Category Archives: Austin

Austin Sees Record High Home Sales

August 31, 2013
Market: Austin, TX

There were 3,135 single-family homes sold in Austin in July. This was the highest recorded number for a one-month period and a 35% jump over July 2012. According to the Austin Board of Realtors, homes were listed for 41 days on average before being sold, which is a decrease of 23 days year-over-year. Home prices also rose 8% annually to $228,250, and Austin’s housing inventory fell from 4.3 months to 2.8 months year-over-year.

Here are some other quick facts about how Austin’s thriving housing market fared in July compared to last year:

  • Single-family home listings increased by 22%
  • Total dollar volume of single-family home sales jumped 43% to $933 million
  • Condo purchases rose 31% to 361

Read more at Austin Business Journal.

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In Austin, Office Real Estate is on the Rebound

August 9, 2013
Market: Austin, TX

According to the NAI REOC, as a result of tens of thousands of new jobs and an influx of people relocating to Austin, the city’s office real estate sector is seeing dramatic increases in occupancies and rents. The city has added 28,700 jobs in the past year, and its population has increased by over 25,000. This population and employment growth have impacted the city’s office real estate market in a big way: only 12.3% of the 41 million square feet of office space sat vacant in the second quarter, down from last year’s vacancy rate of 14.7%. This increase in occupancy has sent asking rents shooting up $0.50 in the last year to $24.80.

    

Read the full article at GlobeSt.com.

Five HZ Markets Rank in Top 10 for Multifamily Permitting

August 2, 2013
Markets: Houston, Austin, Dallas, Denver, Seattle

Houston permitted 16,410 multifamily units from June 2012 to June 2013, the second-most of any metro, according to Axiometrics, Inc. Houston’s permitting numbers, which trail only New York City, are a 73% increase from a year earlier. In addition to Houston, four of Hamilton Zanze’s markets ranked in the top 10 for multifamily permitting over the last year: Dallas (11,679 units), Austin (11, 483), Denver (8,563), and Seattle (8,434).

Axiometrics reports that nationwide, rents grew 3.5% from their June 2012 levels, and occupancy increased 41 basis points.

Read the full article at GlobeSt.com.

Austin’s Apartment Market Thrives, New Supply Coming Soon

July 23, 2013
Market: Austin, TX

According to Property Management Insider, Austin’s apartment market is performing robustly. During the second quarter, demand reached 2,300 units, occupancy climbed to 95.4%, and rents grew 1.8%, representing a 4.1% year-over-year increase.

With 11,600 of the 15,000 units under construction scheduled to finish in the next year, landlords may start seeing occupancy levels decrease. As long as Austin sustains its pace of economic expansion, the MSA’s apartment demand will keep up with supply. According to MPF Research, occupancy and rent growth should subside to “normal” levels at 94% and 2%-3%, respectively.

Read the full article at Property Management Insider.

Austin Housing Market Tightens

Market: Austin, TX
July 22, 2013

Austin’s single-family housing inventory is shrinking to the point that the city soon will not be able to meet growing residential demand. According to the Austin Board of Realtors, inventory in June dropped to 2.9 months, a 1.5-month decrease year-over-year and well below the 6-month level that characterizes a healthy market.

The lack of housing options has driven the median price for single-family homes up 8% year-over-year to $235,000. So far in 2013, Austin has already seen $3.8 billion in total residential real estate sales, 31% higher year-over-year.

Read more at the Austin Business Journal.

 

Hotels Occupancy to Reach Highest Level Since 2007

Market: National, Austin
July 16, 2013

In 2013, new demand for hotel rooms throughout the U.S. will outpace new supply 2.2% to 0.8%, increasing occupancy to 62.2%, the highest level since 2007. The rising demand can be attributed to gains in household income, an improving job market, and an increase in consumer confidence.

Though Austin’s 80.6% hotel occupancy rate in March is expected to decrease as new downtown supply will add over 2,000 hotel rooms by the end of the 2013, the rate will continue to remain significantly above the national average.

Read the full article at the Austin Business Journal.