Eleven Oaks Realty is proud to present their February 2015 Cedar Park Real Estate Price Report measuring activity in the Cedar Park single family home market.
Time to Sell Home in Cedar Park Up 40%
The biggest story in this month’s Cedar Park Real Estate Price Report comes by way of time to sell. For a second month in a row, time to sell a home in Cedar Park is up in year over year numbers. In February 2015, it took 28 days to sell a home in Cedar Park, on average, compared to 20 days in February 2014, marking a 40% (8 day) increase in year over year numbers.
What does this mean to buyers? Buyers looking in Cedar Park seem to have more time than buyers in other Austin area suburbs. Though 28 days is not an abnormally long time to sell a home, it is 40% longer than buyers had last year. If you want a jump on the new listings, set alerts and scout them as soon as they are listed. This way, you’ll beat other buyers and have a better chance at becoming the owner. Work with a professional Realtor who is experienced in dealing with these types of competitive markets.
What does this mean to sellers? If you’re thinking about selling, understand it will take longer than it did last year at this time. That being said, Cedar Park sellers are also getting more for their homes than they were last year, so the trade off of more time might be worth it. If you want to sell your home for top dollar, work with a professional Realtor who knows what buyers are looking for so they can help you position your home as the best one on the market.
Cedar Park Housing Inventory Down 7%
Another interesting stat this month’s Cedar Park Real Estate Price Report comes by way of inventory. In February 2015, we saw 1.4 months of inventory on the market, compared to 1.5 months of inventory in February 2014, marking a 7% decrease in year over year numbers. Inventory at or below 1.5 months in Cedar Park is something we haven’t seen since last Spring, which is an indicator the busy Spring home buying season started earlier in Cedar Park than last year.
Cedar Park Median Home Price Up 5%
The median home price of a Cedar Park home in February 2014 was $259,900 compared to $246,500 in February 2015, marking a 5% increase in year over year numbers. Even though it is taking buyers longer to pull the trigger on the home they want, they are willing to pay slightly more than they were last year.
Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Cedar Park Home Values Report.
Number of Homes Taken Off the Market Up 20%
In February 2014, there were 5 single family homes taken off the market compared to 6 in February 2015, marking a 20% (1 home) increase city wide. With only a 1 home difference, it is hardly enough to call this change statistically significant.
Cedar Park Home Not Selling?
The biggest culprits we see are incorrect info in the MLS and poor marketing. Check out our Cedar Park Home Marketing Plan to see how your homes would be marketed if we listed them. If you’d like our opinion on why your home didn’t sell email us at info@11OaksRealty.com.
Having trouble selling your home? Check out our Cedar Park Home Not Selling resources page to find out why.
Number of Sold Homes in Cedar Park Down 16%
In February 2015, Cedar Park saw a 16% decrease in the number of homes sold from February 2014 to February 2015. In February 2015, we saw 65 homes sell in Cedar Park compared to 77 in February 2014 marking a 16% (12 home) decrease in year over year numbers.
No Change in Number of Homes that Went Under Contract in Cedar Park
In February 2015, 109 homes went pending (under contract) in Cedar Park compared to 109 in February 2014, marking no change in year over year numbers.
Number of Homes on the Market Down 4%
In February 2015, we had 267 homes for sale in Cedar Park, compared to 277 in February 2014, showing a 4% (10 home) increase in year over year numbers.
Number of Homes Listed for Sale Down 12%
In February 2015, we saw 124 homes introduced to the market compared to 141 in February 2014, marking a 12% (17 home) decrease.
Supply Down 4% and Demand is Down 16%
This month we saw a 4% decrease in supply (number of properties for sale) and a 16% decrease in demand (number of sold properties).
Median for Sale Up 4% vs Median Sold Price Up 5%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Cedar Park, we saw a 4% increase in the median for sale price and a 5% increase in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2015 Cedar Park Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for February 2015 Cedar Park home sales below. The most expensive home that sold in February 2015 sold for $900,000 and the least expensive home sold for $162,500. Homes ranged in size from 1,136 sqft – 9,082 sqft with an average size of 2,391 sqft. The average price per square foot for a home that sold in Cedar Park in February 2015 was $120.80 with the lowest being $83.09/sqft and the highest being $173.52/sqft. It took, on average, 46 days to sell a home in Cedar Park and sellers received, on average, 98.37% of their original list prices.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||Feb 2015|
|Property Type||Single Family Homes||Number Sold||69|
|Source:||ABoR Sales Data||Area||Cedar Park|
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to buy, buying when its a sellers market may hurt you on the buying end, but you’ll make it up on the selling end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
Looking strictly at the numbers, it appears the recommendation for this month is – it’s time to sell. With 1.4 months of inventory on the market and median sold price up 5%, sellers who position their homes as a value will have no trouble finding a buyer. They might need a little extra patience as time to sell is up 40% from last year, but the increase in median sold price might make the wait worth it. Even though buyers are taking longer to make decisions, they are making better offers. If you’re considering selling, work with a Realtor who has the knowledge and tools to help you get top dollar for your home. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. The busiest time of year is just around the corner. Do what you can to prepare your home now and you’ll be ready at the perfect time. For more info about our Home Selling Program, check out Sell My Cedar Park Home.
If you’re a buyer who is ready to buy, work with a professional Realtor who has strategies for getting your offers accepted. The earlier you can start the home buying process, the less you’ll pay. We expect demand and prices to increase as we head into Spring, which is just around the corner. If you’re looking to buy, we can help you find the right house in the right neighborhood for you and your family. We know the market and know how to make the process as stress free as possible. For more info about buying a home, visit Buy a Home in Cedar Park.
Questions About the Cedar Park Real Estate Price Report?
Do you have questions about this Cedar Park Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Cedar Park real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
Leave a Reply