is…

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