Eleven Oaks Realty is proud to present their January 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 37%
The biggest story in this month’s Cedar Park Real Estate Price Report comes by way of time to sell. Since April 2014, we’ve seen a steady increase in the time it takes to sell a Cedar Park home, followed by a drop off in January 2015. This increase and sudden decrease is a typical seasonal trend we would expect. What was surprising was time to sell was up significantly from last year, even considering inventory lows. In January 2015, it took 49 days to sell a home in Cedar Park, on average, compared to 36 days in January 2014, marking a 37% (13 day) increase in year over year numbers. With inventory levels at less than 2 months, we would expect to see this number a bit lower. I suspect there were quite a few homes that had recently languished on the market that are causing the average to be higher than normal. It will be interesting to see what next month’s numbers show.
What does this mean to buyers? Buyers looking to buy a home in Cedar Park seem to have more time then they do in other Austin suburbs. Though I wouldn’t recommend putting your home search on the back burner as the best homes are still selling quickly. If you’re looking to buy a home in Cedar Park, do so now before the Spring home buying rush starts. We would expect time to sell to decrease significantly as we head into Spring.
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 5%
Another interesting stat this month’s Cedar Park Real Estate Price Report comes by way of inventory, which is more limited than inventory in Austin and Round Rock. In January 2015, we saw 1.4 months of inventory on the market, compared to 1.5 months of inventory in January 2014, marking a 5% 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 in Austin.
Cedar Park Median Home Price Up 7%
The median home price of a Cedar Park home in January 2014 was $239,900 compared to $256,000 in January 2015, marking a 7% increase in year over year numbers. It seems home buyers are willing to pay a little bit more this year for homes that they perceive as a value, though it might take them a little bit longer to pull the trigger.
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 100%
In January 2014, there were 10 single family homes taken off the market compared to 20 in January 2015, marking a 100% (10 home) increase city wide. Though 100% seems like a huge increase, last years numbers were pretty low, so that doesn’t alarm me. We would expect fewer homes taken off the market in January than in December, which is the trend we saw in Cedar Park this month. With less than 1.5 months of inventory, sellers who want to find a buyer usually have no trouble. If your Cedar Park home was priced right but it still didn’t find a buyer, maybe there was something else going on.
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 3%
In January 2015, Cedar Park saw a 3% decrease in the number of homes sold from January 2014 to January 2015. In January 2015, we saw 75 homes sell in Cedar Park compared to 77 in January 2014 marking a 3% (2 home) decrease in year over year numbers. With only a two home difference, this decrease really isn’t statistically significant.
Cedar Park Homes Under Contract Up 3%
In January 2015, 94 homes went pending (under contract) in Cedar Park compared to 91 in January 2014, marking a 3% increase in year over year numbers.
Number of Homes on the Market Up 5%
In January 2015, we had 248 homes for sale in Cedar Park, compared to 237 in January 2014, showing a 5% (11 home) increase in year over year numbers.
Number of Homes Listed for Sale Down 26%
In January 2015, we saw 83 homes introduced to the market compared to 112 in January 2014, marking a 26% (29 home) decrease.
Supply Up 5% and Demand is Down 3%
This month we saw a 5% increase in supply (number of properties for sale) and a 3% decrease in demand (number of sold properties).
Median for Sale Up 4% vs Median Sold Price Up 7%
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 an 7% increase in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
January 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 January 2015 Cedar Park home sales below. The most expensive home that sold in January 2015 sold for $560,000 and the least expensive home sold for $115,000. Homes ranged in size from 1,258 sqft – 4,331 sqft with an average size of 2,262 sqft. The average price per square foot for a home that sold in Cedar Park in January 2015 was $113.28 with the lowest being $61.14/sqft and the highest being $169.59/sqft. It took, on average, 45 days to sell a home in Cedar Park and sellers received, on average, 96.34% 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||Jan 2015|
|Property Type||Single Family Homes||Number Sold||148|
|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 7%, 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 37% 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.