Tag Archives: Austin Real Estate Market

Austin Real Estate Market Data

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I have selected randam subdivisions in the greater Austin area and listed their current real estate market data. Average Days on Market below 3 months are considered Seller’s markets, because homes are moving quickly.  Neighborhoods with homes on the market between 3 and 6 months are considered neutral.

The data below is specific to single family homes. If there is an area you want me to spotlight -please let me know.

Austin Market Spotlights

Legend Oaks (Southwest Austin)
Number of Active Houses on the Market: 10
Average Days on Market: 45
Median List Price: $ 266,025

Cherry Creek (South Austin)
Number of Active Houses on the Market: 16
Average Days on Market: 98
Median List Price: $ 184,970

Plum Creek (Kyle)
Number of Active Houses on the Market: 25
Average Days on Market: 89
Median List Price: $ 179,250

City of West Lake Hills
Number of Active Houses on the Market: 27
Average Days on Market: 122
Median List Price: $ 1,295,000

Barton Creek West (West Austin)
Number of Active Houses on the Market: 3
Average Days on Market: 60
Median List Price: $ 585,000

Cat Mountain (North Austin)
Number of Active Houses on the Market: 7
Average Days on Market: 85
Median List Price: $ 450,000

Bouldin (Central Austin)
Number of Active Houses on the Market: 6
Average Days on Market: 79
Median List Price: $ 447,000

Travis Heights (Central Austin)
Number of Active Houses on the Market: 17
Average Days on Market: 99
Median List Price: $  575,000

78704 Finds

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1908 Glencliff Drive, Austin 78704

1908 Glencliff Drive 78704

Lately, I have been spending my time in Central Austin specifically Barton Hills and other areas within the 78704 zip code.  Conditions have varied with some needing a little love, like maybe new paint colors, while others need some major updating.

Homes in need of remodeling can be found in all price points. When you are purchasing a home that is considered ‘dated’, it is best to know what your intended use is for it. For example, if you are looking to just lease the house out, freshening up the paint and re-carpeting may be all you need to do to make it ready for a tenant. If your plans are live in the house, understand that many of the upgrades you will add are for you. They may depreciate over time and not all buyers will appreciate what you have done. When the plan is to remodel a home to flip it, budget is key. Sticking to a budget which should include a miscellaneous fund for unexpected work will keep you from buying yourself right out of the neighborhood.

Here are some houses I have seen in the past week. Doreen’s picks of the week Again, how much work they need, if any, will depend on the buyer’s intended use.

1908 Glencliff (see link above) was designed by James D. Pfluger. It is a work of art with great bones and over an acre of land on the cliff of the Barton Creek Greenbelt, about 200′ upstream from Camel’s Hole. It has privacy and a view, but the view could be better if someone cleaned up the brush and trees and perhaps redesigned the overhang on the back decks. The house has tons of possibilities. Many of the surrounding homes have been completely rebuilt and updated.

One note about investment properties. Leases are on the rise, because properties for lease are in short supply. There are many people who cannot qualify for a loan these days, so they need to lease. There are some people of course that prefer to lease, but with the addition of people that now do not have a choice – the demand is very high. So, if you are thinking about purchasing an investment property – now may be the time. Remember, investment properties also come in all price points. They require 20% down and rates right now hovering around 5% and under.

Home Owners Associations

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Home owners associations are common in neighborhoods in and around Austin. Some are voluntary like in Travis Heights, for example. Most are mandatory, which means that if you choose to own real estate within the boundaries of the Association – membership is mandatory. Home owners associations often provide additional restrictions above and beyond what the City imposes.

Rules and by-laws are defined and outlined for each home owners association and can include anything from buildings restrictions, pet limitations and quiet hours. H.O.A.s impose fee’s to manage common charges and services impacted by the community. Mandatory home owners associations are typically created at the time the subdivision is created whether it is a neighborhood of houses or a condominium community.

H.O.A.s are a legal and financial entity designed to fund and manage common services and areas. Gated entrances, pools, fitness centers and playgrounds are all examples of common areas. Common services can include water, cable, trash and even gas. What services are included typically depends on how the subdivision was initially designed. Home owners associations can be powerful; they will impose fines and can even place liens on a property if fees are not paid or rules are not complied with.

Home owners associations often manage community activities as well, which provides an environment to socialize with neighbors within the community.

Austin HOA Rules and Restrictions

Whether or not a home owners association will work for a buyer will depend on many factors. If you are looking to build and want the freedom to choose any material you want or size of home, a neighborhood with a home owners association may not work for you. Having horses or parking an RV or boat next to a house – may not be allowed. You may be limited to the kinds of fences you can have. Dog breeds that are typically labeled as ‘aggressive’ are often not allowed as well.

Some people like limitations and rules within a community. Members of an association often like the structure within the community and welcome the limitations. Some people like a common aesthetic theme limited building materials bring. They also like the sense of community and small town feeling common amenities often provide.

Home owners associations can include many amenities, rules and by-laws or very few. H.O.A.s vary greatly in terms of when fees are due. Some are monthly; others are quarterly or even paid annually. Frequency is often determined by the size and scope of the association.

Unless I have a buyer who truly doesn’t like the idea of a home owners association, I often suggest clients be open to the idea. You can often tell just by driving through a neighborhood if it is heavily restricted or looks fairly laid back. With so many of them in the greater Austin area, it is hard for prospective buyer to completely rule them out.

Austin Market Spotlights

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I have selected subdivisions in the greater Austin area and listed their current real estate market data.   My selection is based on the communities I have visited over the last 3 weeks.  This also happens to be my 100th blog post!

The data below is specific to single family houses, unless otherwise indicated.  If there is an area you want me to spotlight -please let me know.

Tarry Town  (Central)
Number of Active Houses on the Market:                      16

Average Days on Market:                                              81

Median List Price: $                                                  $606,500

Elliott Ranch (Buda)
Number of Active Houses on the Market:                     12

Average Days on Market:                                            99

Median List Price: $                                                 $432,400

Whispering Hollow  (Buda) Still Developing
Number of Active Houses on the Market:                     17

Average Days on Market:                                            59

Median List Price:                                                    $218,835                                              

Garlic Creek (Buda) Sill Developing
Number of Active Houses on the Market:                   16

Average Days on Market :                                         76

Median List Price:                                                   $199,106          

Austins Colony (East)
Number of Active Houses on the Market:                  18

Average Days on Market:                                          86

Median List Price:                                                   $109,950                                  

Pemberton Heights (Central)
Number of Active Houses on the Market:                    6

Average Days on Market:                                          71

Median List Price: $                                           $1,535,750

Towers of Town Lake (Downtown Condominium Community)

Number of Active Condos on the Market:                   9

Average Days on Market:                                         74

Median List Price:                                                    $289,500

Back to the Future

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Someone asked me last week if selling her house next year would mean selling higher than this year. I responded by telling her if I could predict the future like that – I’d be a very rich lady. When I list a house and even when I represent a buyer I look at trends in the market. Market tends vary about every 3 months based on how inventory is moving, what houses have sold for and what houses entering the market are being listed for. Housing prices are a reflection of both national and global economic factors that affect interest rates, the stock market, the bond market and employment rates to name a few. The volatility of market conditions makes it impossible to predict what your house will sell for a year from now. Sometimes I do go back a year, but it’s not to price a house – it’s just to tell a story.

As I often say, markets are local and that is often widdled down to a particular subdivision or specific condo community. There are markets that are in high demand. Markets can be defined as a subdivision, school district, zip code, etc. So, looking back in time longer than 3 months helps me tell the story of that particular market because – although the list price can’t be predicted a year from now, how hot a specific market is generally can. Price is a moment in time.

I’ll give you an example most people familiar with Austin can relate to, which is zip code 78704. Zip code 78704 is the southern neighbor of Austin’s downtown district. Many consider it downtown and although it certainly has an urban flare, it has a bit more of a small town feeling than a cityscape. Zip code 78704 is the home of Zilker Park and the SoCo, SoLa and SoFi districts which are all popular for their local eateries and shopping. The local amenities coupled with the vast array of affordablility due to a large variety a price points makes 78704 not only hot, but consistently hot. Inventory moves here and will always move here because of the location.

Austin Real Estate Market

Let’s look at the over all story of the Austin market over the first 6 months of 2011 vs the first 6 months of 2010.

  • There were 584 less homes sold in 2011 than in 2010. 
  • The sales volume is 3 million dollars higher than 2010.
  • The average sales price is $14,000 higher in 2010 ($255,000 in 2011 vs. $241,000 in 2010).
  • The median sales price was also up for the first half of 2011: $191,000 vs. $185,000 in 2010.

 So, overall houses there are slightly less houses selling, but those that are – are selling for more money. Austin is looking good.

Living Lakeside

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Steps to Lake Travis

I have several clients currently looking for waterfront property. Waterfront is scarce simply due to the limited real estate available that surrounds the lake. What can limit the search even further is the intended use one expects to gain by owning waterfront property.

Waterfront property does not always mean direct access to the lake. Even direct access can vary from walking across a lawn directly into the lake to descending a steep flight of stairs. Maybe you want to have a boat docked in the water or the potential to have one. All of these are points to consider including the biggest one — do you even need to access the lake? Sure, water access may be nice to have, but maybe you only really want the view.

For many, water activities are seasonal. A nearby public boat dock or neighborhood park may offer enough convenience for water access. Maintenance, on the other hand is not seasonal. If a home has direct lake access, someone has to maintain the bock dock and the stairwell used to access the lake. These are added expenses that can be costly.  Another data point to be mindful of is flood insurance. Flood insurance is often required, which is another expense you will need to budget for.

There is nothing like having the lake as your neighbor.  It can provide constant entertainment. Just consider what you want and what you need from it — before you start your search. The greater Austin area touches Lake Austin, Lake Travis and Lady Bird Lake.  Access to the Town Lake Hike & Bike Trail can be found from waterfront condos like Milago.  There is now a waterfront page on my website that captures some of the waterfront properties available.

Austin Neighborhood Market Spotlights

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I have selected some random subdivisions in Austin below and listed some current real estate market data.

Understand this data is specific to single family houses.  If there is an area you want me to spotlight -please let me know.

Tarry Town

Number of Active Homes on the Market: 13

Average Days on Market: 42

Median List Price: $ 725,000

Travis Heights

Number of Active Homes on the Market: 25

Average Days on Market: 77

Median List Price: $ 575,000

Lost Creek

Number of Active Homes on the Market: 22

Average Days on Market: 81

Median List Price: $ 608,000

Anderson Mill

Number of Active Houses on the Market: 59

Average Days on Market: 73

Median List Price: $ 172,500

Circle C Ranch

Number of Active Houses on the Market: 33

Average Days on Market: 80

Median List Price: $ 300,000

Mueller
Number of Active Houses on the Market: 9

Average Days on Market: 87

Median List Price: $ 550,000