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April 21, 2016 By Mary Lynne Gibbs

March 2016 Austin Real Estate Review

ABoR calls attention to housing diversity issues in Central Texas amidst rising home prices

March 2016 Statistics

• 2,552 – Single-family homes sold, 9.3% more than March 2015
• $278,000 – Median price for single-family homes, 7.8% more than March 2015
• $347,734 – Average price for single-family homes, 4.5% more than March 2015
• 54 – Average number of days single-family homes spent on the market, unchanged compared to March 2015
• 3,633 – New single-family home listings on the market, 12.2% more than March 2015
• 4,669 – Active single-family home listings on the market, 12.2% more than March 2015
• 2,811 – Pending sales for single-family homes, 7.2% more than March 2015
• 2.0 – Months of inventory of single-family homes, 0.2 months less than March 2015
• $887,419,074 – Total dollar volume of single-family properties sold, 14.1% more than March 2015

April 21, 2016 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, Austin-area single-family home sales increased 9.3 percent to 2,552 home sales in March 2016 compared to the same month the year prior. Median single-family home price also increased 7.8 percent year-over-year, reaching $278,000 in March 2016.

“Home sales continue to rise throughout the region, but for many Austin-area residents, homeownership is just not a feasible option,” said Aaron Farmer, 2016 President of the Austin Board of REALTORS^®. “Longtime Austin residents are being priced out of their homes and many are unable to live close to their work or school. As a city, we have to start being mindful of how our property development, appraisal and code enforcement decisions impact not only housing affordability, but also the diversity of our neighborhoods and communities.”

Demonstrating the need for additional housing supply, Austin-area monthly housing inventory was 2.0 months in March 2016, a decrease of 0.2 months from March 2015. This figure is still well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market. Homes spent 54 days on market in March 2016, unchanged from the year prior.

Farmer adds, “The City of Austin’s ineffective code enforcement and land development code are immediate barriers to achieving more diverse, affordable housing options throughout our city, both by failing to preserve existing housing stock through proper code enforcement and restricting infill and further development where additional housing options are needed most.”

Blanca Garcia, Owner and Broker with Casa Blanca Realty, specializes in rapid re-housing and serving traditionally underserved populations. She connects her clients with the financial education they need to get preapproved for a home purchase through groups that offer homebuyer education classes, such as those offered through Habitat for Humanity.

“Working families and young professionals have been priced out of the city for years and these affordability issues are now extending to surrounding areas of Central Texas like Manor and Kyle, with some current Austin residents looking as far out as Lockhart to find an affordable home” said Garcia. “We need creative and collaborative solutions to provide more housing inventory and help homeowners continue to call Central Texas home.”

New listings increased by 12.2 percent to 3,633 listings and active listings increased 1.5 percent year-over-year to 4,669 listings in March 2016. During the same time frame, pending sales increased 7.2 percent to 2,811 sales.

“The Austin Board of REALTORS® is taking action to encourage greater housing diversity in Central Texas by providing enhanced REALTOR® education on fair housing and diversity issues. We want homebuyers and sellers to know that REALTORS® can help them take advantage of homebuyer assistance programs and pre-purchase counseling to find their future home,” concludes Farmer.

April 4, 2016 By Mary Lynne Gibbs

February 2016 Austin Real Estate Review

ABoR hones in on region’s mobility issues as Central Texas continues to grow

February 2016 Statistics

1,783 – Single-family homes sold, 2.9 percent more than February 2015.
$269,900 – Median price for single-family homes, 8.0 percent more than February 2015.
$333,011 – Average price for single-family homes, 7.6 percent more than February 2015.
62 – Average number of days single-family homes spent on the market, three days more than February 2015.
2,793 – New single-family home listings on the market, 11.1 percent more than February 2015.
4,871 – Active single-family home listings on the market, 10 percent more than February 2015.
2,346 – Pending sales for single-family homes, 12.3 percent more than February 2015.
2.1 – Months of inventory* of single-family homes, 0.1 months more than February 2015.
$593,758,953– Total dollar volume of single-family properties sold, 10.7 percent more than February 2015.

March 21, 2016 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, Austin-area single-family home sales increased by 2.9 percent to 1,783 home sales in February 2016 compared to the same month the year prior. Median single-family home price also increased 8.0 percent year-over-year, reaching $269,900 in February 2016.

This continued market growth further emphasizes the need for major improvements to reshape the transportation future of Central Texas.

Aaron Farmer, 2016 President of the Austin Board of REALTORS^®, explained, “The challenges facing our region’s infrastructure are approaching critical mass. Austin-area residents are relocating farther and farther outside of Austin due to affordability issues and yet are spending more and more time stuck in traffic each year. With the rate our region’s population is growing, this is simply not sustainable.”

ABoR’s Transportation Policy Team monitors city and regional transportation plans and projects and engages in transportation policy issues to ensure Central Texas residents have a variety of reliable and efficient modes of transportation.

“We stay on top of the main mobility initiatives in Central Texas, such as the MoPac Improvement Project, and get involved as projects are planned and developed,” said David Hood, ABoR Transportation Policy Team Chair. “ABoR represents a diverse group of Realtors and homeowners across Central Texas, so we look at how a transportation project or proposal will impact these unique populations and the entire region in the long term.”

As the market remains competitive, Austin-area monthly housing inventory was 2.1 months in February 2016, an increase of 0.1 months from February 2015. This figure is still well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market. Homes spent 62 days on market in February 2016, three days more than the year prior.

New listings increased by 11.1 percent to 2,793 listings in February 2016 and active listings increased by 10 percent year-over-year reaching 4,871 listings. Additionally, pending sales increased by 12.3 percent at 2,346 sales.

Farmer concluded: “The Austin Board of REALTORS® is glad to see Mayor Adler’s regional approach to solving the Austin area’s growing transportation challenges through the Mobility 20/20 Solution. Our region needs a variety of multi-modal transit solutions for our infrastructure to sustain future growth and it’s going to take collaboration between Austin leadership and surrounding cities to make that a reality.”

March 24, 2016 By Mary Lynne Gibbs

Spring has Sprung!

Bluebonnets are beginning to bloom and have begun blanketing Austin roadsides, making morning commutes a little more beautiful! This is our favorite time of year, when the Texas’ state flower blooms as if its sole purpose is for us to enjoy, and of course, take photos in!

If you’re looking for a perfect place to start planning your bluebonnet photo-op, below is a list of places that bluebonnets have already been sighted in Austin. To stay updated daily bluebonnet sightings around Austin, visit Texas Bluebonnet Sightings page.

South Austin – 1797471_10156614750105147_2774503265556702265_n

Lady Bird Johnson Wildflower Center
Manchaca Road next to Pedernales Electric Coop
McKinney Falls State Park

Dripping Springs –

10 miles north of Hamilton pool along 281

Central Austin –

Concordia University
St. Edward’s Universit
Laguna Gloria

Round Rock / Cedar Park/ Georgetown/ Pflugerville –

Old Settler’s Park next to Dell Diamond
North side of FM1431 just west of Interstate 35 at the Wag-A-Bag
Teravista Subdivision, Westinghouse Road
Brushy Creek Lake Park
Dell Way in Round Rock. Behind Joe’s Crab Shack on I-35
William’s Drive in Georgetown

Other noteworthy areas that had bluebonnets last year but have NOT been confirmed for sightings yet:

RR 2244/ Bee Cave Rd.
Bull Creek & 45th St.
FM 1431 to Cedar Park
Hwy 195 in Georgetown
Hwy 130 in Round Rock
FM 1626 in Kyle
Toll Road 130 & FM 969 in East Austin
Capital of Texas Highway/ Hwy 360

Please note that Muleshoe Park known for its amazing bluebonnets in past years is currently under water this year due to Lake Travis being full again.

February 22, 2016 By Mary Lynne Gibbs

January 2016 Austin Real Estate Review

Austin-area home sales dip, community leaders tackle affordability issues

Austin Board of REALTORS^® releases real estate statistics for January 2016

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

AUSTIN, Texas – Feb. 22, 2016 – According to the Multiple Listing Service (MLS) report released today by the Austin Board of REALTORS®, Austin-area single-family home sales dropped slightly in January 2016 compared to the same month the year prior. Home sales decreased by 1.9 percent year-over-year to 1,459 home sales and median price increased 6.3 percent year-over-year, reaching $254,999 in January 2016.

Aaron Farmer, 2016 President of the Austin Board of REALTORS^®, explained, “If we’re going to successfully address our city’s continued affordability issues, we all need to work together. We’re excited that several business owners and community leaders are stepping up and bringing new, tangible solutions to the table to help alleviate some of the challenges.”

Developers such as President of Momark Development Terry Mitchell are working to provide more affordable solutions through projects that provide workforce housing or subsidized housing for families who make 80 percent or less of median family income.

“We all know someone – our children, parents, our children’s teachers and friends – who are affected by the affordability issues in Austin,” said Mitchell. “The lack of affordability is affecting transportation, economic development and literally the future of our city. There are solutions, but they require a clear vision and a willingness to change.”

Executive Director of HousingWorks Austin Mandy De Mayo plays a large role in ensuring diversified housing is developed in Austin. In 2016, HousingWorks will focus on research, advocacy and education through initiatives involving research on the impact of stable, affordable housing on families’ health outcomes, an annual district-by-district analysis of affordable housing, support of CodeNEXT and other key projects.

“Rewriting the land development code is incredibly important to overall market affordability and will ensure that Austin can serve a wide range of households with homes marketed at a variety of price points,” said De Mayo. “We haven’t had a new code since the 1980s and if we can get it right this time, the end result will be a variety of housing options for all income levels.”

Austin-area monthly housing inventory was 2.0 months in January 2016, an increase of 0.1 months from January 2015. This figure is still well below the 6.5 month level the Real Estate Center at Texas A&M University estimates as a balanced housing market. Homes spent 56 days on market in January 2016.

“Inventory has fallen below three months for three years and while we’ve seen this affect home prices for months, it’s possible that we’re now seeing it affect home sales,” added Farmer.

New listings increased by 8.0 percent to 2,399 listings in January 2016 and active listings increased by 11.4 percent year-over-year reaching 4,751 listings. Additionally, pending sales increased by 16.6 percent at 2,207 sales.

Farmer concluded, “We know this climate is confusing for anyone living in Austin and we’re equipping our members to help homeowners navigate this competitive market through programs like our upcoming Member Forum. We’re bringing in development experts like Terry Mitchell, lending advisors and legislative advocates who are helping to shape the affordability landscape in Central Texas.”

January 2016 Statistics

1,459 – Single-family homes sold, 1.9 percent less than January 2015.
$254,999 – Median price for single-family homes, 6.3 percent more than January 2015.
$322,620 – Average price for single-family homes, 3.8 percent more than January 2015.
56 – Average number of days single-family homes spent on the market, seven days less than January 2015.
2,399 – New single-family home listings on the market, 8.0 percent more than January 2015.
4,751 – Active single-family home listings on the market, 11.4 percent more than January 2015.
2,207 – Pending sales for single-family homes, 16.6 percent more than January 2015.
2.0 – Months of inventory* of single-family homes, 0.1 months more than January 2015.
$470,702,965 – Total dollar volume of single-family properties sold, 1.9 percent more than January 2015.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

January 27, 2016 By Mary Lynne Gibbs

Don’t Forget To File Your Homestead Exemption!

Did you purchase a home in 2015? Is this new home your primary residence? If so, congratulations! It is now time to file for your Homestead Exemption, a tax exemption for primary home owners. The exemption is free to obtain and can save you up to 20% on your property taxes. In addition to submitting the exemption application, you may also need to provide a copy of your driver’s license showing the address of your new property and a copy of your vehicle registration with the same address. The deadline for filing your Texas Homestead Exemption is April 30th.

There is no fee to file your homestead exemption. But, please beware that you might receive an official looking letter asking for $25+ to file this exemption for you. This is not necessary.

Please see the contact information below for Travis, Williamson, Hays and Bastrop counties for the Homestead Exemption forms and instructions on filing.

Travis County – http://www.traviscad.org

Williamson County – http://www.wcad.org

Hays County – http://www.hayscad.com

Bastrop County – Call 512-303-1930 ext. 22

To qualify for the Homestead Exemption in the state of Texas, you must own your home on January 1, 2015 and it must be your principle residence.

Additionally, if you are older than 65 or a disabled veteran, you may also qualify for other exemptions. Please go to http://www.window.state.tx.us/taxinfo for more information and what exemptions you might be eligible for.

If you have any questions or need help filing your Homestead Exemption form, don’t hesitate to call or email us. We are always happy to help!