Tag Archives: Austin Real Estate Market

Austin Market by Zip Code

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Some people know Austin areas by name; others know them by zip code.  Looking at market data by zip code gives you an overall snapshot of how an area is performing.  Understand there are a variety of factors within a zip code that will affect how different subdivisions and neighborhoods perform.  Some subdivisions are near the lake, while others are near a major roadway.  Factors like walk ability and proximity to a park or a school, can affect market performance within a particular zip code.

Taking a look at market data by zip code does give us a good overview of how different areas of Austin are performing.  It also helps us capture all of the data in a particular area.  Certain locations like Travis Heights and Tarrytown are comprised of dozens of micro-subdivisions.  So, looking at market data by zip code gives us a snapshot of overall performance.

Be mindful that price will affect the size of the buyer pool for a particular market.  A higher priced market area naturally has less buyers who can afford the homes there.  The result means longer time on the market.

Austin by the Numbers

78759 (North West: includes Great Hills)
Number of Active homes on the market:            98
Number of Sold homes in the past 90 days:       73                   
Median Current Listing Price:                           $345,975

78746 (West Lake Hills Area)
Number of Active homes on the market:            158
Number of Sold homes in the past 90 days:       56       
Median Current Listing Price:                            $1,172,000

78703 (Central:  includes Tarrytown, Pemberton)
Number of Active homes on the market:            126
Number of Sold homes in the past 90 days:       43                   
Median Current Listing Price:                           $599,450

78757 (Central:  includes Crestview)
Number of Active homes on the market:            90
Number of Sold homes in the past 90 days:       51                   
Median Current Listing Price:                            $247,250

78702 (East: includes just east of Downtown)
Number of Active homes on the market:            107
Number of Sold homes in the past 90 days:       22                   
Median Current Listing Price:                           $209,900

78749 (South:  includes Circle C Ranch and Western Oaks)
Number of Active homes on the market:            99
Number of Sold homes in the past 90 days:       74                   
Median Current Listing Price:                          $234,975

I support local Austin; after all, I think it’s only neighborly.

Doreen Zelma
REALTOR, GRI
E: doreen@SupportLocalAustin.com
W: www.SupportLocalAustin.com
T: 512-761-0567

Austin Market Spotlights

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I have selected some random subdivisions, zip codes in Austin and cities surrounding it, to provide some current real estate market data.  If there is an area or neighborhood you would like spotlighted -please let me know.

Overall, the Austin market is strong.  Areas averaging 3 months or less are considered to be seller’s markets.  Four to six months are considered neutral markets.  Six months or more time on the market is considered to be buyer’s markets.  The exceptions to this are:   luxury properties over $800,000, because there are less buyers and new construction where the projects are actively marketed before or during building.

Austin Condominiums

78704 Condos

Number of Active Condos on the Market:  113

Average Days on Market:  138

(new construction projects make the average days high)

Median Home Price:  $ 275,000

Downtown Condos

Number of Active Condos on the Market:  151

Average Days on Market:  127

Median Home Price:  $ 349,500

Austin Single Family Homes

Circle C Ranch

Number of Active Homes on the Market:  33

Average Days on Market:  67

Median Home Price:  $ 314,900

Travis Heights

Number of Active Homes on the Market:  15

Average Days on Market:  115

Median Home Price:   $ 499,000

City of West Lake Hills

Number of Active Houses on the Market:  29

Average Days on Market:  136

Median Home Price:    $1,220,000

Shady Hollow

Number of Active Houses on the Market:  26

Average Days on Market:  108

Median Home Price:    $284,450

Cat Mountain

Number of Active Houses on the Market:  21

Average Days on Market:  134

Median Home Price:    $520,000

Barton Creek West

Number of Active Houses on the Market:  8

Average Days on Market:  58

Median Home Price:    $562,363

Austin City Limits Music Festival sells Austin to future homeowners

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The Austin City Limits Music Festival is an event for all of Austin, not just music lovers. Now in its nineth year, it has been reported that ACL will generate over $80 million for the city, of which $51 million will come from visitors.  Austin will host an average of 65,000 guests per day, most if not all; will be visiting Zilker Park where the event is held.  Those visitors will be staying in hotels, dining out, shopping and going to nightclubs, taking in everything Austin has to offer.

Real Estate sales are always interesting this weekend.  People often get sold on Austin this weekend, which generates home sales in the future when visitors ultimately decide to call it home.  Serious buyers will take a break from the music and will be shopping, simply because time is of the essence.  The Barton Hills, Zilker, SoCo, City of West Lake Hills and downtown, Austin areas will take center stage in terms of real estate, as visitors drive around exploring the shops and eateries thinking about what it would be like to actually live in the area, as they pass a house for sale.

Will it be a big open house weekend?  No.  Again, this is a weekend for serious buyers, but it doesn’t mean it isn’t a big real estate weekend.  The Austin City Limits Music Festival helps sell Austin to future buyers, who will decide to stop visiting and one day call it home.

Keeping Reality and Real Estate ‘Real’

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HGTV is powerful.  I cannot even begin to tell you how many homeowners I speak to who got an idea to attempt a do-it-yourself project as a result of watching a home makeover show.  If you are chuckling on the inside, it may be because you are one of them.  I use the word ‘attempt’, because while these shows inspire and educate, they also tend to make projects seem simpler than they are.  Remember, it’s an 8 hour project shown in a half and hour.  These shows have the power to edit and often have a team completing the handiwork behind the scenes. It’s a reality show, just like any other.

I laugh on the inside and try not to show my angst on the outside when I go on a listing appointment with those who lost their drive on a remodel.  The results range from unfinished faux painted walls, tile put in place that was never grouted and crown molding that doesn’t completely go around the ceiling.  All of these unfinished projects are going to affect the sales price of your home.  It is easier to sell a dated home that is fully functioning and completed, than a home that seems to stop mid sentence. 

To a buyer, the project needs to be finished.  I often have to change the perception of the seller, to see these things with buyers’ eyes, because after a while the seller doesn’t see the projects anymore.  They have been living with them for so long; they just tend to blend into the background.

Many home supply stores offer classes on do-it-yourself projects.  I often recommend someone take one before making a decision to start a project.  We are all good at something, but certainly not good at everything.  Have a reality check with yourself when you are watching those reality shows. Get a real education on what’s involved with a do-it-yourself project, before you begin one.

Barton Hills Duplex Open House 8/14 12 – 3

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Where will I be Saturday?

1304 Robert E Lee Road

From 12 – 3pm
Calling all investors.  One side is leased, you can live in the other, or lease it as well!
 
This is your opportunity to live a short distance from Barton Springs pool, hike & bike trail & Zilker Park.
 
 
From Barton Springs turn on to Robert E Lee.  The Duplex is located between Spring Creek and Rabb on Robert E Lee
 
$545,000 2,931 sq ft (tax record)  3/2 and 3/2.5
both units will be open for viewing
 
 
 

Upgrades on New Construction

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 Upgrades are often priced for a moment in time, and aren’t going to add any profit 10 years from now, so choose them for you. I went on a listing appointment where the owner was pointing out all of the upgrades he paid for 10 years ago. Though certain features add substance like crown molding, other things just don’t. You may have paid $500 more for an upgraded bathtub 10 years ago, but understand it is now 10 years old. When I work with buyers on new construction, I ask this question. Are you doing this for you or the next owner? In all likelihood, the next owner isn’t going to be impressed with your upgraded light switch plate. Spend money on the things that will bring you joy, instead of trying to anticipate how someone might appreciate them in the future.

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