Monthly Archives: May 2010

Austin Neighborhood Market Spotlights

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How healthy is the Austin Real Estate market?  From the looks of the data below, I would say very healthy.  Inventory is low, average days homes have been actively on the market is 3 months or less.  I have selected some random neighborhoods in Austin below and listed some current real estate market data.

Understand this data is specific to single family houses.  Some of these areas certainly have duplexes, triplexes, and of course, condominiums.  I like to separate condominium and investor markets, because they are different and should be explored on their own.

If there is an area you want me to spotlight -please let me know.

Hyde Park

Number of Active Homes on the Market: 31

Average Days on Market: 94

Median Home Price: $ 385,000

Travis Heights

Number of Active Homes on the Market: 23

Average Days on Market: 69

Median Home Price: $ 538,000

Tarrytown

Number of Active Homes on the Market: 29

Average Days on Market: 81

Median Home Price: $ 779,000

City of West Lake Hills

Number of Active Houses on the Market: 28

Average Days on Market: 60

Median Home Price: $ 987,000

Mueller

Number of Active Houses on the Market: 17

Average Days on Market: 44

Median Home Price: $ 448,605

Northwest Hills

Number of Active Houses on the Market: 33

Average Days on Market: 81

Median Home Price: $ 598,500

Snakes can rattle you

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No, the 5 foot rattle snake did not convey (or least we don’t think it did) when my Buyers purchased a home in the Village at Western Oaks last Fall.  The picture is one of two snakes that were removed from their yard two weeks ago.

The second rattle snake not pictured was 4 feet long, and one of them was pregnant with about 20 babies.  So, needless to say the Smith’s have a snake wrangler on retainer, should any more unwanted guests arrive.

Yes, they live on a greenbelt, but understand this is Texas and snakes are everywhere.  I saw two myself last weekend at Town Lake, so just be aware. Tis the season.

The Hottness Factor

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What areas are hot right now?  Honestly, I haven’t come across a section in Austin that I would truly call a Buyer’s market right now.  Inventory seems to be moving no matter what price point you are looking in, provided you are within Austin.  There are other areas surrounding Austin that are feeling the affects of neighborhood foreclosures and short sales, which drive the prices down simply because there is an over saturation of Seller’s wanting to sell, versus Buyers looking to buy.

When I find areas with Average Days on the Market being over 6 months that is where I classify a neighborhood to be a Buyer’s market.  Areas that stay on the market for 4 – 6 months are considered ‘neutral’, and less that 4 months are considered a Seller’s Market.

The only exception to this rule is when I am referring to homes priced over $600,000.  There are simply less Buyers able to afford a home in that price point, so the inventory tends to sit a little longer.

Whether I am working with a Buyer or Seller to determine market price, I certainly take into account how hot a neighborhood is.  I take the last 3 months of inventory and add the sold and pending listings.  I then add the active listings up and determine the average amount of months it is going to take to ‘sell’ that inventory.  The lower the number – the hotter the neighborhood.  How hot is Cat Mountain right now?  It has about 6 months of inventory.  While Parkwood, in South Austin, has enough inventory to last 2 months.

Understand, the overall condition of a home certainly plays an important role in how fast a house will sell.  Looking at inventory flow is just an additional data point I like to refer to.

For Luxury Homes: Sport Courts add Winning Points

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I had a client ask me last week what I think about sport courts.  While pools can limit your audience, when it comes to attracting buyers, sport courts don’t seem to have the same effect.  The reason is that they have a broader range of use, than a pool.  For starters, they are not seasonal; after all, you can shoot hoops or play tennis any time of year.

In addition to year round use, outdoor courts are rare enough to be considered unique, which is attractive to buyers who are looking for something extra. More often then not, selective buyers don’t even know what it is they are looking for.  We then look at a home with a sport court, and they just connect to it.

Unlike pools, sport courts generally don’t require as much maintenance as pools – after all, it can be as simple as a painted slab.  Sure you may have to patch, paint and repair some fencing from time to time, but over all they generally require less effort.

Sport courts vary in size and shape, tennis and basketball are most well known.   I often see courts that offer a more universal appeal with a basketball net and backboard.  Now, a sport court is not going to have any appeal to gardeners.  It may also impede on building an addition where the amount of impervious coverage is limited.  For properties within the McMansion Ordinance the ratio of non-permeable coverage can’t exceed 40% of the lot size.  So, while a sport court may not appeal to everyone, it certainly can offer unique twist to a typical home making standout from the crowd.