Austin MLS Trends

Southwest Austin – market update

The Southwest area of Austin includes popular locations such as Circle C, and is traditionally a very strong market. I took a look at home sales in the last 6 months (first half of 2010) and the current market to ascertain how things were going.

In the last 6 months, 154 homes have sold, with 29 under contract mid-month. So there’s an absorption rate of between 26 and 29 homes per month on average (ignoring seasonal adjustments).

With 95 homes active, this means that supply is a little over 3.5 months, which is a fairly balanced market. The average days on market is 69 for the active homes (those not selling) and 44 for the sold homes.

Median sales price to list price is around 98.1%, so these indicators would imply that the market is still strong in areas like Legend Oaks, Villages at Western Oaks and Circle C in Austin.

Austin Housing Market Data Q1 2010

The Austin residential real estate market has four distinct quarters, and in a series of articles you can see commentary on each. Single family homes are split into under and over $300,000 and the two markets vary widely as you can see in this report on the Austin housing market. The lower end of the market is fierce, with slow activity in the upper side.

The Austin condo market show a similar story with over 60% less sales in the market over $300,000 compared to 2 years ago.

Wells Branch Home Sales

Austin’s Wells Branch is a popular MUD in North Austin between MoPac and I35.

Here are a few statistics on 2009 home sales:

Median List Price: $169,900

Sales Price to List Price Ratio: 98.9%

Average List Price / sqft: $106

Average days on market: 44

Sold vs All Listings: 87%

As you can see, home sales are strong in this area which is great for first time homebuyers.

• Search for Wells Branch homes
• Snapshot of Wells Branch housing market

North Central Austin Home Sale Data

Austin’s MLS Area 4 includes Hyde Park and Patterson Heights. Here’s a run down of how many homes sell in each month (over the last 5 years). The graph charts the contract date (when the offer is accepted) for single family homes with a list price between $300,000 and $400,000.

Monthly Home Sales

The chart shows sales in 5 full years. As you can see, the most activity happens in March, April and May.

Conversely, there is typically less competition in other parts of the year.

• Search for Hyde Park homes
• Snapshot of Hyde Park housing market

East Austin Home Sales: University Hills

University Hills Austin Home Sales

Home sales in University Hills slowed with the rest of the Austin market at the end of 2008 as noted in a recent post. This is shown by the thin Q4 green slice left.

The first quarter of 2009 has also shown a drop in sales from previous years, as shown left. The blue slice shows that just 8 homes sold by April 1st this year.

Right now in Q2 we are in the peak selling season – see how the orange slice is generally largest in previous years.

Inventory is low right now, with 22 homes available with 8 under contract. Some lenders are taking longer to close loans right now, so assuming a closing time of 45 days from contract acceptance, this puts us at approximately

At the present rate this equates to around 4 months of inventory - technically a sellers’ market again.

University Hills Home Listings 2009

What the inventory analysis does not show is the discouragement of some sellers right now. The chart above shows that as many home sales failed this year (green and yellow) as succeeded (red).

True, many of the listings that expired or were withdrawn were on the market at the end of last year, when sales were very sluggish across all of Austin.

Given that market perception lags behind the market, the sellers who are on the market now will reap the rewards of low competition. There are relatively  few homes to choose between right now in University Hills.

• Search for University Hills homes
• Snapshot of University Hills housing market
• University Hills Real Estate Blog
• University Hills Neighborhood Newsletter

North Central Austin Home Sales: 78756

Austin MLS prices

Austin’s 78756 is a vibrant area containing the Rosewood neighborhood.

There are a number of historic, locally owned businesses on Burnet Road and Northloop whose iconic signs define the area.

There are condos and houses in the area in a vast swathe of pricing – from efficiency condos below $80,000 to houses about $700,000. There are also a few duplexes in the neighborhood.

The median sales price in the last 12 months for single family homes is $337,000, with an average price per square foot in 78756 of $221.

What is your chance of selling your home in 78756? That really depends on which Rosedale Realtor you use.

Statistically, more homes have failed to sell in 78756  than have successfully sold in the last 12 months. This is shown below.

Rosedale Home Sales Data

Looking at the amount of homes for sale in 78756 right now, there are around 6 months of inventory in the Austin MLS.

• Search for Rosedale homes
• Snapshot of Rosedale housing market

Are Austinites Moving?

Austin Home Occupancy

Home sales in Austin: Spring is happening to the real estate market, and buyers are back on the prowl for homes before the school holidays and the weather starts to get too warm to go home shopping.

Do homes sell better vacant or occupied?

A quick look at the active listings in Austin shows that 46.5% of the homes are vacant. 41.8% are occupied by the owner with the rest being occupied by tenants.

Whether your home will be easier to sell vacant or occupied depends on your situation, and is best answered by a real estate professional.

If close to half of all homes are vacant, where are all the owners? They could have relocated, or be new construction. Or they may simply have moved to a new home or into rental property.

Useful resources:

• What’s my Austin home value?
• see Austin TX Houses For Sale
  
• Contact an Austin Real Estate Agent

North Austin Home Sales: Scofield Farms

I just helped a buyer put together an offer for a home in Scofield Farms, 78727. Our offer was rejected without even a counter as the their market is a sellers’ market. Inventory in the price range we are looking in is not abundant.

There are 29 homes for sale, and at the time of writing there are 15 homes under contract. There is typically an acceleration in sales at this time of year, and at current inventory levels, there are only two months of inventory. This is a strong sellers’ market.

Homes are attracting strong offers

The chart above shows a very high list price to sales price ratio, and sellers taking advice will hold out for strong offers. The area has great amenities and is convenient for major employers.

• Search for Scofield Farms homes
• Snapshot of Scofield Farms market
• Austin Sellers Market Blog

East Austin Home Sales: University Hills

East Austin Sales

Homes in University Hills in East Austin saw an abrupt halt at the end of 2008.

The green slice on the left shows that few homes were sold, far lower than in previous years.

The market has more than 8 months of inventory right now, making it a buyers market.

• Search for University Hills homes
• Snapshot of University Hills housing market
• University Hills Real Estate Blog
• University Hills Neighborhood Newsletter

Homes in Cedar Park – Market Review

Annual Cedar Park Single Family House Sales

Cedar Park Homes: current inventory points towards a healthy market for single family homes.

Homes for sale: 426

Homes under contract: 114

Median List Price: $244,501

Average days on market: 86

If we look at sales over the last four years, we can see that the number of sales dropped in 2008 with more withdrawn listings. Median Sales price has increased and levelled out.

Cedar Park TX Homes Median Sales Price

Overall the market in Cedar Park has slowed. 50%  less homes sold in January 2009 than in January 2008.

More information:

• Search for Cedar Park, Texas homes
• Snapshot of Cedar Park housing market
• Cedar Park Homes