Category Archives: Sellers

Austin Neighborhoods, Blog, Buyers, Circle C Ranch, Investors, Landlords, Renters, Sellers

Austin Real Estate Market amid the Corona Virus April 2020

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Greetings all… a quick post to our friends, clients and website visitors.

Melinda and I hope you are all well, staying safe, and taking care of yourselves and family. For those of you in essential businesses and especially the Medical fields, thank you so much for what you are doing for all of us! We are forever grateful for your sacrifices and frankly, bravery.

Over the past few weeks, several of you have reached out to ask me my thoughts on the housing market…. as sellers or buyers, renters or investors. I can briefly summarize my thoughts and expectations – however, I have to answer the way my attorney friends answer – that’s to preface any projections with the words “it depends”.

“It depends”?
What that means is simple.
The answer is dependent upon how long the CV-19 virus handcuffs local, state, regional, national and global economies.
Real estate is ‘local’ for the most part but it’s driven by confidence. Confidence is driven by jobs and income. If jobs / income go down in a (you can enter a time frame here – as it depends) recession, confidence will be lost and home sales will likely drop in several price channels (price bands).

“The best scenario”
Let’s say we have a short pause in the economy…. 2-3 months, CV-19 is controlled, a vaccine is approved and rolled out, and the majority of the population gets back to work 100% by August. Confidence would replace uncertainty. That would be awesome. If this becomes a prolonged ‘pause’, obviously the opposite would be more likely.

“Our economy”
As you all probably can guess, Austin is in much better shape than other cities employment wise, and for the high-tech individuals, they may be able to work online from home. Obviously, not all workers can just go online. The service industries appear to be impacted the most right now (retail, restaurants, hotels (@ < 5% occupancy downtown) for example.
Housing wise, we have a lack of resale inventory and builders are not going gangbusters right now. Low inventory plus continuity in employment (even if from home), could contribute to prices holding their own for a period of time. (caveat – it depends).

Those are my thoughts – however, as we have not done anything like this before, I’m taking a somewhat educated guess. After all, I did get a minor in Economics in college 😉 lol.  For an expert’s opinion and projections…. I give you Mark Sprague, State Director of Information Capital with Independence Title. His latest blog post link appears below.

https://independencetitle.com/market-musings-greater-austin-area/

My thanks to Mary Tran with Independence for providing the link today.

For sellers or landlords in the near term, we are recommending virtual tours, virtual open houses, even if the property is vacant. If the property is occupied, we are suggesting block times for physical visits – for example, “….showings this Saturday from 2-4pm, 10 minute gaps between groups by appointment only – social distancing rules apply”. Property surfaces should be cleaned prior to and immediately following showing windows. Some sellers are having their properties cleaned professionally every day. Properties should also have hand sanitizer and booties available at the door. Of course, if anyone is not feeling 100%, no showings or visitors should be allowed. Unfortunately, it all depends.

Feel free to email me back with thoughts or comments, suggestions or criticism ( I can take it) … or just to let us know you are okay. Because right now, that is most important to us. We are doing okay, keeping a smile on our face and doing our best to not gain an extra 15 lbs.

#BeSafe, #BeStrong, #StayHome

Blog, Circle C Ranch, Market Statistics, Sellers

Circle C Housing Market Update August, 2019

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Circle C Housing Market Update August, 2019

Greetings friends and neighbors. In family-oriented neighborhoods like Circle C there is a noticeable slow down in buyer activity as many people are fitting in the last vacation of the summer and preparing for the school year. The more things change, the more they stay the same.  I observed 3 open houses on Friday night last week which is a little unusual, as most agents and buyers are active on the weekend.  This past weekend was “tax-free” weekend which again typically means the most common buyer for Circle C homes may be distracted with other activities.  The good news for sellers is after the kids are settled into the school routine, relocation buyers will replace the summer time demand.

The last six months of the year, February – July 2019

Let’s take a quick look at the home sales from February through July 2019. Over the past six months (Feb-Jul) we’ve recorded 203 homes sold… a run rate of ~ 34 homes a month.  June and July were strong month for sales, recording 41 and 44 homes as sold respectively.  The most activity in July was noted in Circle C Central (one of the largest communities in Circle C) with 9 sales in July, followed by Circle C West with 8 sales in July. As of August 13th, there are 45 homes listed for sale (Active) in MLS with a median ask price of $499k. There are 56 homes with a Pending status and a median ask price of $537k.  That number is skewed a little on the upper side as there are five pending homes with an ask price over $700k, and one at a whopping $1,385,000!

Year to Date 2019

Year to date, January 2019 to August 13th, we have recorded 218 sales in MLS. The average home sold during that time was a 2003 4 bedroom, 3 ½ bath home with about 2,830 sf of living space.  Average ask price was $526k and sold for an average of $523k with only 38 days on market. The median ask price over that same timeframe was $500k and median sold price was $499,950.  Median days on market were a mere 10 days!

As for July 2018 versus July 2019: See table below to see the monthly stats year over year.

 

  July 2018 July 2019 % Change
Homes Sold 37 44 Up 19%
Median Sold Price $512,500 $497,500 Down 3%
Median Size 2,914 sf 2,963 sf Up 2%
Median $/SF $180.38 $183.32 Up 2%
Median Days 6 15 Up 150%

 

The upper and the lower limits

Okay, the median prices are holding steady and volume of sales continue to be impressive.  What about the upper and lower limits, or range of values?  Last year, the most expensive home that sold between January and August 12, 2018 was a $880k, 5-bedroom, 4-bath, 3-car garage, 4,347 SF home in Avana.  This year the most expensive home sold between January and August 12, 2019 was a $1,251,500, 5-bedroom, 5-bath, 5300 sf home in the Hillside section of Circle C.  On the lower end, last year the least expensive home that sold was a $355,000, 3-bedroom, 2-bath, 2057 sf home in Circle C Central.  This year the least expensive home that has been sold was a $350,000, 2-bedroom, 2-bath, 1,482 sf home in Park West.  So, Circle C sold prices are ranging of $350k to $1.25MM YTD…. and sold home sizes from 2057 sf to 5300 sf YTD.

The Takeaway

While volumes are still impressive, we are running slightly behind our 2018 pace (238 versus 218, or down 9%) as forecast earlier this year and median home price is slightly higher (up 2%).

For More Information

For more information about the Circle C housing market and your particular neighborhood click here to view the updated Market Stats report on MoveToCircleC.com or AustinRealEstatePartners.com.  There you’ll see a google map with specific values for each neighborhood and if you scroll down a little two tabs with more information – one for the prior six months and one for the annual growth rate.

Still have questions about the market or what your home value could be today?  Call me directly at (512) 288-8088 and I’ll do my best to provide an answer and there is no obligation.