Austin's real estate market looks rosy, experts toutAustin's real estate market looks rosy, experts touthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=53022014-01-09T11:16:00Z2014-01-09T11:00:00Z

AUSTIN - The Austin metro area’s population has been growing throughout the recession and is about 1.87 million today. That number is projected to rise to 2.3 million by 2020. This was just one of many interesting stats from the 2014 Austin Housing Forecast. Here are a few more:

• From 2006 through 2013, the area has added 343,832 residents, but apartment construction and single-family building permits haven’t come close to reaching the need, though the situation is improving.

• From November 2012 to November 2013, 22,500 new jobs were added to the market and as of November 2013 the unemployment rate was 5.6 percent.

• About 1.2 million sf of office space was absorbed in Austin in 2013. Companies are growing and some are relocating here. The commercial market looks healthy.

• The Austin market has 17,736 apartments under construction with nearly 4,500 of those in the Central Business District and Central Austin. Occupancy across the market is averaging 95.8 percent and rents have steadily been on the rise.

• Home prices have risen dramatically in Austin with the average price of about $280,000. There’s been a dramatic drop in supply and days on the market for listed homes.

• From November 2012 to November 2013, 8,966 single-family building permits were issued. That’s still way down from the annual rate in the mid-2000s when about 17,000 building permits were issued.

Read more at the Austin Business Journal.

Austin Business Journal
Austin-Round Rock
http://www.bizjournals.com/austin/blog/real-estate/2014/01/austins-real-estate-market-looks.htmlRead more at {Source}

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