Housing Market Normalizes in Austin Area
November 17, 2017 by Laura Duggan · Leave a Comment
For the first time in 5 years the OVERALL Austin market has moved from an Extreme Seller’s Market (less than 3 months of inventory) to a Normal Seller’s Market (3 to 6 months of inventory).
The reason for the movement is the increase in inventory. There are more homes for sale now this November than in any time in the last 6 years. There are 21.31% more homes for sale now than one year ago.
Demand, the number of homes sold in October, is nearly identical this year to the last three years. Pending sales, homes under contract but not yet closed, are nearly identical to last year. Demand is staying steady. However with more inventory, the average number of days to sell a home is 8 days longer than a year ago, now at 53 days.
The above are overall averages. Market conditions are different by Price Band, Zip Code and Neighborhood. For instance homes valued over $2M are in an Extreme Buyer’s Market while homes valued under $300K are in an Extreme Seller’s Market. The following Zip Codes are still in an Extreme Seller’s Market: 78705, 78727, 78730,78739,78749,78750 and 78759
Historically, the total number of homes sales declines during the holidays and through November, December and January. Sales begin to increase in February. (February sales are the result of homes going under contract in January.)
If you want to sell your home, you should use this time to get it ready for a January listing. We have a designer on staff along with a great work crew that can help you get your home ready.
Submitted by Laura Duggan, President, West Austin Properties, 3312 River Road, Austin, Texas 78703, 512-750-2425, homes@westaustin.com
Furnished Townhouse for Sale in Northwest Hills
August 31, 2017 by Laura Duggan · Leave a Comment
Introducing for sale, a one-of-a kind townhouse in Northwest Hills at Chimney Oaks Townhouses across from Doss Elementary School and within walking distance to coffee shops, restaurants, gym, pool, library, grocery, post office, medical, bus and UT shuttle. Located in a small community of 21 townhomes, this 2 bedroom, 2 bath, 2 living area residence, just over 2100 square feet, has been recently updated and is being sold with the furniture. With a contemporary vibe, and a courtyard entry, this townhouse has good privacy and a great floor plan making it one of the best opportunities to own a wonderful property in Northwest Austin. Offered for $450,000.
We will be having an open house at Chimney Oaks Townhouses at three of these townhouses on Sunday, September 3rd from 2-4, and we invite our friends to come take a look at them. We will be hosting 3950 Far West, 3952 Far West and this one at 3936 Far West. Prices range from $399,000 to $799,00. Any of the three would be excellent for someone relocating to or within Austin. The schools, Doss Elementary, Murchison Middle School and Anderson High School are some of the best schools Austin has to offer and the neighborhood is one of the most walkable in the area. Anderson is the only International Baccalaureate school in the district. Park outside the wrought iron gate and follow the sidewalk into the courtyard. Your hosts will be Laura Duggan, Kerry Cameron and Ted Smith.
Submitted by Laura Duggan, West Austin Properties, 3312 River Road, Austin, TX, 512-750-2425, laura@westaustin.com
Number of Homes for Sale Increases in Austin
May 19, 2017 by Laura Duggan · Leave a Comment
While the demand for homes and home sales have remained steady, the housing inventory in Austin is growing. That is good news for Austin home buyers.
The number of homes that sold from January 1 through April 30 (4 months) during 2017 was very close the the same number of homes that sold in the same period in 2016.
In April 2016, 2474 homes sold. In April 2017, 2445 homes sold. Pending sales in April, 2016 were 4746 and in April, 2017 there were 4,485, a decrease of 5.4%.
But, one of the biggest differences in the Austin market, however, is the increase in the number of homes for sale. Last year at this time there were only 5923 homes on the market. This year during the same period, we have 7,099 homes for sale, an increase of 16.57% from last year.
In the price band between $200,000-$400,000 there were 1288 homes for sale a year ago. Today, in the same price range, there are 3,113 homes for sale, an increase of 142%. In the upper end market, in 2016 there were 750 homes for sale over $1M. Today, there are 810 homes for sale, an increase of only 8%
The increase in inventory is good news for buyers! Last year we were scurrying to find homes before they hit the market. Our buyers were competing with multiple offers on every home sale and we saw homes sell for as much as 10% over the list price. More inventory means a little less competition and home prices stabilizing.
Every market around the Austin area is different depending on the price band and the location. Watch our market report each month that breaks sales down by price and zip code. For instance, in zip codes 78727, 78739 and 78749 the average sold price was ABOVE the average listed home price. In other zip codes, the sold price was usually 2%-3% BELOW the list price.
Submitted by Laura Duggan, Broker/Owner, West Austin Properties, 3312 River Road, Austin, TX 78703, 512-750-2425, laura@westaustin.com
A Strong Austin Real Estate Market Continues
April 21, 2017 by Laura Duggan · Leave a Comment
The Austin Market remains STRONG OVERALL.
Last month, in March, 2,418 homes sold in the Austin area. This is 1% less than 2016. To understand the overall picture, you need to know that for 2016 and 2017 the number of March sales was significantly higher than the previous 7 years. Demand overall remains strong, however, it varies by Price Bands.
There are 13.21% more homes for sale than last year at this time providing more opportunity for buyers. This is good news for buyers who’ve been waiting to dive in and buy a home, especially with the sharp increase in rental rates over the last few years. In many cases, it is less expensive to own than to rent.
The Median home price sold during March 2017 was $296,000, an increase of 5.1% in one year. The prior year the Median price increased 6.7%. Home values have increased nearly 12% in 2 years.
Demand and supply are impacting sellers depending on the Price Band. Homes listed under $400,000 are in an Extreme Seller’s Market and values are increasing. Homes over $2 million are in an Extreme Buyer’s Market and prices are overall stagnant or declining slightly.
In this high demand market, some sellers have a good idea of the value of their homes and some are overestimating their home’s value. For instance:
• Homes that sold in March under $300,000 were on average, originally priced within 5% of sold price with few price reductions. Homes in this price range are more easily matched to current sales in the neighborhood so value can be more accurately determined.
• Homes priced between $700,000- $800,000 and also homes priced between $1,000,000 -$2,000,000 had the highest percentage of price reductions. Probably indicating the homes were initially priced higher that the market was willing to pay.
• Homes overpriced by 10% or more remain on the market longer, generally require only cash offers because these homes will not appraise at the value requested and usually sell for LESS than market value after price reductions.
Every home sale and purchase is influenced in unique ways depending upon the conditions of the home and the supply and demand.
Take a look at our latest market report to see the all of the statistics by area and price band.
Submitted by Laura Duggan, Broker, West Austin Properties, 512-750-2425, laura@westaustin.com
The True Value of Your Home
November 25, 2016 by Laura Duggan · Leave a Comment
Lots of people these days rely on “real estate” websites to determine the value of their home. The trouble is most of these sites don’t have access to the data they need to give you a true assessment. In fact, most of them are not even in the real estate business. They are just aggregators of information that they scrape from a variety of sources. Real estate is definitely local and values can change even from street to street for a wide variety of factors. Only those real estate professionals that are in the market daily serving buyers and sellers can give you the most accurate and timely information about the value of your home. That is our training. Don’t rely on data aggregators who aren’t even in the real estate business to “price” your most valuable asset. You won’t get the best information.
Each month, West Austin Properties, publishes a real estate market report detailing the sales statistics around the Austin area. We deliver the statistics by price band and zip code so that you can see what’s happening now in your neighborhood and across the city. We also have prior reports posted so you can spot the trends as we see them and review the historical data about the best time to buy and sell.
For the most accurate assessment of the value of your home, let us schedule a time to view your home and talk with you about its features and benefits. Only then can you get the most accurate accounting of your home’s value.
Laura Duggan, Broker/Owner, West Austin Properties, 3312 River Road, Austin, TX 78703, 512-750-2425, laura@westaustin.com and Katy Freshour, Broker Associate, 512-826-4316, katyfreshour@gmail.com
