The #1 Central Texas Market Report
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Elon Musk is not the only Silicon Valley heavyweight exiting the Bay Area. Earlier this month, the company that defined the Silicon Valley we know today, Hewlett Packard Enterprise (HPE), announced that it too will move its headquarters to Austin in 2021 after nearly a century in Palo Alto.
According to data from the Austin Chamber of Commerce, by this past November, 39 companies in tech and other industries had found new homes in the Austin in 2020 so far. Besides just the tech conglomerates mentioned above, the list also includes venture capital firms, startups, and consumer-centric brands, such as e-cigarette maker Juul Labs. 8VC, Realtor.com, Zynga, Zen Business, Iron Ox, RV Share, VORAGO Technologies, and more. List of relocations and Expansions Log
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AUSTIN MSA IS ON PACE TO BREAK HOUSING RECORDS
Despite the economic challenges the pandemic has presented, Austin’s housing market activity is stronger than it’s ever been. MSA home sales jumped 23.8% year over year to 3,397 sales, No sign of a typical seasonal slowdown heading into the new year. Housing demand has only increased over the past several months, on the ground our main challenge as Realtors is navigating the critically low levels of inventory. This near-zero level of housing inventory throughout Central Texas is staggering, and is putting enormous pressure on home prices, and the rental market!
With a steady influx of job creation in the pipeline with all of these big companies relocating here, the housing market will continue to post strong numbers well into 2021, But, because the market is not slowing down, we'll continue to see demand outpace the inventory. The bottom Line is this growth is not sustainable, variable that will inevitably hold the market back is the lack of inventory.
NOTE: November Closed Sales are the results of contracts written mostly in October.
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Travis County
Sales increased 25.2%
Median price rose 19.7% YOY to $425,000.
New listings increased 8.2% to 1,388 listings
Active listings decreased 47.2% to 1,523
Pending sales up 22.4% to 1,642 pending sales.
Housing inventory fell 0.9 months to 0.9 months of inventory.
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Hays County
Sales increased 30.4%
Median price rose 18.5% YOY to $303,525.
New listings increased 6% to 338 listings
Active listings fell by 50% to 439
Pending sales soared 54.6% 422 pending sales.
Housing inventory fell 1.6 months to 1.1 months of inventory.
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Williamson County
Sales increased 19.8%
Median price rose 18% YOY to $326,725.
New listings increased 2.2% to 903 listings
Active listings tumbled be 71.8% to 604
Pending sales up 12.2% to 1,048 pending sales.
Housing inventory fell by 1.6 months to 0.5 months of inventory.
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The Question Leaders should be asking now is...
When those who can't find a property within the city, and can't simply expand their search to find a home either, what effect does that have??
When the entire Central Texas region has no inventory, that's the bigger problem that needs to be solved. The question our leaders and lawmakers really need to really think on... is how such a widespread lack of housing will impact Austin’s suitability as a destination for businesses and economic growth.
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THIS WEEK'S MARKET ACTIVITY
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Thank you for your time today!
Stay safe and let me know what in the world I can do for you!
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