The Gibbs Team

512-431-2403

Mary Lynne Gibbs

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CRS: EXPERTS ARE WEIGHING IN

By Mary Lynne Gibbs • 2018 Director

How fortunate we are to live in such a great city as Austin, Texas. The Austin-Round Rock MSA is the 31st largest metropolitan area in the U.S. I love that we continue to be on the top performers lists in the state and we continue to attract national attention. The area is predicted to continue to outperform most of the nation and lead by expansion in manufacturing, producing and distributing information and cultural products.   

According to David Tandy, president of Texas National Title:

  • Job growth will be strong because of companies expanding and moving here. The challenge is the very low unemployment rate. There are no employees to hire.
  • Median home price will increase 3 to 4 percent. It was 3.2 percent for 2017. Price points and interest rate increases will keep it from being more of an increase.
  • Rates will rise gradually, especially if the stock market continues to increase.
  • We will build about the same number of homes (15,000 to 16,000).
  • Active listings will be at 2017 levels, not 2016 levels because we are still not building enough homes.
  • Days on market increased an average of 60 DOM in 2016 to an average of 77 DOM in 2017. That will probably increase another 10 percent or so in 2018.

As we see our inventory decrease in the heart of Austin the suburbs tend to be where more affordable choices are found. Folks that typically prefer to be downtown are looking to the outskirts of town for newer options with more square footage and space.

“The bottom line is that a lack of first time buyer inventory is the root cause of home prices going up. In addition, interest rates are the only thing keeping home affordability in check. Prices are now higher than ever. If the fed does get to raise the rates like they want, then we will see a decrease in demand. The reason they may not raise them anymore this year is because inflation is low, unemployment is low and GDP is close to normal,” says Gary Keller, co-founder and chairman of the board of Keller Williams Realty.

Come hear from Texas State Senator Kirk Watson share his Vision for Central Texas at our Central Texas CRS luncheon at 11:30 a.m. until  1 p.m. on Feb. 21. Tickets are $20 for CRS members and $25 for non-members.

Also, mark your calendars to hear CRS Instructor and 2011 CRS National President Frank Serio from Delaware teach “Building an Exceptional Customer Service Referral Business” from 8:30 a.m. to 5 p.m. March 6 and 7 at the Keller Williams Realty – Lake Travis office. It will be a highly interactive course designed to deliver all the essentials for refocusing your business plan to be customer service centered in order to attract repeat and referral clients for life.

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CRS – Certified Residential Specialist

By Mary Lynne Gibbs • 2018 Director

Happiest of New Years to you!  Is one of your resolutions or intentions to be the best REALTOR you can be? Is your intention to improve in your professional role? Why not include CRS in your plan? What better way to increase your professional skills and knowledge by earning your CRS designation or up your game if you already have your designation?

Council members represent the top three percent of all REALTORS in the country. With 33,000 members, you are immediately connected to a professional network of top producers for best-in-class education, networking, valuable referrals and more.

When you join ranks with the most accomplished agents and brokers in the U.S., you gain the credentials and advanced professional knowledge that commands the trust and attention of your clients and peers. You set yourself on the path to earning the most prestigious designation in real estate.

Please join us at Sell-a-bration with educational classes like Marketing and Online Reviews, Social Media and Marketing, Personal and Professional Development, and Systems for Success. It will be held from 8 a.m. until 5 p.m. on Feb. 5 and from 8 a.m. until 4 p.m. on Feb. 6 at the Gaylord Texas Resort & Convention Center. I’m personally excited to hear Mel Robbins and Platon as the keynote speakers.   

Also, don’t miss out on the TX CRS classes and luncheon at the TAR Winter Meeting Feb. 10-12 at the Hyatt Regency Austin.

Mark your calendar and make plans to join us for our bi-monthly CRS luncheon from 11:30 a.m. to 1 p.m. on Feb. 21 at the Westwood Country Club.

As we usher in a new year, we are excited to announce that our organization also has a new name, website and logo. Council of Residential Specialists will now be called Residential Real Estate Council.

I am honored to serve our Central Texas region as the director for 2018 and be accompanied by our board consisting of David Burton, Gay Puckett, Georganna Zaba, Lili Maliner, Susanna Boyer and Ted Smith. Contact us if you want to be more involved in a committee, attend CRS classes or simply want a preferred vendor for an upcoming event. Find us at crs.com. 

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June & Mid-Year 2016 Austin Real Estate Review

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Click on any image above to view infographics for each area.

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Austin Board of REALTORS® releases June 2016 & Mid-Year 2016 Central Texas Housing Market Report

AUSTIN, Texas – July 15, 2016 – Single-family home sales and prices experienced strong gains throughout the Central Texas region in the first half of 2016, according to the June & Mid-Year 2016 Central Texas Housing Market Report released today by the Austin Board of REALTORS®.

“Despite the ongoing housing shortage and affordability challenges impacting our region, population growth and housing demand continue to drive home sales upward,” said Aaron Farmer, 2016 President of the Austin Board of REALTORS­®. “The Austin-Round Rock housing market is on track to outpace 2015 market levels, which was a record-breaking year for home sales.”

Austin-Round Rock Metropolitan Statistical Area (MSA)

Single-family home sales in the five-county Austin-Round Rock MSA rose 6.1 percent year-over-year to 14,482 home sales in the first half of 2016, while median price rose seven percent year-over-year to $282,000. Home listings also experienced gains in the first half of the year, with active listings increasing 6.6 percent to 5,290 listings, new listings rising 5.7 percent to 20,060 listings, and pending sales rising 7.2 percent to 15,909 sales.

Rising home sales and home prices means a greater impact on the region’s economy as well. Sales dollar volume in the Austin-Round Rock area was $5,073,874,678, an 11.5 percent increase from the first six months of 2015.

Single-family housing market activity continued to be strong in June 2016, with home sales jumping to 3,219 sales, an 8.5 percent increase compared to June 2015. Median price rose 8.2 percent to $295,500 during the same time frame. Monthly housing inventory remained unchanged at 2.5 months, which is less than half of the Real Estate Center at Texas A&M University’s benchmark of 6.5 months as a balanced housing market.

City of Austin

Despite ongoing housing affordability challenges, single-family home sales in the City of Austin increased 3.4 percent to 4,465 home sales in the first half of 2016. Of the 21,036 single-family homes sold in the 18-county Central Texas region in the first half of 2016, approximately only one in five (21 percent) were sold within the Austin city limits. Median price increased 5.6 percent to $339,652 in the first half of the year, while active listings jumped 20.1 percent to 1,298 listings during the same time frame.

In June 2016, Austin home sales increased 2.6 percent to 975 home sales, while median price increased only 2.9 percent to $350,000. Monthly housing inventory increased 0.3 months to 2.1 months, while homes spent a little more than one month (32 days) on the market on average, an increase of two days from June 2015.

“The Central Texas housing market is performing very well, but extreme housing shortages across the region continue to be a challenge,” said Jim Gaines, Chief Economist at the Real Estate Center at Texas A&M University. “Homes under $300,000 have less than two months of inventory in the Austin-Round Rock MSA, which means that housing at these price ranges is essentially nonexistent. The growing “donut effect” of homes sales activity as homebuyers move outside Austin city limits in search of more affordable housing is on pace to continue in the near future.”

Travis County

In the first half of 2016, Travis County single-family home sales increased 4.9 percent year-over-year to 7,203 home sales–nearly half of all single-family homes sold in the five-county MSA during the same time frame. In the meantime, median price increased 7.8 percent year-over-year to $330,000. In June 2016, single-family home sales increased 5.2 percent to 1,567 home sales, median price rose 10 percent to $357,500. However, monthly housing inventory stayed steady at 2.6 months.

Williamson County

Williamson County single-family home sales jumped 11.9 percent year-over-year to 1,140 home sales in June 2016, while median price rose 8.7 percent to $269,500 during the same time frame. Housing inventory dropped 0.2 months to 2.1 months of inventory in June 2016, making the housing shortage in Williamson County equally as critical as in the City of Austin.

In the first half of 2016, single-family home sales jumped 7.2 percent to 4,966 home sales, while median price rose 6.3 percent to $260,000. More homes were sold in Williamson County in the first half of the year than in the City of Austin (4,465 home sales year to date), despite having a population half the size of the City of Austin’s.

Hays County

In the first half of 2016, Hays County single-family home sales rose 5.1 percent year-over-year to 1,677 home sales, while median price increased 4.7 percent year-over-year to $243,000. As a result of strong housing development and sales activity throughout the county, new listings increased 12.2 percent year-over-year to 2,332 listings and active listings jumped 17.3 percent year-over-year to 732 listings in the first half of the year. In June 2016, single-family home sales increased 5.8 percent year-over-year to 366 home sales, while median price crept up 2.3 percent to $249,950 during the same time frame.

“It’s important that we think of the growing housing affordability crisis not just as an Austin issue, but also as a regional challenge,” concluded Farmer. “Housing supply shortages have reached critical levels throughout the region and areas with affordably priced homes are becoming smaller and father away from jobs. Some homebuyers are now looking at homes an hour or more outside of Austin to find a home that they can afford. City of Austin leaders as well of those of surrounding cities must come together to solve our region’s challenges in housing supply, affordability and infrastructure.”

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Fourth of July Festivities!

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Lakeway’s July Fourth celebration. The annual parade begins at 10:30 a.m. Friday at Live Oak Golf Course, 510 Lakeway Drive, and ends at Lakeway Activity Center, 105 Cross Creek; it will be followed by the Pageant of Flags, which will include a free continental breakfast and live music. Free. The Lakeway Swim Center will be open from noon to 9 p.m. ($3 per person). Visit www.lakeway-tx.gov

Hill Country Galleria’s 4th of July Celebration. Enjoy shopping, dining, live music, and fireworks! Bring chairs or blankets and enjoy the live music starting at 6:30 p.m.  The Candy Jar will be on-site serving up snowballs & treats.  Children can enjoy a complimentary face painter. Fireworks are always shot off northwest of the outdoor Amphitheater.  The prime viewing area is on the Amphitheater’s grassy lawn or the east side of the Amphitheater (nearest The Candy Jar). Firework show will take place at approximately 9:15 p.m. Parking and admission are always free. 12700 Hill Country Blvd. Ste. T-100 Bee Cave, TX 78738.

Bob Schneider’s 4th of July Bash @ Nutty Brown Cafe. Saturday, July 2nd, 2016 at 7:30pm. Bob Schneider is back for his annual 4th of July Bash at the Nutty Brown Cafe with a spectacular fireworks show! Tickets start at $20 for general admission (all ages), and can be purchased online here.

4th of July Celebration. Free watermelon, carnival games, face painting and more, all leading up to a fireworks display. 4 to 10:30 p.m. Friday. Free. Milburn Park, 1901 Sun Chase Blvd., Cedar Park. 512-401-5888. cedarparktexas.gov.

Cedar Park 4th of July Parade. Begins at 10 a.m. at the Cedar Park Center, 2100 Avenue of the Stars, travels down Discovery Boulevard, and ends at the Cedar Park Recreation Center, 1435 Main St., Cedar Park. 512-401-5888. cedarparktexas.gov.

Leander Liberty Fest. Games, activities, vendors and a live performance from Roger Creager with special guest Bri Bagwell, followed by a fireworks display. 6 to 10 p.m. Friday. Free. Festival entry will be on U.S. 183A South between San Gabriel Parkway and Hero Way. leandertx.gov.

Northwest Austin Civic Association Fourth of July Parade. The parade will begin at 9 a.m. Friday on the corner of Far West Boulevard and Waterline Road, and end at Doss Elementary School, 7005 Northledge Drive. Visit nwaca2org.

Pflugerville Pfirecracker Pfestival. Live music and vendors, festival food and games for kids followed by a fireworks display. 3 to 11 p.m. Friday. Free. Lake Pflugerville, 18216 Weiss Lane. 512-990-06113, www.pflugervilletx.gov.

Round Rock Express Fourth of July Fireworks. The team will play against the Nashville Sounds, followed by a fireworks display. 7:05 p.m. Friday and Saturday. $16. Dell Diamond, 3400 East Palm Valley, Round Rock. milb.com.

Sertoma Club July 4th Celebration and Fireworks. Enjoy arts and crafts vendors, food vendors, a petting zoo, children’s rides and a car show with antique and classic vehicles, followed by a fireworks display. 11 a.m. Friday. Free. San Gabriel Park, 445 E. Morrow, Georgetown. georgetown.org.

July 4th celebration and fireworks at San Gabriel Park. The fireworks display begins at approximately 9:30 p.m. Fireworks will be launched from the McMaster Athletic Fields on N. College Street. Fireworks can be viewed from San Gabriel Park, VFW Park, and other areas in Georgetown.

“Pit-Nic.” Live music, games and cool zones, Stubb’s barbecue, and a special Independence Day cocktail. 2 p.m. Friday-Sunday. Free. Mean Eyed Cat, 1621 W. Fifth St., 512-920-6645. themeaneyedcat.com.

Austin Symphony H-E-B July Fourth Concert & Fireworks. Patriotic music and fireworks at Circuit of the Americas. 8:30 p.m. Friday. Free and open to the public. 9201 Circuit of the Americas Blvd. austinsymphony.org.

“Sixty from the ’60s.” Free admission on Friday to the exhibit featuring 60 Americans who helped mold movements, trends and lifestyles of the 1960s. 9 a.m. to 5 p.m. LBJ Presidential Library, 2312 Red River. 512-721-0200. lbjlibrary.org.

July 4th Pickled-Egg Eating Contest. Compete to win $250; benefits Little Artist BIG ARTIST, a mentoring program in East Austin elementary schools. 4:30 p.m. Friday. $20. Haymaker, 2310 Manor Road. For more information contact events@haymakeraustin.com or go to www.haymakeraustin.com.

4th of July Concert & Fireworks. Patriotic music by Starlight Symphony Orchestra with area choirs, followed by fireworks display on the front lawn at Hays CISD Performing Arts Center. 7 to 9:30 p.m. Friday. Free. 21003 Interstate 35, Kyle. 512-268-2141. hayscisd.net.

SummerFest! Live music, children’s patriotic costume parade, patriotic program, fireworks display at 9:30 p.m. 6 p.m. to 11 p.m. Friday. Free. San Marcos Plaza Park, 206 N. CM Allen Parkway. Parking at Strahan Coliseum Parking Lot. Lions Club Tube Rental open all day; Rio Vista Pool open from noon–6 p.m. ($2 kids, $3 adults) www.summerfestsmtx.com.

Patriotic Festival. Family-friendly activities, followed by Patriotic music by Austin Symphonic Band and a fireworks display. 6 p.m. Saturday. Free. Fisherman’s Park, 1200 Willow St., Bastrop. Visit www.bastropchamber.com

“Push, Pedal and Pull People’s Patriotic Parade.” The parade will begin at 10 a.m. Friday at City Hall, 310 N. Main St., and concludes at Veterans’ Memorial Park, 109 Depot St.; it will be followed by a July Fourth program. Free. Visit elgintx.com.

Delwood’s annual 4th of July Parade and Neighborhood Celebration. Parade begins at 9 a.m. Friday at 1200 Bentwood Road and will feature vintage cars, floats and musicians, followed by a noon picnic that includes food, live music, a pie contest and children’s activities. Free.

Folk of July Festival. Two stages with performances from the Whiskey Sisters, the Harmed Brothers, Aisha Burns, Canvas People and more. Doors at 6:30 p.m. Saturday. $10. Historic Scoot Inn, 1308 E 4th St, Austin, TX 78702.