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Bill Morris
RE/MAX Capital City
13018 Research Blvd
Austin, TX 78750

Direct or Text: 512-785-3345
Email:              bmorris@remax.net

Texas Broker License # 505218

Thank you for visiting today. If this is your first visit, please take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I will welcome your comments, questions, or suggestions. I would also love to learn about your real estate needs, wants, and objectives, and I will offer my best professional advice and counsel.

My Thoughts on Central Texas Real Estate

Proud recognition

My About Me page mentions my selection as a Five Star Real Estate Professional and recognized in Texas Monthly magazine each year since 2011.  In connection with that award I am also proud to have been featured for two years in Forbes in 2018 and 2019:

Real Estate Market Leaders

I am especially proud that this represents recognition from my clients for high quality service and satisfaction.  Thank you to all who have participated in many surveys over the years!

More on Austin-area Home Prices

Last week I wrote about how the distribution of homes sales in the Austin Metropolitan area have changed over the past several years (Home Prices in Austin).  I trust it surprised noone that prices throughout the region have increased.  Now, I want to break that down by city within the region, focusing just on reported sale prices in 2018.

The table below shows what percentage of sales in each city listed were in the price ranges shown last year.  For the purposes of this post, “home” includes houses, townhouses, and condominiums.  Just for clarity, “Austin Metro” covers the entire 5-county metropolitan area (Travis, Williamson, Hays, Bastrop, and Caldwell).  The “Urban Core” as shown here is the area bounded by Loop 360, Hwy 183, and Ben White Blvd.  With that, here’s the data:

Obviously, there is very little activity in our area below $150,000, and almost none above $1,000,000 except in the Urban Core, Lakeway, and Dripping Springs. I have highlighted the most prevalent price ranges in each city, and you can see generally increasing home values moving right across the table.  In 2018, 60% of homes sold across the metropolitan area were between $200,000 and $400,000, and about half of sales in Austin were in that range too.  But notice that in the Urban Core that drops to 34%, and the largest share of sales in that very large part of the city was between $500,000 and $750,000. 

I continue to believe we’ll see this distribution to creep toward the right in all of those cities this year, and I will update you as we go.

 

Home Prices in Austin

It’s no secret that home prices in the Austin metropolitan area have been increasing over the past several years.  Although the pace of price appreciation has slowed (Market moving toward “normal”?), it is still a very real part of our market environment and will likely continue for at least another year or two.  As part of my look back at our real estate market, it’s worth seeing how home price distribution has changed in the Austin metro area over the past eight years:

Notice that the $150,000 to $200,000 price range fell below 10% of our market for the first time in 2018, and that even the $200,000 to $250,000 range declined slightly last year.

But look at what has happened from $250,000 to $750,000. 52% of all home sales last year were above $300,000, and even the share of homes priced above $750,000 doubled since 2012, when we began our return from the last market bottom.

On paper, median income in the area has largely kept up with those changes, but well-paid, mostly tech employees are a different population than more traditional middle class workers. Affordable workforce housing is a growing challenge. I’ll have more to say about that as the year proceeds.

ABR - Accredited Buyer RepresentativeChildrenCRS - Certified Residential Specialiste-PROREALTOR® certificationNAR GreenCertified Distressed Property ExpertFive Star Professional

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