The Austin area real estate market is hot. We all know this. Some areas have been leading the way lately. Others have been hot for a long time and appear to be cooling off - though that has more to do with a shortage of homes to sell than anything else.
Kind of like the way a fast car accelerates less as it approaches top speed. It's hardly slowing down!
One area that seems to be in the heart of it's horsepower curve, so to speak, is area 1A.
20 homes sold in Feb 2013 - 34 sold in Feb 2014. Average price up almost 42%!
Note that this doesn't mean your home did exactly the same. We don't sell the same homes every February. There is always a variance due to who decided to move in any specific month.
Still it seems safe to say that the area is in a peak time when there are still plenty of people willing to both buy and sell.
Soon we may find a greater shortage of homes to sell and fewer sales. But the unmet demand will likely push prices even higher.
Want to know more about the value of your home? Or the trends in the area you'd prefer to call home? Just give me a call or email.
Thanks to Gracy Title for assembling these statistics.
While it is great to have a big picture overview of the market as a whole, it can be more important to understand the market where you live. Or want to live.
If you are thinking about a real estate decision - Buying, Selling, Refinancing, Remodeling, even wondering what value to insure your home..
Please give me a call or email so I can help you.
Have a great month!
Once again, every statistic is up except days on the market - which is the only one that goes down in a strong market.
The Austin area continues to shine. Some of the areas that had too much inventory, like Pflugerville and the more outlying counties, are catching up with more and more people buying.
Of course, statistics are fine but what really matters is how this all applies to you.
If you are thinking of moving or investing in a rental property, make sure we talk early on. I earn referrals by helping you make good decisions about real estate.*
Have a friend or relative with a move on their mind? Please make that referral. I'll make sure they thank you for it!
Today let's have a look at Balcones including the "new" side 30+ years ago - Spicewood.
Currently there are 3 homes for sale, averaging 3401 sqft* asking $486,267 or $146/sqft*, and 109 days on the market.
Under Contract we find 7 homes averaging 2990 sqft* asking $315,852 or $155/sqft* at 35 days on the market.
Sold in the past 90 days - 21 homes averaging 2684 sqft* asking $413,490 or $154/sqft* at 36 days to sell.
Can we assume where the market is heading since the current $/sqft* is below the contract and sold homes? No. This is an older neighborhood with many homes remodeled or updated to varying degrees. It takes a much closer look to understand exactly what is happening at any one moment. Knowing the neighborhood for 40+ (Yikes!) years helps so long as I also diligently do my homework to be sure I am setting a value based on where a specific home fits the current, ever-changing market. Experience is a good thing! (I keep saying that more and more as I get older.) Re-researching is just as important.
So if you have a home to sell in Balcones or Spicewood, please let me look closely at where your property fits into the current market. Then if we decide to move forward, I'll take beautiful photos and make sure every potential buyer has an easy time finding and being attracted to come see your house.
Beautiful Photos Sell Beautiful Homes!™