Thanks to a growing population fueled by strong job and economic growth, Austin homes are in demand more than ever before. It’s a constant struggle for area home builders to keep up with the high demand. However, strong numbers from the first quarter of 2014 show a promising future for Austin’s new homes market. According to a recent survey by Metrostudy, there were 2,209 new home starts in the first three months of 2014. That’s a 16% increase over the same time in 2013. A home start is defined as when the foundation for a brand new home has been poured. Between March 2013 and March 2014, builders recorded 9,668 new home starts, which is a 15% increase year-over-year. Austin home builders just can’t build fast enough!
These strong numbers have encouraged builders to develop new homes in areas they may not have considered before. New homes are popping up in the outer areas of Austin like Round Rock, Leander, even as far as Liberty Hill. Builders cleared over 2,500 vacant lots during the first quarter of 2014, which is the largest amount cleared in one quarter since 2008. The high demand in Austin has also given area builders the confidence to open brand new subdivisions, as well as open new sections of existing ones. Taylor Morrison has already delivered 77 new home starts between January and March, but when its new master-planned community Travisso opens later this year, that number could double or triple. California-based builder Standard Pacific also plans to build over 500 homes this year in the existing communities of Mueller and Circle C Avana. Increasing availability of new homes in the Austin area could also help stem rising home prices.
So what does this mean for Austin area home buyers and sellers? With such a high demand for Austin area homes, the summer selling season will be one of the most competitive ever. If you’re interested in buying a home this summer, don’t wait to start working with a Realtor. Our expert agents have the knowledge of the Austin area to help you find the home of your dreams. If a brand new home is what you’re after, check out our recent blog post about the newest communities coming to the Austin area. As for sellers, the market is in your favor. It’s a good idea to have an agent on your side to help you field multiple offers on home in this hot market. If you have any questions about buying or selling a home in Austin, don’t hesitate to contact us today.