December’s Hot Real Estate Market

The market is not slowing down and 2020 is not over just yet! WAY REALTY GROUP has been busy this week with commercial and residential activity that includes 2 closings, 2 new listings, 2 properties under contract, and 4 offers being negotiated. And it is only Wednesday…

Buying, selling, leasing, or investing in commercial or residential real estate in Texas? We can show you the Way!

Call us today at 512-537-1699

Central Texas Real Estate Market Update

MARKET UPDATE: CENTRAL TEXAS HOUSING MARKET CONTINUES TO SOAR DESPITE LOW INVENTORY

According to the latest (September) Central Texas Housing Market Report released by the Austin Board of REALTORS® (ABoR), the Central Texas housing market continues to exhibit strength despite economic challenges and shrinking housing inventory. In September, home sales across the Austin-Round Rock Metropolitan Statistical Area (MSA) soared 31.5% year-over-year to 3,892 sales. Historically, this time of year home sales are lower, but because of decreased activity during the shelter-in-place orders due to the pandemic, the summer selling season extended into September.

A majority of the real estate projects we finance are in the Austin area, so we think you will find the September year-over-year statistics in the Austin MSA below encouraging.

Austin MSA September 2020 Year-Over-Year Statistics 
Sales Dollar VolumeUp 51%$1.77 billion
ClosingsUp 31%3,892 closings
Avg. Sales PriceUp 12%$355,000
Avg. Days on MarketDown 14 days37 days
New ListingsUp 5%3,539
Pending SalesUp 28%3,767
Months of InventoryDown 1.3monthsto 1.2 months

These statistics are simply amazing, especially the increase in closings (up 31%) and drops in days on market and months of investory.  Vaike O’Grady, Austin regional director for Zonda (formerly Metrostudy), said the city of Austin has a limited number of residential lots. This is forcing developers to move to the suburbs where land is more available and less expensive.When it comes to construction in suburban markets, homes simply can’t be put on the ground fast enough to meet demand.

“The housing market is pumping billions of dollars into our region’s economy at a time it’s greatly needed, but we also need to be cognizant of the impact such rapid activity is having on record-low inventory levels and rising home prices,”Romeo Manzanilla, 2020 ABoR president said. “Austin’s suburban markets have historically offered housing stock at lower price points that created opportunity for people when buying or renting inside Austin city limits was not an option. Now, these markets are showing the same gains in prices and declines in inventory as we’re used to seeing inside Austin, putting pressure on the market as a whole.”

In summary, we are blessed to be doing business and investing in Texas and, in particular, the central Texas region.

OPEN HOUSE 7/11 – Burnet Ranch for Sale

OPEN HOUSE for the PUBLIC
Saturday, July 11, from 2:00 to 5:00 PM

3370 FM 3509, Burnet, TX 78611
(3 miles south of Hwy 29 on Hoover Valley Rd)

Come enjoy refreshments and a tour of this spectacular property with panoramic hill country views (including Lake Buchanan). The 5,771 sf two-story custom built home has 5 bedrooms, 5 bathrooms, and garage space for 7 cars, large patio with pool, pool house, and full outdoor kitchen. Sitting on 49.89 acres and fully fenced with longhorns and horses, this AG exempt property makes a first class bed and breakfast, event center, or your hill country dream home.

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Come check it out!

Pictures and video tour available here.

Is Your Business Essential?

Friends and Clients,

I am posting links that give the conditions for the shut down announced today for Travis and Williamson Counties. This includes identifying what kind of business is considered essential and therefore allowed to continue “normal” operation.

Real Estate services are considered essential if the transaction involves one of the essential businesses on the list, and most commercial real estate is related to businesses on the list, so be assured that while I am working from my home office, I am still here working for you. I am still receiving inquiries on listed properties and still working to arrange tours either virtually or in person on a case by case basis. I am still doing daily property searches for those of you who are looking to buy, invest, or lease property and will continue to forward updates as they are available.

This is an uncertain time, but also a fantastic opportunity. Real Estate historically remains one of the best investments you will ever make. Keep a long term mindset and do not get bogged down in this fog of fear and misinformation.

Here are the shelter-in-place orders and a break-down of essential businesses from Travis and Williamson Counties:

https://www.kxan.com/news/local/austin/what-is-an-essential-business-in-austin-travis-county/

Williamson County Stay Home Stay Safe Order

Keep yourself safe and sane! And if there is anything I can do for you during this shut down please let me know.

Phillip M Way
Licensed Texas Realtor