Preston Oaks Update 1 Year Later

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.

Wanna know more?  Simply contact me to get started or search Austin Properties now!

Christopher

RE/MAX Capital City

 

 

Preston Oaks Pocket Listing

Coming at the end of the second week in March, this 2074 ft2 home built in 1997 will have a fresh coat of warm neutral colored paint throughout, complementing frieze carpet, and new 18″ Porcelain tile throughout.

Below is the homes Orellano floor plan which is a highly popular floor plan within Preston Oaks primarily because of its dramatic vaulted ceiling as you enter the home. Move in ready, all that awaits is your personal touches.

Also be on the look out for my Neighborhood Spotlight: Preston Oaks market update coming soon later in March.

For more information, feel free to email me or call me directly at 512-744-4553.

Christopher

RE/MAX Capital City

Austin’s Market Still a Seller’s One

Recently I have been coming across many hot market articles mentioning our market and even a spot on the Today Show concerning South Austin and its SoCo hot spot. You can see it here (the comments regarding are on about the 2:41 sec mark) Also articles on Forbes.com here and an email from Forbes.com I received below About the market in general.

Top 10 Best Performing Housing Markets
As anybody who has ever sold real estate knows, there are no national markets, only local markets. That adage holds true when you look at the condition of the real estate business nationwide. Business may be tough in many places, but it’s not tough all over.

In Salt Lake City, Charlotte, N.C., and San Jose, Calif., prices have climbed relentlessly. In the Northeast, the biggest gainers are the gritty cities of Buffalo, N.Y., Pittsburgh, Pa., and Philadelphia.

In the West, business is brisk in Northern California and the Pacific Northwest.

Here are the top 10 best performing housing markets, according to Forbes magazine, their third quarter median home sale prices, and the percentage that prices have risen compared to third quarter 2006.

• Salt Lake City — median home sales price: $246,700; Percent change: 14.1 percent
• Charlotte, N.C. — $220,000, 11 percent
• San Jose, Calif. — $852,500, 9.4 percent
• San Francisco — $825,400, 8.6 percent
• Raleigh, N.C. — $229,500, 7.5 percent
• Austin — $188,200, 7.2 percent
• Pittsburgh — $127,700, 6.1 percent
• Seattle — $394,700, 6 percent
• San Antonio — $154,700, 5.7 percent
• Portland, Ore. — $299,700, 5.2 percent

Source: Forbes, Matt Woolsey (11/21/07)

Staying below 10% is a very good thing. It is a good moderate pace.

Now, if we look at the numbers, yes things have slowed down recently. The numbers are down for last year in terms of solds, pending sales, more inventory and a little more time on market at 69 days. But compared to what? 2006 and 2005 were record breaking years for Austin Real Estate. Single family home sales in October 2004 totaled 1,653. That month, there were 9,255 active listings and 1,076 pending sales. This month we have 1772 sold, 9431 active and 1953 pending. Austin is still doing well.

With 69 days average inventory (some neighborhoods more, some neighborhoods less) Austin is still in a seller’s market. A buyer’s market begins at 6 months traditionally but the sway in momentum begins to benefit a buyer as it transitions past 4 months. Perhaps then a good time for those looking for a softer market.

For more detailed information, feel free to contact me

Christopher