Statistics

Read the latest market statistics on the Austin Real Estate Market.

There are currently 37 blog entries related to this category.

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Austin's crane-filled skyline reflects the healthy growth of the city

Some of you may have read the recent report by a San Francisco based real estate company’s Chief Economist, Jed Kolko. Kolko claims that a number of Texas region metro areas, including Austin, are potential bubble markets to watch. This claim is based on his analysis that home values in Austin are overvalued relative to fundamentals.

In the aftermath of the financial crisis of 2008 which in large part was caused by a housing bubble, this is unsettling news and as real estate professionals, we would likewise be concerned if we believed it. However, we along with many experts, do not believe Austin is a housing bubble market, nor do we believe home values in the Austin market are overvalued.

So what exactly is a ‘bubble market’ anyway?

Trulia

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SXSW 2014 - Economic Impact on Austin Image by Jack Plunkett

South by Southwest, Austin's massive film, music and interactive festival is known not only for bringing major talent to the Lone Star state, but also for its great impact on the city's economy.

The 2013 Economic Impact Report states that last year the 10-day festival brought in $218.2 million to the economy. With thousands upon thousands of visitors and residents buying local, the short-term impact on area businesses is significant. Long term effects on the economy result in new retail businesses, real estate purchases, and improvements to infrastucture.

As the fesitval grows, the city faces new challanges and must be proactive in making improvements to this city-wide event.  An estimated 155,000 people attended at

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Austin, TX - Fastest Job Growth and 2nd Lowest Unemployment Rate Original image by hdrgolf.wordpress.com

Austin currently has the fastest job growth rate and the second lowest unemployment rate nationwide, despite being the 35th largest metropolitan area in the U.S. More than 37,700 jobs were created in the last year in Austin, beating both San Francisco and Orlando's job growth.

According to the U.S. Bureau of Labor Statistics, Austin accounted for 874,700 total nonfarm payroll jobs as of January 2014, a 4.5% change from the previous year. Of the almost 38,000 jobs created in the past year, half include jobs in two major industries, professional & business services, and leisure & hospitality. The goods-producing industry accounts for the smallest share at 10.9%. Cities in close competition for highest job

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Austin Luxury Market Analysis 2013 Realty Austin's Featured Luxury Listings

Realty Austin co-owner, Jonathan Boatwright, discussed the luxury market in Austin, Texas with the Austin Business Journal.

Austin's luxury market, which saw a considerable increase in sales in 2013 compared to 2012, had nearly $883 milllion in sales of homes sold at $1 million or more. Upon crunching numbers, Jonathan found that 555 homes were sold - a 49 percent increase from 2013, when just 373 were sold. This statistic does not include luxury homes that were not listed in MLS.

The average price per square foot was $326, a $3 increase from the previous year. Average days on the market for luxury homes was also reduced by 33 days from 2012.

The downside to the dynamic sales of 2013 is that the

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Austin, TX is Best City for Job Seekers 2014 Original Image by BusinessWeek

Austin is the place to be for insurmountable reasons. For most, they are appealed by the vast numbers of opportunities one can discover in the capital of the Lone State State. The state itself was named the #1 Most Competitive State, the #2 Best State for Business, as well as the #2 Best Entrepreneurial Climate. Fellow Texan cities, like DFW, San Antonio and Houston help to keep Texas in the high ranks, but Austin has taken the lead on most occassions. According to NerdWallet, the Best City for Job Seekers in 2014 is the one and only - Austin, TX!

Factors taken into account were the working-age population growth from 2010 to 2012, monthly homeowner costs, median income for workers and the unemployment rate. For

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Image of Austin Job Search - Austin has the 2nd lowest unemployment rate of major U.S. cities Image by Bizjournals

Austin's unemployment rate drops to 5.1% – 2nd lowest in nation and 2% lower than national average.

The Bureau of Labor Statstics released its list of the major U.S. metropolitan cities (cities with populations over 1 million people) with the lowest unemployment rates in October 2013. Austin has the 2nd lowest unemployment rate of major U.S. cities and shows no signs of slowing down as it continues to attract international tech companies like Google and Apple. Between January 2013 and October 2013, Austin employers added 20,795 jobs outpacing the labor force gains over the same period of 15,289. Down from 5.8 percent in January to 5.1 percent in October, Austin's unemployment rate is 2% below the national unemployment rate

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Austin is Best Economy 9th Month in a Row Original image by AustinPixels

It's safe to say that Austin's economy isn't backing down any time soon. For the ninth month in a row, Austin has been recognized as having the best economy in the country.

Like other top ranked months, strong job creation rates have pushed Austin ahead of the competition. According to On Numbers, Austin is the only city with job growth percentage in the double-digits, just below eleven percent. To give you a gist of what that means... no other cities in the U.S. have seen job growth over a span of five years that is higher than eight percent. From August 2012 to August 2013, Austin added 23,800 jobs. Give yourself a pat on the back, Austin!

Each month the Business Journal's On Numbers Economic Index ranks 102

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Austin's real estate market is contuing its sure and stead growth as we reach the hottest months of Summer. May 2013 showed signs that the Austin market isn't slowing down any time soon as we're seeing less inventory and increased dollar volume year over year. The luxury market is no acception to the rule. With 2013 came the resurgence of Austin's luxury real estate market for houses and luxury condos, and May's numbers looked stellar. Check out this infographic below for a run-down from our May insights!

Austin Real Estate Infographic May 2013 - Realty Austin

Posted by Jonathan Boatwright, co-owner of Realty Austin. Find him on Google +.

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Summer is finally here, at least in Austin, and our summer buying season is already in full swing! Our economy continues to lead the nation with more than 150 people moving to Austin every day, driving home prices higher and pushing inventory to record lows. If you could describe this spring's Austin real estate market in a single word, it would be "vibrant." May's stats show that we are up year-over-year for several metrics. Don't worry, we won't burden you with numbers. Instead we decided to show what the stats mean visually in an infographic for Austin's hottest real estate market since the recession.

Austin Real Estate Infographic April 2013 - Realty Austin

Posted by Jonathan Boatwright, co-owner of Realty Austin. Find him on Google +.

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Photo of Austin Skyline at Dusk - Downtown Austin, TX Austin Best Economy in US - May 2013

For the fourth straight month in a row, the great city of Austin, Texas has maintained its top spot in the economic health index in an analysis done by the Business Journal On Numbers division.

Analyzed from an 18-part formula, Austin's economy is ranked #1 because of its success in private-sector job growth, low unemployment, earning, housing-price appreciation, retail activity and construction.

Factors Contributing to Austin's Economic Strength

  1. Strong job growth. The number of private-sector jobs in the Austin area has ballooned by 11.0 percent since 2008. No other market has grown faster than 7.3 percent.
  2. Low unemployment. Only 12 major markets have jobless rates below 5.5