Home prices in Austin set record last month but homes have rebounded from the declines in August and July, increasing sales 10% (in comparison to September 2013). ABOR’s president, Bill Evans emphasizes that this increase in sales is a “testament to the strong population and job growth that the Austin area and its economy continue to enjoy.” However, the prices of Austin homes are continually increasing, making it difficult for Austinites to purchase homes. On November 4, voting will be available for Austin, giving the community an opportunity to to vote for city council members who will focus on prioritizing the housing development and affordability issues in 2015.
Now for the September 2014 statistics:
-2,524 single-family homes sold (10% more than Sept. 2013)
-Median price for single-family homes: $240,000 (8% more than Sept. 2013)
-Average price for single-family homes: $308,514 (7% more than Sept. 2013)
-Average number of days homes spent on the market: 44 (unchanged from Sept. 2013)
-2,586 new single-family home listings on the market (4% more than Sept. 2013)
-6,469 active home listings on the market (8% more than Sept. 2013)
-2,201 pending sales for single-family homes (11% more than Sept. 2013)
-2.8 months of inventory of homes (0.1 months more than Sept. 2013)
-Total dollar volume of single-family properties sold: $778,689,336 (18% more than Sept. 2013)
This exciting 3-day event is almost here, and Austin fans are amped up for all of the fun Formula 1 festivities when they’re not at the race! Two rounds of practicing will take place Friday 10/31 and Saturday 11/1, then the 2014 Formula 1 United States Grand Prix will start Sunday at 2:00 pm sharp. If you can’t make it over to the race, there will be lots of free music going on in downtown Austin all three days. See the line up and full schedule here.
There will be a special event on the Wednesday before the race featuring Daniel Ricciardo and Sebastian Vettel. They will be running a special demo on downtown Congress, showing off the winning 2011 world championship car, and they’re even presenting the opportunity for fans to take a ride.
If you’re attending the race, be sure to double check the Formula 1 website which has all the information race-goers need to know (hotels, parking, race day checklist, bike route and more!)
Austin’s unemployment rate was 1% less this September than in 2013, dropping to 4.2%. In total, Texas added 36,400 non-farm jobs in September bringing the unemployment rate down to 5.2% TWC Commissioner Representing Labor Ronny Congleton states “There’s never been a better time to look for new opportunities in Texas.”
Schlosser Development has ideas for a mixed-used building on the corner of West Sixth and Bowie Streets near the Whole Foods on South Lamar Blvd. There will be two buildings, a high rise and a low rise, which will be used for office, retail and residential space. Plans will be presented to the City of Austin Design Commission on Monday, December 14 of this year.
The Waller Creek Tunnel project began back in 2010 and is set to be completed this year. This $144 million dollar tunnel will divert waters from downtown Austin, running from Waterloo Park to Ladybird Lake. The tunnel will have the ability to divert 85% of 100-year floodwater downstream to the edge of Lady Bird Lake, providing flood relief for almost 28 acres of land. This will allow redevelopment of one million square feet of downtown Austin.
President of Manchester Financial Group, Doug Manchester, is already planning on investing $375 million dollars into building a 1,000 room hotel, set to open in 2015.