Category Archives: Home Selling

Zilker Kite Festival

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The Zilker Park Kite Festival celebrated its 83rd year Sunday with little wind, but plenty of fun.  The South Austin event has the honor of being the longest continuous kite festival in the United States.  Thousands turned out for a beautiful day at the park, which proves to be yet another reminder of the wonderful city we live in.

Let’s take a look at the Zilker Park area real estate market, for those who live close enough to walk or bike to the park.

Local Austin Market Data

There are 82 houses actively for sale within a 1.5 mile radius of Zilker Park, which includes part of 4 different market areas.  All of the homes are in the City of Austin, with the exception of one which is in the City of Westlake Hills.  List prices range from $225,000 to $8.9 million.  The median time these homes have been on the market is 52 days and the median price is $537,400.

The same 1.5 mile radius has 114 condominiums actively available for purchase.  That number includes everything designated as a condo, whether it a duplex style, or tower like Spring Condominiums.  Active list prices here range anywhere from $124,900 to $4.9 million.  The median time on the market for a condo in the 1.5 mile radius surrounding Zilker Park is currently 59 days.

Zilker Park is located at 2100 Barton Springs Road and encompasses 351 acres.

For Sale or On Sale?

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Have you ever gone into a store and notice the items for sale on the clearance rack? Have you ever wondered how they got there? The items may have been damaged and therefore weren’t worth the same as its fellow items in ‘mint’ condition. For others, the items weren’t priced right to begin with. The product wasn’t being marketed the right buyers, so those that would have bought it — never saw it.

The real estate market is no different. There are houses that are in need of repair and therefore wind up on the ‘clearance rack’. Other times, houses wind up ‘on sale’ when they start out over priced. When your home is listed over the market, it won’t sell, because the listing is missing its intended market. Now, one might think that the home might seem like a deal for the next market up. The problem though, with that mindset is that the next market up is either bigger, more updated, or in a better location. An over priced home really doesn’t have an audience, so it ultimately sells for less than what it would have – if the home had been initially priced correctly.

Livestrong Austin Marathon

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All eyes were on Austin this weekend as 20,000 runners from all over the world came to participate in the 20th anniversary of the Livestrong Austin Marathon. The event is one of the largest in the country and pacers were available to qualify for the Boston Marathon which is set at 3 hours and 30 minutes. It’s a wonderful event and reminder of the health conscious city we live in.
The 26.2 mile course included historic and scenic areas of Austin like Congress Avenue, Hyde Park and the UT Campus.

Let’s take a look at the housing market along the route:

Austin Real Estate Market Data

Downtown
There are currently 3 houses and 100 condos for sale in downtown Austin. The houses range in price from $585,000 to $2.8 million. The active condos available for purchase range from $105,000 to $5.3 million.

University of Texas
In the UT area, buyers will currently find 20 houses and 120 condos actively on the market for purchase. The houses range from $230,000 to $1.35 million. Condos in the University of Texas area are currently listed between $79,900 and $459,000.

Central Austin
Central Austin (north and south of Lady Bird Lake), encompasses a few different market areas and is the largest covered in this article. There are currently 162 condos for sale in central Austin ranging from $44,500 to $1.1 million. There are 374 houses for sale ranging from $119,000 to $8.9 million.

The Butterfly Effect

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The Butterfly Effect is a term used in chaos theory to describe how a minor flutter of a butterfly’s wings can trigger a series of events.  I have seen the Butterfly Effect in real estate with both negative and positive results.

Distressed properties can drag the prices down of all resale and new homes in a community.  Foreclosures can and do, contribute to the pricing of new inventory as it becomes available in a community, because they are competing with aggressive prices.  Distressed properties elongate the impact to a community even after they have sold.  They can have a ripple effect as a community’s new inventory is priced against the distressed properties as sold comparables, so it takes longer for the community to bounce back.

A ripple causing change in a given market can be positive as well.  A few houses in the neighborhood get remodeled.  A commercial building fills with a coffee shop, wine bar and cupcake bakery.  The flutter of hip, trendy happenings brings a new a fresh new perspective, to a once settled area.  The neighborhood slowly starts turning and house prices go up as it is now a modern, progressive place to live.  This happened years ago in what is now the trendy 78704 zip code and is currently happening in East Austin. 

Both of these Butterfly Effects happen not only in neighborhoods, but condominium communities like The Island on Lake Travis as well.

By the Numbers

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How many homes are for sale in Austin, in a community near you?  What are the median list prices?  What are the current average days on the market?  Let’s explore some random subdivisions and condominium communities to look at some current market data.  Note these numbers are by specific subdivision name, not by area.  So there may be more homes available in the neighborhood’s area.  When buyers are looking in a general area, like Travis Heights or Tarrytown, I typically set up a map search.  Older neighborhoods are made up of many micro-subdivisions as the land was and is developed.  The list below will give you an overall idea of what to expect in terms of available inventory price points.

Jester Estate, Crestview, Onion Creek and more….

Jester Estate
Number of homes for sale                       12        
Median List Price                                   $440,750          
Average Active Days on the Market         120

Circle C Ranch
Number of homes for sale                       24                    
Median List Price                                   $316,500
Average Active Days on the Market         57

Parkside at Slaughter Creek
Number of homes for sale                       11
Median List Price                                   $207,900
Average Active Days on the Market         110

Crestview
Number of homes for sale                       16
Median List Price                                   $249,389
Average Active Days on the Market         141

Agave
Number of homes for sale                       6
Median List Price                                   $238,700
Average Active Days on the Market         129

Travis Heights
Number of homes for sale                       9
Median List Price                                   $599,000
Average Active Days on the Market         149

Western Oaks
Number of homes for sale                       25
Median List Price                                   $246,500
Average Active Days on the Market         98

Onion Creek
Number of homes for sale                       32
Median List Price                                   $308,000
Average Active Days on the Market         145

360 Condominiums
Number of homes for sale                       17
Median List Price                                   $339,900
Average Active Days on the Market         117

Spring Condominiums
Number of homes for sale                       3
Median List Price                                   $403,000
Average Active Days on the Market         70

Call First: Go!

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When going on a listing appointment, one of the things I discuss with my Sellers are showing instructions. Showing instructions are entered into the listing database, so that agents understand what they need to do to gain access to a house. Instructions can include anything from the need to make an appointment with the listing agent, to simply showing up.

Most Sellers think that Buyers plan ahead to see homes, so they always think they are going to have time to prepare for a showing. More often then not, that is simply not true. Buyers do plan ahead to buy a home. They talk to me about where they want to live and what they are looking for in a home. Buyers often make an appointment with me in advance to view homes, but often don’t know what they want to see until the last minute. Everyone always wants to see what new inventory might come up, so some homes are scheduled ahead of time, but others are often chosen at the last minute, which may alter the overall itinerary and change appointment times.

Convenience is Key

Understand, Buyers’ schedules are often not as flexible as you might think. I often have clients that will have a babysitter watch the children, so they can view some homes with me for a few hours. Other times, buyers are only in town for a day or two and need to see as many homes as possible in a small window of time.

Sellers can’t sell what Buyers can’t see, so flexibility is key to getting a house sold. The easier it is to show, the more Buyers will have the opportunity to see the home. When I am on a listing appointment, we talk about how to we are going to manage the dogs, and how the morning routine might change. Beds need to be made, sinks need to be cleaned and laundry needs to be put away. This way, if a call comes in as the day progresses, no one panics. With Buyers you never get a second chance to make a first impression.

The happy medium that seems to work best with my clients is Call First, then Go as a showing instruction. It gives my clients a head up that someone is coming, but offers the flexibility agents often need to show it.

Austin Neighborhood Spotlights

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What’s going on in a neighborhood near you? I have selected some random neighborhoods in Austin and cities surrounding it, to provide some current real estate market data. If there is an area or neighborhood you would like me to spotlight – just let me know.

Overall, the Austin market is going strong into 2011 strong. Neighborhoods averaging 3 months or less are considered to be seller’s markets, because there is a demand to live in them. Neighborhoods averaging 4 to 6 months are considered neutral markets. Six months or more time on the market is considered to be buyer’s markets. The exceptions to this rule: luxury properties over $800,000, simply due to less buyers and new homes under construction where the houses are actively marketed before or during building.

Austin Homes for Sale

Hyde Park (Central Austin)
Number of Active Homes on the Market: 10
Average Days on Market: 124
Median Home Price: $ 323,500

Jester Estates (Northwest Austin)
Number of Active Homes on the Market: 8
Average Days on Market: 127
Median Home Price: $ 423,700

Rob Roy (West Austin)
Number of Active Homes on the Market: 11
Average Days on Market: 202
Median Home Price: $ 1,250,000

Onion Creek (South Austin)
Number of Active Homes on the Market: 30
Average Days on Market: 142
Median Home Price: $ 310,950

Plum Creek (Kyle)
Number of Active Homes on the Market: 24
Average Days on Market: 71
Median Home Price: $ 143,825