Land Area 4,224 square miles 2006 Population Density 358.3 people per square mile Counties Bastrop, Caldwell, Hays, Travis, Williamson Source: U.S. Census Bureau and Real Estate Center at Texas A&M University Real Estate Market Overview 2007 Austin - Round Rock Originally a buffalo-hunting ground favored by Tonkawa Indians, Austin was permanently settled in 1838 as a trading post. The Austin-Round Rock Metropolitan Statistical Area (MSA) is now part of the I- 35 growth corridor in the heart of Texas. According to the U.S. Census Bureau, the Austin MSA experienced the largest increase in income in the state and was one of the country's fastest-growing cities during the 1990s, growing by nearly 48 percent. Austin, the capital of Texas, is home to the University of Texas, the largest university in the nation. The city supports a politically charged and culturally rich environment. Area Cities and Towns Austin, Cedar Park, Georgetown, Leander, Lockhart, Pflugerville, Round Rock, San Marcos, Taylor Quick Facts * This report's MSA data reflects either 1999 or 2003 MSA definitions based on data availability. Use of 1999 definition is noted where applicable. Microsoft product screen shot reprinted with permission from Microsoft Corporation.
41
Embed
Real Estate Market Overview: Austin-Round Rock Area
Houston, Texas real estate market overview provided by the Texas A&M Real Estate Research Center. For Greater Austin, including Round Rock and Pflugerville. NOTE: Full-sized view or download is optimal.
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Land Area 4,224 square miles2006 Population Density 358.3 people per square mile
Source: U.S. Census Bureau and Real Estate Center at Texas A&M University
Real Estate Market Overview 2007Austin - Round Rock
Originally a buffalo-hunting ground favored by Tonkawa Indians, Austin was permanently settled in1838 as a trading post. The Austin-Round Rock Metropolitan Statistical Area (MSA) is now part of the I-35 growth corridor in the heart of Texas. According to the U.S. Census Bureau, the Austin MSAexperienced the largest increase in income in the state and was one of the country's fastest-growingcities during the 1990s, growing by nearly 48 percent. Austin, the capital of Texas, is home to theUniversity of Texas, the largest university in the nation. The city supports a politically charged andculturally rich environment.
Area Cities and TownsAustin, Cedar Park, Georgetown, Leander, Lockhart, Pflugerville,
Round Rock, San Marcos, Taylor
Quick Facts
* This report's MSA data reflects either 1999 or 2003 MSA definitions based on data availability. Use of 1999 definition is noted where applicable.
Microsoft product screen shot reprinted with permission from Microsoft Corporation.
ANDERSON
ANDREWS
ANGELINA
ARANSAS
ARCHER
ARMSTRONG
ATASCOSA
AUSTIN
BAILEY
BANDERA
BASTROP
BAYLOR
BEE
BELL
BEXAR
BLANCO
BORDEN
BOSQUE
BOWIE
BRAZORIA
BRAZOS
BREWSTER
BRISCOE
BROOKS
BROWN
BURLESON
BURNET
CALDWELL
CALHOUN
CALLAHAN
CAMERON
CAMP
CARSON
CASS
CASTRO
CHAMBERS
CHEROKEE
CHILDRESS
CLAY
COCHRAN
COKECOLEMAN
COLLIN
COLLINGSWORTH
COLORADOCOMAL
COMANCHE
CONCHO
COOKE
CORYELL
COTTLE
CRANE
CROCKETT
CROSBY
CULBERSON
DALLAM
DALLASDAWSON
DEAF SMITH
DELTA
DENTON
DE WITT
DICKENS
DIMMIT
DONLEY
DUVAL
EASTLAND
ECTOR
EDWARDS
ELLIS
EL PASO
ERATH
FALLS
FANNIN
FAYETTE
FISHER
FLOYDFOARD
FORT BEND
FRANKLIN
FREESTONE
FRIO
GAINES
GALVESTON
GARZA
GILLESPIE
GLASSCOCK
GOLIAD
GONZALES
GRAY
GRAYSON
GREGG
GRIMES
GUADALUPE
HALE
HALL
HAMILTON
HANSFORD
HARDEMAN
HARDIN
HARRIS
HARRISON
HARTLEY
HASKELL
HAYS
HEMPHILL
HENDERSON
HIDALGO
HILL
HOCKLEY
HOOD
HOPKINS
HOUSTON
HOWARD
HUDSPETH
HUNT
HUTCHINSON
IRION
JACK
JACKSON
JASPER
JEFF DAVIS
JEFFERSON
JIM HOGG
JIMWELLS
JOHNSON
JONES
KARNES
KAUFMAN
KENDALL
KENEDY
KENT
KERR
KIMBLE
KING
KINNEY
KLEBERG
KNOXLAMAR
LAMB
LAMPASAS
LA SALLE
LAVACA
LEE
LEON
LIBERTY
LIMESTONE
LIPSCOMB
LIVE OAK
LLANO
LOVING
LUBBOCK
LYNN
MCCULLOCH
MCLENNAN
MCMULLEN
MADISON
MARION
MARTIN
MASON
MATAGORDAMAVERICK
MEDINA
MENARD
MIDLAND
MILAM
MILLS
MITCHELL
MONTAGUE
MONTGOMERY
MOORE
MORRIS
MOTLEY
NACOGDOCHES
NAVARRO
NEWTON
NOLAN
NUECES
OCHILTREE
OLDHAM
ORANGE
PALO PINTO
PANOLA
PARKER
PARMER
PECOSPOLK
POTTER
PRESIDIO
RAINS
RANDALL
REAGAN
REAL
RED RIVER
REEVES
REFUGIO
ROBERTS
ROBERTSON
ROCKWALL
RUNNELS
RUSK
SABINE
SANAUGUSTINE
SANJACINTO
SAN PATRICIO
SAN SABA
SCHLEICHER
SCURRYSHACKLEFORD
SHELBY
SHERMAN
SMITH
SOMERVELL
STARR
STEPHENS
STERLING
STONEWALL
SUTTON
SWISHER
TARRANT
TAYLOR
TERRELL
TERRY THROCKMORTON TITUS
TOM GREEN
TRAVIS
TRINITY
TYLER
UPSHUR
UPTON
UVALDE
VAL VERDE
VAN ZANDT
VICTORIA
WALKER
WALLER
WARD
WASHINGTON
WEBB
WHARTON
WHEELER
WICHITAWILBARGER
WILLACY
WILLIAMSON
WILSON
WINKLER
WISE
WOOD
YOAKUM YOUNG
ZAPATA
ZAVALA
24
25
23
22
2120
19
1817 16
15
14
13
12
11
10
9
8
7
6
5
43
2
1
Metropolitan Statistical Areas (MSAs)
1. Abilene2. Amarillo3. Austin-Round Rock4. Beaumont-Port Arthur5. Brownsville-Harlingen6. College Station-Bryan7. Corpus Christi8. Dallas-Fort Worth-Arlington9. El Paso10. Houston-Sugar Land-Baytown11. Killeen-Temple-Fort Hood12. Laredo13. Longview
14. Lubbock15. McAllen-Edinburg-Mission16. Midland17. Odessa18. San Angelo19. San Antonio20. Sherman-Denison21. Texarkana22. Tyler23. Victoria24. Waco25. Wichita Falls
Prepared by the Labor Market and Career Information Department, TWCEdited by Real Estate Center at Texas A&M University
Educational Attainment, Persons Age 25 and Older, 2000 (in percent)
Source: U.S. Census Bureau
Level of EducationAustin MSA Texas
High School Graduate or Higher 84.8 75.7Bachelor's Degree or Higher 36.7 23.2
Educational Level, Persons Age 25 and Older, 2000 (in percent)
Source: U.S. Census Bureau (1999 definition)
School 2002 2003 2004 2005 2006Austin Community College 29,156 28,862 29,004 30,499 31,610Concordia University 1,045 1,061 1,114 1,193 1,239Huston-Tillotson University 642 666 685 706 742St. Edward's University 4,266 4,441 4,648 4,928 5,218Texas State University - San Marcos 25,025 26,306 26,783 27,129 27,485University of Texas 52,261 51,426 50,377 49,233 49,697
Local College and University Enrollment, Fall Semester
Source: Texas Higher Education Coordinating Board
- 4 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Austin-Round Rock Market Overview 2007 Employment
Employer Sector EmployeesLocal Government Government 69,700State Government Government 65,900University of Texas at Austin Higher education 20,249Dell Inc. Personal computer systems 16,000Federal Government Government 10,800Austin School District Public education 10,408Seton Family of Hospitals Medical care 7,500Freescale Semiconductor Inc. Microprocessors 6,600H.E.Butt Grocery Co. (Austin regional office) Retail 6,200IBM Corporation Circuit cards, hardware and software 6,200Source: Texas Workforce Commission July 2006
Employer Sector EmployeesDell Inc. Personal computer systems 16,000Seton Family of Hospitals Medical care 7,500Freescale Semiconductor Inc. Microprocessors 6,600H.E.Butt Grocery Co. (Austin regional office) Retail 6,200IBM Corporation Circuit cards, hardware and software 6,200St. David's Healthcare Healthcare 5,048Wal-Mart Retail 4,700Advanced Micro Devices, Inc. (AMD) Semiconductors 3,000Applied Materials Semiconductors 2,200National Instruments Computer software developer 2,000Source: Texas Workforce Commission July 2006
Top Ten Employers
Top Ten Private Employers
- 5 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Austin-Round Rock MSA TexasEmployment Growth 2006 (Percent Change) 3.9 3.3Unemployment Rate 2006 (Percent Change) 4.1 4.9Net Job Change in 2006 26,700 318,3002006 Employment Growth by Sector (Percent Change)
Natural Resources and Mining and Construction 11.0 7.5Manufacturing 2.4 3.2Trade, Transportation, and Utilities 4.1 2.5Information 0.9 -0.4Financial Activities 5.1 2.6Professional and Business Services 5.1 6.0Educational and Health Services 2.2 2.8Leisure and Hospitality 6.3 3.9Government 1.3 1.7
Employment Growth by Industry
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
Total (int'l & national) 6,720,668 6,707,081 7,238,645 7,683,545 8,261,310Source: Austin-Bergstrom International Airport
Austin Airline Activity
Austin-Bergstrom International Airport
2002 2003 2004 2005 2006Austin-Bergstrom International Airport 285,896,271 252,276,024 254,419,495 241,814,505 229,750,544Source: Austin-Bergstrom International Airport
Austin Cargo Statistics
- 11 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Austin-Round Rock Market Overview 2007 Public Facilities
Austin City Public Facilities Building Permits 2005*
Austin City Building Permit Office
* 2006 data not available as of April 15, 2007.
Cedar Park City Public Facilities Building Permits 2005*
Cedar Park City Building Permits Building Permits
* 2006 data not available as of April 15, 2007.
- 12 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Round Rock Public Facilities Building Permits 2005*
Round Rock City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 13 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Austin-Round Rock Market Overview 2007 Multifamily
AustinSan
MarcosTexas
Metro AreaAverage rent per square foot $0.85 $0.86 $0.77Average rent for units built since 2000 $0.86 $0.95 $0.86Average occupancy 94.6% 93.5% 92.8%Average occupancy for units built since 2000 94.2% 92.2% 94.1%Source: Apartment MarketData Research
Austin Apartment Statistics 2006
Austin MSA Multifamily Market Historical Rent and Occupancy
Source: Real Estate Center at Texas A&M University
2006 Housing Affordability Index
* The HAI is the ratio of the median family income to the income required to buy the median-priced house using standard mortgage financing at the current interest rate. Standard financing is a fixed-rate, 30-year loan covering 80 percent of the cost of the home. A HAI of 1.00 indicates that the median family income is exactly equal to the required income to qualify for the standard loan to purchase the median-priced house.** First-time home buyer is assumed to purchase a home equal to the first quartile home price using a 90% home loan at an interest rate 0.5 percent greater than the standard current rate.
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Price Distribution of MLS Homes SoldAustin Area
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
$29,
999
or le
ss
30,0
00 -
39,9
99
40,0
00 -
49,9
99
50,0
00 -
59,9
99
60,0
00 -
69,9
99
70,0
00 -
79,9
99
80,0
00 -
89,9
99
90,0
00 -
99,9
99
100,
000
- 119
,999
120,
000
- 139
,999
140,
000
- 159
,999
160,
000
- 179
,999
180,
000
- 199
,999
200,
000
- 249
,999
250,
000
- 299
,999
300,
000
- 399
,999
400,
000
- 499
,999
500,
000
and
mor
e
Perc
en
t
2004 2005 2006
Source: Real Estate Center at Texas A&M University
Taxing Entity* Tax Rate per $100 ValuationTravis County 0.4499City of Austin 0.4126Austin ISD 1.4930Total $2.36
Taxing Entity* Tax Rate per $100 ValuationWilliamson County 0.4675City of Round Rock 0.3711Round Rock ISD 1.6406Total $2.48
Taxing Entity* Tax Rate per $100 ValuationHays County 0.3790City of San Marcos 0.4702San Marcos ISD 1.7000Total $2.55* Only the typical taxing entities are listed. However, there are numerous numbers of taxing entities that need to be taken into account for an actual tax rate calculation. See following links for more complete lists: http://www.traviscad.org/06rates.pdf http://www.hayscad.com/PA/haysweb/taxrates.htm http://www.wcad.org/ (tax rates)
Property Tax Rates, 2006County, Major City, Major School District
Source: Travis, Williamson, and Hays County Appraisal District
- 19 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
National Home Price Appreciation
-5%
0%
5%
10%
15%
20%
25%
30%4
Q-9
6
2Q
-97
4Q
-97
2Q
-98
4Q
-98
2Q
-99
4Q
-99
2Q
-00
4Q
-00
2Q
-01
4Q
-01
2Q
-02
4Q
-02
2Q
-03
4Q
-03
2Q
-04
4Q
-04
2Q
-05
4Q
-05
2Q
-06
4Q
-06
Ch
an
ge f
rom
Pre
vio
us
Year
California Florida Texas USA
The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae.
Source: Office of Federal Housing Enterprise Oversight
California
Florida
USA
Texas
Home Price Appreciation Austin-Round Rock MSA
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
4Q
-96
2Q
-97
4Q
-97
2Q
-98
4Q
-98
2Q
-99
4Q
-99
2Q
-00
4Q
-00
2Q
-01
4Q
-01
2Q
-02
4Q
-02
2Q
-03
4Q
-03
2Q
-04
4Q
-04
2Q
-05
4Q
-05
2Q
-06
4Q
-06
Ch
an
ge f
rom
Pre
vio
us
Year
Austin-Round Rock Texas USA
The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae.
Source: Office of Federal Housing Enterprise Oversight
- 20 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Housing Unit Characteristics
Owner-occupied housing
units
Renter-occupied housing
units
Total occupied housing
units
Owner-occupied housing
units
Renter-occupied housing
units
Total occupied housing
unitsOccupied housing units 326,484 214,201 540,685 5,162,604 2,815,491 7,978,095Household Size1-person household 20.0% 42.6% 29.0% 19.1% 35.0% 24.7%2-person household 35.9% 28.2% 32.9% 34.2% 25.8% 31.2%3-person household 16.9% 12.6% 15.2% 17.2% 16.0% 16.8%4-or-more-person household 27.2% 16.5% 23.0% 29.5% 23.2% 27.3%Race and Hispanic or Latino Origin of Householder One Race
White 81.3% 69.7% 76.7% 79.0% 66.2% 74.5%Black or African American 5.3% 9.9% 7.1% 8.2% 17.9% 11.6%American Indian and Alaska Native 0.7% 0.3% 0.6% 0.5% 0.6% 0.6%Asian 3.5% 5.0% 4.1% 2.9% 3.1% 3.0%Native Hawaiian and Other Pacific Islander - - 0.0% 0.0% 0.1% 0.0%Some other race 8.0% 13.6% 10.2% 8.3% 10.8% 9.2%
Two or more races 1.2% 1.5% 1.3% 1.0% 1.4% 1.2%Age of HouseholderUnder 35 years 18.0% 55.6% 32.9% 14.4% 46.3% 25.6%35 to 44 years 25.3% 19.6% 23.0% 21.9% 21.4% 21.7%45 to 54 years 24.8% 13.7% 20.4% 24.1% 15.4% 21.0%55 to 64 years 16.1% 5.9% 12.1% 18.1% 8.3% 14.7%65 to 74 years 9.3% 2.5% 6.6% 11.9% 4.2% 9.2%75 to 84 years 4.9% 1.8% 3.7% 7.6% 3.1% 6.1%85 years and over 1.6% 0.9% 1.3% 2.0% 1.3% 1.8%Units in Structure1, detached 87.7% 18.1% 60.1% 87.5% 28.3% 66.6%1, attached 2.7% 4.5% 3.4% 2.3% 3.6% 2.8%2 apartments 0.7% 7.4% 3.3% 0.3% 4.9% 1.9%3 or 4 apartments 0.4% 6.4% 2.8% 0.4% 8.8% 3.3%5 to 9 apartments 0.2% 10.8% 4.4% 0.3% 13.8% 5.1%10 or more apartments 1.4% 49.4% 20.4% 0.7% 35.1% 12.9%Mobile home or other type of housing 6.9% 3.4% 5.5% 8.5% 5.6% 7.5%Year Structure Built2000 or later 19.6% 17.7% 18.9% 13.7% 10.9% 12.7%1990 to 1999 25.7% 19.1% 23.1% 18.6% 14.8% 17.2%1980 to 1989 21.4% 23.6% 22.2% 18.7% 22.5% 20.1%1960 to 1979 20.4% 30.5% 24.4% 28.7% 35.0% 30.9%1940 to 1959 9.0% 7.0% 8.2% 15.4% 12.4% 14.3%1939 or earlier 3.9% 2.0% 3.2% 4.9% 4.5% 4.8%BedroomsNo bedroom 0.2% 2.0% 0.9% 0.2% 1.5% 0.6%1 bedroom 2.0% 38.1% 16.3% 2.1% 32.6% 12.9%2 or 3 bedrooms 65.8% 56.3% 62.0% 70.8% 61.7% 67.6%4 or more bedrooms 32.0% 3.6% 20.8% 26.8% 4.2% 18.9%Annual Household Income and Housing Costs*Median household income (dollars) $71,389 $30,992 $50,484 $54,610 $26,782 $42,139Annual Median Housing Costs (dollars) $15,336 $8,964 $11,664 $10,536 $8,052 $9,108Housing Costs as a percentage of household income 21.5% 28.9% 23.1% 19.3% 30.1% 21.6%* in 2005 inflation-adjusted dollars
Austin-Round Rock MSA Texas2005 Occupied Housing Unit Characteristics
Source: U.S. Census Bureau 2005 and Real Estate Center at Texas A&M University
- 21 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Yearly Homes Sales and Months Inventory Austin MLS
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Sale
s
0
1
2
3
4
5
6
7
Mo
nth
s Inven
tory
Sales Supply
Source: Real Estate Center at Texas A&M University
Months of Inventory measures the current absorption rate and how long it would take for current supply to be depleted if no other listings came on themarket.
Average Sales Price Austin MLS
$0
$50,000
$100,000
$150,000
$200,000
$250,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Source: Real Estate Center at Texas A&M University
- 22 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Single-Family Homes Sales VolumeAustin MLS
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Un
its
2004 2005 2006
Source: Real Estate Center at Texas A&M University Single-Family Building Permits and Average Value
Austin-San Marcos
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Un
its
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
Avera
ge V
alu
e
Units Average Value
Source: U.S. Bureau of Census and Real Estate Center at Texas A&M University
p
2006 figure is a preliminary number.
- 23 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Source: Office of the Governor Economic Development and Tourism and Source Strategies, Inc. of San Antonio
Hotel* Occupancy and Rental Rates2005 2006
*Only properties exceeding $18,000 in the current quarter are included; those units below $18,000 only result in 1.5% of the total state revenues, and have been excluded from this database.
Austin City Hotel Building Permits 2005*
Austin City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 29 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Hotel Building Permits 2005*
San Marcos City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 30 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Annual MonthlyFlex / R&D $7.80 - $10.20 $0.65 - $0.85Bulk Warehouse $4.32 - $6.24 $0.36 - $0.52Office Warehouse $5.04 - $6.96 $0.42 - $0.58Manufacturing Whse. $5.04 - $7.44 $0.42 - $0.62*Based on direct lease rates. Rates quoted on a triple net basis.Source: NAI Commercial Industrial Properties Co. The Source
Average Industrial Rental Rates per Sq. Ft.*
- 36 -
Real Estate Center Market Overview 2007 Austin-Round Rock, TX
Industrial Market Concentration of Space, Year-End 2006
Round Rock8%
North42%
Northeast18%
East4%
Southeast22%
South6%
Source: NAI Commercial Industrial Properties, The Source
San Marcos City Industrial Building Permits 2005*
San Marcos City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 37 -
This annual report is created free of charge by the Real Estate Center at Texas A&M University. We strive to provide the most accurate, up-to-date, and insightful data to paint a detailed picture of Texas’ Metropolitan Statistical Areas. However, links contained in this report may change in time and become obsolete. The Real Estate Center advises to contact the original source if any of the links are found to be broken. The Center also provides numerous publications, resources, and data on building permits, employment, population, and home sales at http://recenter.tamu.edu. For the latest daily news visit http://recenter.tamu.edu/mnews/mnsearch.asp?AID=3.
Report compiled by:
Administrative CoordinatorEdith Craig
Real Estate / Market Research Analyst
Dr. Isilay Civan
Database SupportBlake Lacy
Real Estate Center, 2115 TAMU, College Station, TX 77843-2115 Phone: 979.845.2031 | Fax: 979.845.0460