Eleven Oaks Realty is proud to present their 78704 Austin Real Estate Price Report, a summary of single family home market activity in Austin’s 78704 zip code.
78704 Home Inventory Down 58%
Perhaps the biggest story in the July 2012 edition of 78704’s Real Estate Price Report comes by way of months supply of inventory, which was down 58% in year over year numbers. In July 2012, we had just under 3 months inventory to sell on the market in 78704 compared to about 6.5 months of inventory in July 2011. As with the Austin market, 78704’s inventory has declined steadily since winter indicating a very strong demand for this highly desirable zip code.
Takes 34% Less Time to Sell a 78704 Home
It took only 42 days (on average) to sell a 78704 home in July 2012 compared to 64 days in July 2011. June 2012 saw the lowest time to sell at just over 30 days. Another indication 78704 is in a seller’s market.
Median Sales Price Up 15% in 78704
If you’re looking to sell your home in 78704, this stat should be particularly pleasing as the median sales price in 78704 went from $347,500 in July 2011 to $398,000 in July 2012. This 15% increase is another indicator of the strong sellers market.
35% Fewer Homes for Sale in 78704
The number of homes for sale in 78704 went down 35% in year over year numbers going from 199 for sale in July 2011 to 130 for sale in July 2012. It seems more people are moving into 78704 than moving out and therefore inventory is getting snatched up faster than it can be replaced.
Number of Sold Homes in 78704 Up 32%
In July 2012, 41 homes sold in 78704 compared to 31 in July 2011 marking a 32% increase. 78704 is becoming more and more desirable because of its proximity to Downtown and its own personality it has been developing over the last several years. The increased number of sales only continues to prove this point.
35% More Homes Went Under Contract
In July 2012, 31 homes went pending in Austin’s 78704 zip code compared to 23 in July 2011, showing a 35% increase in year over year numbers. As we enter the Summer, we saw a bit of a slow down in the number of homes that went pending, but still a significant increase over last year’s figures.
New Listings in 78704 Up 2%
In July 2012, we saw 41 new listings in 78704 compared to 40 in July 2011, a 2% increase. With only one more new listing, I would call this number essentially constant.
43% Fewer Homes Taken Off the Market in 78704
Another significant number in this month’s report are the number of expired listings, or homes taken off the market. In July 2012 only 13 homes in 78704 were taken off the market, compared to 23 in July 2011 showing a 43% decrease. Yet another strong indicator of the decreased inventory and fewer choices buyers have today. Buyers who want to be in 78704 are forced to purchase the available inventory and may settle for something they would not otherwise have settled for in a weaker market.
Median For Sale vs Medial Sold Price 78704
Both the median for sale and the median sold price were up 15% in year over year numbers.
Supply and Demand in 78704
In a double whammy, supply (number of properties for sale) is down 35% and demand (number of properties sold in 78704) is up 32%.
Source: Clarus Market Metrics, ACTRIS Sold Data
78704 Real Estate Price Report Numbers
In July 2012, there were 41 single family homes that sold in 78704. Homes ranged in size from 840 sqft – 3,656 sqft with 2-5 bedrooms and 1-3 bathrooms. It took, on average, 53 days to sell a home in 78704 and sellers received, on average, 96.53% of their original list prices. The average price was $460,769 and the average price per square foot was $254.94. The most expensive home in 78704 sold for $1,010,000 and the least expensive home sold for $239,900. the highest price per square foot was $382.20 and the lowest price per square foot was $254.94.
| Beds | Baths | SqFt | Listing Price | LP/SqFt | Selling Price | SP/SqFt | SP/LP | SP/OLP | DOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| High | 5 | 3 | 3,656 | $1,049,950 | $369.05 | $1,010,000 | $382.20 | 104.6% | 105.8% | 850 |
| Low | 2 | 1 | 840 | $239,900 | $194.99 | $195,000 | $194.99 | 81.3% | 73.9% | 1 |
| Average | 3 | 2 | 1,776 | $460,769 | $260.37 | $452,207 | $254.94 | 97.92% | 96.53% | 53 |
| Median | 3 | 2 | 1,648 | $410,000 | $257.09 | $398,000 | $251.14 | 98.5% | 98% | 15 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | July 2012 |
| Property Type | Single Family Homes | Number Sold | 41 |
| Source: | ABoR Sales Data | Area | 78704 |
Time to Buy or Sell in 78704?
Looking strictly at the numbers, its time to sell. Inventory is at historic lows and the number of sales are up indicating buyers are seeking out 78704 homes. Need to sell your 78704 home? Check out our Selling a Home in 78704 page to learn how we can sell your 78704 home faster and for more money!
Just because its time to sell, does not mean don’t buy in 78704! Interest rates are at historically low levels (below 4%!). The savings on your mortgage payment you’ll see with a lower interest rate will far outweigh the price increase we’ve seen. 5 years from now, you’ll look back and be glad you made the move. Need help finding a home in 78704? Check out our 78704 Home Buyer Program to learn how we can help you negotiate the best deal on a 78704 home with the least hassle.
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