It has been a while since I have updated the Preston Oaks neighborhood market report for a couple of reasons. After the last report in August 2007, the public was ambushed with bad news from the media at that time from the Subprime fall out. Afterwards most of the stats throughout Austin took a dive and the learning curve of homebuyers regarding new credit/lending standards have still not caught up. So the main reason was that there was not much activity at the end of last year to do a quarterly or 6 month report. Only 3 homes sold and 1 leased in between Subprime’s last rights and the end of 2007, but things picked up this past spring.
In all, 19 or about 10% of the total neighborhood’s homes has sold within the last year. The activity picked up this March when a group of homes flashed on the market and flashed right back off within a week or so as if there was buyers waiting.
The thing in common with those quick sales were the homes were under 2000ft2, which could coincide with the fact people are moving in closer to where they workand downsizing home space. 13 of the 19 sold were 1 story, less than 2000ft homes and took an average of 28 days.
The larger homes over 2000ft to 2700fts took a little longer to sell averaging 56 days. This price point does begin to reach the upper price range for MLS Area N and competition from Scofield and other areas factor into play.
Currently there is one home on the market which is in the larger square footage size bracket.
Below is the trends for the neighboorhood for the last 5 years.
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Christopher
RE/MAX Capital City
Tags: Austin Market Statistics, Austin Real Estate, Neighborhood Spotlight, North Austin Neighborhoods, Preston Oaks Austin, Preston Oaks chart
