Austin News – Austin Properties Group

A Greener Austin

It has certainly been a long and unpredictable winter in central Texas! Now that the cold season is finally behind us, we’re hoping you’re doing well and feeling some relief from our uncharacteristically cold winter. While the weather brings some relief, so does the real estate climate, and we’re glad to see that some things are looking vastly different from last spring. We’re ready and happy to help you navigate the spring housing market here in Austin.

Great news for sellers

One thing we know to be certain, these longer days are inspiring Austinites to head outdoors. Those chirping birds and sprouting greenery are sure signs it’s finally Spring. As we all emerge from hibernation, Austin’s housing market is waking up after February’s winter storm too. Low interest rates are great for buyers, while a quickly moving inventory makes it a great time for sellers.

Last month, the central Texas housing market continued to crash through records, despite crippling winter storms. In fact, Austin’s median home price (inside the city limits) exceeded $491,000 which is a 24% leap over this time last year. According to the Austin Board of Realtors Central Texas Housing Report, it’s the highest it has been ever on record! This is great news for sellers while inventory remains low, but can prove challenging for those interested in buying a home this season.

Mortgage Forbearance

If you’ve placed your mortgage into forbearance due to the due to the coronavirus pandemic, or are finding yourself in a short sale situation, our agents are here to walk you through the ins and outs of your sale. Give us a call today, so we can assist with what steps to take to get your finances and your property ready for the sale of your home.

Great news for buyers

While we’ve got lots of great tips for how to make the most of your offer or choosing the right agent for the job, we’ve also got the details of all the newest, hottest, and most sought after developments in the area.

Hanover Brazos Street- 201 East Third Street

Ground has been broken on this 44-story residential tower. It has plans to hold 310 apartment units with ground level restaurants and retail space on the south-west corner of Fifth and Lacaca streets. It will feature a nine-level above-ground parking garage topped by 32 stories of apartments. The top two levels have plans to include community amenities including a pool.

A greener Austin

It’s not just April showers bringing those May flowers this season. Austin’s businesses, nonprofits and residents alike are working together to create places and spaces which promote sustainability and conservation.

The Presidium Waterford Building

Presidium released information in March stating that their newest building was being built with environmentally friendly factors in mind. The upcoming development will include a rain bio-filtration system and energy efficient appliances in each of the 283 residential units. Their eco-conscious plans integrate smart technology, like thermostats and lighting, into each unit too.

The Brodie Oaks Retail Center

The ball has been set in motion to promote a $1 billion plan to develop South Austin’s Brodie Oaks shopping center into a space that focuses on highlighting ecology, conservation and green space. The project allots 37.6 acres to a mixed-use development which will consist of restaurants, more than 1,600 residential units, office and retail space, and a hotel. However, the part of the plan which makes environmentalists smile is that approximately 13.6 acres, will be parkland and open space, with additional trails and sidewalks within that open space to increase greenbelt access to the Barton Creek Greenbelt. While the project still awaits final approval, it’s looking like it will be a beautiful addition to the character of South Austin.

Urban Roots is planting seeds of change for area teens

Urban Roots is a local nonprofit that is working to use farming and cooking to inspire Austin’s youth. The organization recently planted fruit trees and crops on its 6-acre Southeast Austin and plans to hold its first harvest in spring 2022. They plan to offer paid opportunities for individuals ages 14-23 to grow produce which will be provided to those in need.

According to Executive Director Frances Deviney, Urban Roots is also planning to build a large administrative building with staff offices, a community space and a commercial kitchen at the site in the future. The farm is located at 4711 Winnebago Lane, Austin. This is the second farm for Urban Roots, their first property is located on 3.5 acres in East Austin at 7651 Delwau Lane, Austin.

More excitement for Austin’s spring

The city of Austin is finalizing plans to safely open all of our indoor and outdoor events. We can’t wait to see you out and about.

Which area are experts predicting to be the hottest real estate market in 2021?

Austin has been predicted by numerous experts to be the country’s top housing market in 2021. In fact, the market is already heating up the Sun Belt cities, with home values in Austin expected to outperform the national average. The entire Sun Belt area has been a hot commodity of late, and while many of its cities are seeing a positive surge, Austin has also caught the attention of economists, investment strategists, and real estate experts. Of those surveyed by Zillow in 20 of the country’s largest markets – 84% cast their ballot for Austin. Not only is the housing market increasing, but also the growth of urban parks and increased efforts for sustainability. Further fueling Austin’s housing market are young Americans, particularly millennials, who are taking advantage of low mortgage rates in the Sun Belt cities.

Experts had previously predicted Austin’s housing market would be the hottest in 2020. A recent report stated that by mid-December, the median list price for homes in the Austin metro area had risen year-over-year by more than 23 percent. This was the biggest increase among the 50 largest U.S. markets, making it clear that the capital city would outpace all other large markets in 2020. The pace appears assured to continue its momentum through 2021.

Where Urban Meets Nature

Austin will certainly be getting its fair share of new buildings downtown. There is a multitude of urban development that could be listed and discussed, but it isn’t just housing that is making this city so hot. It’s also the upcoming park plans, which offer the amazing balance between urban living and sustainable development so many new homeowners are seeking! With such a wide range of opportunities and areas for outdoor enjoyment, it’s no wonder Austin is where everyone wants to be.

Great Springs Project

This green corridor will be connected by a network of trails, linking four of Texas’ Great Springs: Barton Springs, San Marcos Springs, Comal Springs, and San Antonio Springs. The project will unify existing local efforts to address the most critical water, land, wildlife, and public health challenges currently facing the Central Texas region.

Waterloo Park

A 1.5-mile park system, once complete, the 35 acres of connected green space – meandering from 15th St. along downtown’s eastern edge to Lady Bird Lake – will be home to a wild array of natural and cultural destinations.

Shoal Creek

The plan calls for a seamless, connected pathway of hike-and-bike trails along the 11-mile Shoal Creek corridor, and connections to other urban trails citywide. Ultimately, Shoal Creek will become part of the “Big Loop,” a 30-mile loop of trails and bikeways traversing the city.

Bergstorm Spur

A six-mile stretch of the abandoned railroad could be on track to become Austin’s next urban trail. Once part of the Union Pacific Railroad serving the defunct Bergstrom Air Force Base, the Bergstrom Spur would become a hybrid urban trail and public transit corridor.

AUSTIN HOUSING MARKET REPORT | DECEMBER 2020

In 2020, residential home sales in the City of Austin increased 1.7% to 12,745 sales, an all-time record, while sales dollar volume jumped 16.3% to $6,746,602,345.

The median sales price for residential homes rose 12% year over year to 420,000 this past year, also an all-time record.

New listings slightly increased 1.1% to 14,735 listings while active listings dropped 23.8% to 1,332 listings, and pending sales increased 3.8% to 13,062 pending sales.

City of Austin December 2020 Market Stats

In December 2020, the median sales price in the city of Austin rose 18.7% to $461,000, an all-time monthly record. Residential sales increased 16.4% to 1,191 sales, a record for the month of December in any year, as sales dollar volume jumped 43.1% to $711,984,698. During the same period, new listings jumped 31.3% to 755 listings, while active listings decreased 33.6% to 753 listings, and pending sales jumped 31.1% to 928 pending sales.

Monthly housing inventory decreased 0.4 months year over year to 0.7 months of inventory. The City of Austin now has a higher inventory than surrounding markets like Williamson County, which is historically
not the case.