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Austin is seeing an increase in luxury home sales of almost two times the Texas average, according to the latest Texas luxury home sales report.
The report analyzed luxury home sales, or homes priced at $1 million and higher, from November 2019 through October 2020 for the Austin, Dallas-Fort Worth, Houston and San Antonio areas. Despite Austin luxury housing being more expensive per square foot at $443 compared to the statewide average of $360, it still continues to outperform every other major Texas city.
The Austin metropolitan statistical area, or MSA, has had 1,534 homes sell for over $1 million between November 2019 and October 2020. This is a 41% increase over the previous year compared to the Texas average of just under 24%.
Luxury homes in the area also spend less time on the market than other major cities. While Dallas, Houston and San Antonio's homes spend, respectively, averages of 78, 79 and 133 days on the market, Austin-area homes only spend an average of 71 days sitting empty.
The relocation of celebrities such as Joe Rogan, James Van Der Beek and now Chris Harrison to Austin contributes to the increased demand for high-end real estate. Realtors have had to resort to more creative efforts to bring homes to their buyers when there is sometimes only one $20 million home on the market at a time, a realtor told Austonia last month.
Austin is seriously falling behind in housing inventory. While a healthy housing market is defined by experts as having six months of housing inventory, Austin has just under four. Dallas has the healthiest inventory with seven months worth of housing on the market.
Given the decline in housing inventory, it is no wonder why Austin housing is getting costlier. Austin Board of Realtors President Romeo Manzanilla said in a statement this last month that Austin's falling inventory "will put enormous pressure on home prices" and encouraged city leaders to think about ways to make the market more sustainable in its longterm growth.
More on luxury real estate:
After reaching Stage 4 last week of Austin Public Health's risk-based guidelines, Austin-Travis County is now at the Stage 5 threshold with a seven-day average of 50 hospitalizations and dwindling ICU capacity.
While unenforceable under Gov. Greg's Abbott order against local mandates, vaccinated individuals are asked to choose drive-through and curbside options, outdoor activities, social interactions with limited group sizes, as well as social distance and wearing masks indoors. Partially or unvaccinated individuals are asked to avoid gatherings, travel, dining and shopping, choose curbside and delivery options, as well as wear a mask on essential trips.
Flashing back to early-pandemic times, hospitals are at critical capacity—the 11 county Trauma Service Region of 2.3 million people is fluctuating at 16 staffed beds, according to APH.
In a statement on behalf of Ascension Seton, Baylor Scott & White Health and St. David's Healthcare, a spokesperson said that hospitals are asking residents to "help us and each other" by getting vaccinated and continuing to utilize safety practices to slow the spread of the virus.
According to the statement, a "longstanding" nurse staffing challenge combined with the recent COVID-19 spike is putting "extraordinary pressure" on hospital systems.
Along with the unmitigated spread of the virus in unvaccinated, the more contagious Delta variant is also to blame for the spike in cases. The seven-day moving average of COVID hospitalizations in the Austin area reached the Stage 5 threshold of 50 on Friday, triggering local health officials to ask residents to take action.
Local hospitals have a "surge plan" that includes utilization of "all available patient care space and employees within our hospitals and in other settings" that will go into effect when capacity is hit, according to the statement.
The hospitals are working on sourcing supplemental staff and emphasized that emergency care will still be available but it may involve patient transfers "in order to provide the most appropriate care."
Healthcare systems have hit this threshold previously during the pandemic: the city held an alternate care site at the Austin Convention Center from January to March of this year.
"Our responsibility during this pandemic continues to be balancing our readiness to care for patients with COVID-19, while making sure patients who depend on our hospitals receive needed and timely care," the statement said. "We do not want to see necessary non-COVID care delayed as it was during the early stages of the pandemic."
This story has been updated to after publication to include that Austin has reached the Stage 5 threshold.
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Austin legend Willie Nelson will perform at the Texas Capitol today, his first large performance since the pandemic began, closing out a four-day long march across Central Texas to build support for federal voting protections.
Organized by The Poor People's Campaign, the march began in Georgetown on Wednesday and will end with a 10 a.m. rally at the Capitol featuring appearances from former U.S. Congressman Beto O'Rourke and Rev. Dr. William Barber.
Willie Nelson (with Charlie Sexton & friends) will play a free concert at the Poor People's Campaign march for democracy & justice in Austin this Saturday! https://t.co/zZSA0BpbWA
Sign up to join us and see Willie at 10am Saturday: https://t.co/KrDPIFIvST
— Beto O'Rourke (@BetoORourke) July 29, 2021
The rally calls on Congress to "stop attacks on democracy" by ending the filibuster, pass all provisions of the For the People Act, restore the 1965 Voting Rights Act, raise the federal minimum wage to $15 per hour and pass permanent protections for all 11 million undocumented immigrants.
Nelson denounced election law proposals gaining traction in red states, such as Senate Bill 1 and House Bill 3 in Texas, which 55 House Democrats foiled by fleeing to Washington, D.C., on July 12.
The bills would require additional ID verifications for mail-in ballots, allow partisan poll watchers "free movement" and prohibit elections officials from sending absentee ballot applications to voters who didn't request one.
"Laws making it more difficult for people to vote are unAmerican and are intended to punish people of color, the elderly and disabled," Nelson said. "If you can't win by playing the rules, then it's you and your platform–not everyone else's ability to vote."
The march is in the spirit of the Selma to Montgomery March of 1965, led by Dr. Martin Luther King Jr., which protested the blocking of Black Americans' right to vote by Jim Crow laws.