Tag Archives: Austin Real Estate Market

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.

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

5517 Agatha Circle in The Statesman

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My listing at 5517 Agatha Circle has been spotlighted in the Austin Statesman. Here is a link to the article.  This stunning home is a head turner due to its modern 3-story design.  The home fits right into it’s community of modern homes, which is called Agave.  Agave was originally referred to as 969, which is what Martin Luther King Boulevard transitions into as you head further east.

Over 12 architects contribute to the modern floorplans, colors and details of this community. Keven Stewart was the architect who designed 5517 Agatha Circle.  The first floor includes 2 bedrooms, and one full bath with polished concrete floors.  Make you way up the bamboo wood staircase to find a living area, eat-in kitchen and utility room with plenty of extra storage space.  The floor also feature a half bath and outdoor deck.  The third level of the house includes a master bedroom, master bath and flex room.  There is also a large deck off of the master bedroom.

5517 Agatha Circle is ideal for someone really looking to make a statement.  It is finished with green details like silestone counters, a tankless water heater, low V.O.C paint and Energy Star rated appliances.

Listing # 6640723

The Agave Community is nestled within a hillside in east Austin.  It is about 3 minutes to 183, 6.5 miles from the University of Texas and less than 10 miles to downtown Austin.

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

Downtown Condo Market

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Some are old, some are bold, others are modest and brand new – there is an Austin downtown condo available to suit everyone looking to live an urban greener lifestyle.  Let’s take a peak at the inventory and how well it’s doing…..

Downtown Condos by the Numbers

Based on current 90 day data, there have been 171 condominiums that are available for actively available for purchase, have an accepted offer and are pending, or have closed in downtown, Austin. 

Downtown Condominium Inventory breakdown:

  •          107 units are Active
  •            34 units are Pending
  •            30 units have Sold

    • The median time on the market for a downtown Austin condo is 94 days.

    Downtown Condos by Price and Size

    Active units currently range in price from $109,900 to just over $5 million.  The median list price is currently $325,000.  Downtown condominiums currently available for purchase range in size from 494 square feet (per tax record) to 7,113(per agent).  The median size of a unit available for purchase is currently 1,219 square feet with 2 bedrooms and 2 baths. 

    Just as there are many factors that make up the market price of a house, there are many things that factor into the price of a condo.  Building amenities, floor height, views, and interior finishes all factor into the price of a condo.  You have heard the saying in real estate “location, location, location”, and condominiums are no different.  The locations of the buildings within downtown, and the location of the unit within the building, are also factors that will ultimately affect the list price.

    Remember:  Buyers are not just purchasing a unit in a hi-rise, they are buying convenience.  Is Near Town Lake? the Warehouse District? the office?  Convenience is defined by the Buyer.