Happy Wednesday, y’all!
I hope you're enjoying the last week of July before we hit blazing August temperatures. Maybe you're trying to sneak out of town for that last getaway before school starts? If so, we have an offer for you! See below for your $75 Outdoorsy gift.)
Usually the heat causes the real estate market to quiet down, but again this year is defying all historical trends. It was a busy weekend with 3 clients executing contracts on new homes. One was a winner in over 11 other offers! We are thrilled for our clients and the new opportunities in store for them with their new homes.
Buyer interest in Austin is remaining at all time highs, especially with the incredibly low interest rates. Sellers are starting to come back, and we are experiencing a delayed spring selling season, to be sure! And it’s not going to slow down with the announcement of Tesla adding to the impressive ranks of Austin tech employers. See below for more!
State of the Austin Market
In the City of Austin in June, supply continued to be extremely low with 26% fewer homes on the market than last year and 21% more pending homes. This is resulting in higher prices and a much more competitive environment.
In the Austin area we had 32% fewer homes on the market but yet 33% more pending homes and 9% more homes sold. With homes selling faster than they can be listed, we're experiencing a market that is moving FAST!
Now more than ever, it's important for buyers to have a professional agent on their side who can help them compete and WIN! Our team knows what it takes to compete successfully in this market, and we are here to help you and those you love. Please reach out if you or someone you know has a need!
Across the country, and for many different reasons, people are moving. Why?
Mortgage rates hit an
in July: 2.98%.
- Mortgage applications are up significantly: +33% in the first week of July vs. a year ago.
- National home sale activity rebounded: Existing-home sales in June rebounded 20.7% month over month, highest monthly increase
- New single-family home sales soared to
highest rate in 13 years: rose 13.8% year over year.
- Home prices are at all-time highs: Median existing-home prices grew
2.8% to hit an all-time high.
After many months of social distancing, people have never been so intimately aware of the inadequacies of their home, pushing them to be ready to make a move!
We’re also seeing how Compass Concierge has been helping sell homes faster and for more money in 2020:
Concierge homes in 2020 are selling 30% faster than non-Concierge homes
Concierge homes are also selling for 3% more than non-Concierge homes. That 3% difference means that for a $1.2M home, Concierge is creating on average
$36K of additional value for the seller.
Concierge projects had an average of 25 days on market vs 36 days on market for non-Concierge homes.
Concierge homes represent $6B in listings volume (over 5,000 projects) in 2020 alone.
The rumors are true - Tesla is building a factory in Austin! Here are the numbers we've got on the new factory so far:
5,000+ new jobs (50% of which must be filled by Travis County residents), 4-5 million square foot factory space on a
2,100-acre tract of land which will also house a new boardwalk and biking trail. Read more on the new space
Nationally, surveyed workers in the US would be willing to forfeit a portion of their pay in order to keep working from home, and Texans are no exception. The average Texan employee would give up
each month to work from home rather than return to the office! Employees reported that they were more productive from home, and were happy to eliminate their daily commute.
to read more!
Austin sits at #6 in an annual report gauging the ability of 50 North American markets to attract and retain tech talent. However, experts think that this year's increase in working from home will help push Austin higher up on that list. "In other words, Austin’s Silicon Hills might encroach even more on Silicon Valley’s turf." Read the full article
By now you're likely tired of being in your house and ready for an adventure! Experience the magic of outdoor travel with the best RV and trailer rentals from
, and take
$75 off with the code Elleve75
thanks to a generous offer from one of our amazing clients. Thanks, Evan Hopkins!
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Private Exclusive Listings
Our team has access to listings that are not yet on the MLS - let me know if you'd
1104 Belmont Parkway
Old West Austin
5 Bathrooms, 2 Half Baths
Outdoor dining, chef's kitchen, huge deck and pool
1203 Alguno Road, Unit B
Free-standing condo, modern finishes, backyard deck
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
The information contained herein does not purport to be complete nor, necessarily, accurate and should be independently verified; nor does it represent or constitute a legal analysis or financial advice. All of the financial projections and/or conclusions are provided for illustration purposes only. Compass and its agents disclaim any and all liability for representations and warranties, express or implied, contained in, or for omissions from, the information contained herein or any other written or oral communication transmitted or made available to the recipient. This represents an estimated sale price for this property. It is not the same as an opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.