Each year I look forward to the Austin economic year end wrap and projections for the next year. Mark Sprague, State Director of Information Capital for Independence Title is my favorite economist because he tells it like it is and is not overly optimistic or pessimistic!
This year he entitled his re-cap “Post Election Wrap!” With all the controversy over the Presidential election he wanted to stress how the show would go on and our Austin economy would continue to expand and grow. We need to stay focused on how to handle the influx of new residents and industry expansion and keep our heads down and take care of business! Here are some of the important take away statistics that stuck with me:
- In 2013 Austin experienced the recovery which has continued through 2016. Austin continues to be in an expansion mode.
- In 2016 the volume as well as the values continues to improve. The median value is up 5%.
- New and resale home inventory levels are tight.
- 55,000+/- people are annually moving to Austin.
- 45,000 total annual job creations.
- 2.8 months Austin resale inventory (seller’s market).
- 6,805 listings currently on market.
- Lending requirements are still tight, causing fewer opportunities.
- New home sales will continue to improve in volume. Construction costs increasing with lack of qualified labor. Presently costs are rising 1% a month.
- Multi-family is near a “tipping point.” Rentals are at 93.8% occupancy. There are less than 18,579 units currently available in the Austin metro area.
- Only 1 out of 5,075 properties in the Travis county area are in foreclosure.
- Lower Supply + Higher Demand = Continued value improvement
Mark’s prediction is for growth to plateau but will not stop through 2017 for Austin. He left us with “There is not a better time to buy a home or real estate in Austin Texas! If not now, when?
As always, Austin real estate information is brought to you by Dorie Dillard, your NW Austin real estate professional with Coldwell Banker United Realtors®.
P.S. If you are considering the sale or purchase in NW Austin I would appreciate the opportunity to earn your business and exceed your expectations.
I am a recognized professional in NW Austin real estate. I’m a good listener and act, not react to your needs. I have systems in place and references at hand. Let’s schedule a time to see if we are a good match. Let me put my expertise to work for you...reach out to me at 512-346-1799 or email at dillard@reloaustin.com. I offer you hands on Professional guidance for all your real estate needs.
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