Real estate

First quarter sales up in 2020 before COVID-19 pandemic

Staff reports

Real estate sales in Fredericksburg and Gillespie County recovered in 2019.

The Hill Country Board of Realtors reported a total of $256,109,642 in real estate sales during 2019, up from $231,059,343 in 2018.

The area had a record amount of sales during the first quarter of 2020, with $66,105,904 from 160 sold units for an increase of 24.4 percent from 2019’s first quarter.

“Obviously, we are all in for a difficult next few months and I am hopeful that with all the proactive steps being taken across the country, we will be seeing a little light at the end of the tunnel in a few months,” said Mike Starks, the 2020 Government Affairs and Economic Development Committee Chair for the Board of Realtors and realtor at RE/MAX Town & Country. “And I think when we are all sure it is safe to get back to life, we are going to see a very busy end of summer and first of fall for the real estate market in Gillespie County.”

Sales in Fredericksburg city limits accounted for $100,658,759 worth of real purchase sales in 2019.

The first quarter of 2020 brought $27,502,163 from 68 sold

homes.

“There are lots of folks who have been talking about getting out of the big city and heading to the Hill Country, and when this is through, I think these past few months being locked down are going to make a lot of people re-examine what is important in their lives,” Starks said. “Are they going to stop talking about getting out of the rat race and make the move?”

Starks said Gillespie County’s land sales remained a “little sluggish” with $18,887,272 from 1,685.21 acres of land at $11,207.66 per acre, sold during 2020’s first quarter.

Last year, Gillespie County reported $44,454,221 worth of sales from a total of 3,512.55 acres at $12,655.82 per acre.

Last year’s Gillespie County sales tax receipts were reported to be $3,075,824, up from $2,633,718 in 2018.

Fredericksburg and Gillespie County’s last reported lodging receipts come from the first of 2018.

A total of $27,656,096 was spent on area lodging, led by $27,233,551 in Fredericksburg.

“Fredericksburg’s lodging/bed and breakfast industry also continues to grow at a healthy pace,” Starks said. “As the Hill Country wine region continues to gain popularity, I am sure the lodging industry will stay strong.”

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