Eleven Oaks Realty is proud to present their February 2015 Georgetown Real Estate Price Report measuring activity in the Georgetown single family home market.
Number of Homes on the Market Up 14%
The biggest story in this month’s Georgetown Real Estate Price Report is a bit of a carry over from last month’s biggest story. Last month’s biggest story came by way of number of homes listed for sale in Georgetown and this month’s biggest story is the number of homes currently for sale. In February 2015, Georgetown had 642 homes for sale, compared to 541 in February 2014, showing a 19% (101 home) increase in year over year numbers. With more homes on the market, buyers have more choices.
What does this mean to buyers? With nearly 20% more inventory this year than last year and only a slight increase in demand, buyers in Georgetown have more choices than most other areas of Austin. Though still in a seller’s market, buyers in the Austin area need to take advantage of small market advantages when they have them. If you’re looking to buy a home in Georgetown, start now before demand heats up to increase your chances of being able to negotiate a better deal.
What does this mean to sellers? If you’re thinking about selling, understand you will have more competition, but buyers are also willing to pay more than they were last year so the additional time might be worth the wait. To attract a buyer willing to pay more money, it is more important than ever to take the time to prepare your home to meet that qualified buyer. This doesn’t mean thousands of dollars in upgrades and remodels. Much of preparing your home to meet the market can be done for next to no money. Work with a professional Realtor who understands the market and can help you position your home as the best value. A knowledgeable Realtor can point out things you can do to make your home appealing to a buyer without spending money.
Number of Homes Listed for Sale Up 12%
In February 2015, we saw 166 homes introduced to the market compared to 148 in February 2014, marking a 12% (18 home) increase. For a second month in a row, Georgetown saw a significant increase in number of homes listed for sale. Again this month, it seems more sellers are eager to get their homes on the market early in 2015.
Georgetown Median Home Price Up 12%
The median home price of a Georgetown home in February 2014 was $235,000 compared to $263,000 in February 2015, marking a 12% increase in year over year numbers. Even though there are more choices, buyers are still willing to pay significantly more this year than they were last year. Sellers should be pleased with this stat.
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 Georgetown Home Values Report.
Georgetown Housing Inventory Up 3%
In February 2015, we saw 2.6 months of inventory on the market, compared to 2.5 months of inventory in February 2014, showing a 3% increase in year over year numbers. From January to February, we went from a more balanced market to a seller’s market in Georgetown.
Time to Sell Home in Georgetown Up 10%
In February 2015, it took 63 days to sell a home in Georgetown, on average, compared to 57 days in February 2014, marking a 10% (6 day) decrease in year over year numbers. Though buyers are taking longer to make decisions, they are still willing to pay more than buyers last year.
Number of Homes Taken Off the Market Up 4%
In February 2014, there were 28 single family homes taken off the market compared to 27 in February 2015, marking a 4% (1 home) increase city wide.
If your Georgetown 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 Georgetown 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 Georgetown Home Not Selling resources page to find out why.
Number of Sold Homes in Georgetown Up 3%
In February 2015, Georgetown saw a 3% increase in the number of homes sold from February 2014 to February 2015. In February 2015, we saw 121 homes sell in Georgetown compared to 117 in February 2014 marking a 3% (4 home) increase in year over year numbers. It will be interesting to see if activity picks up next month.
Georgetown Homes Under Contract Up 17%
In February 2015, 170 homes went pending (under contract) in Georgetown compared to 145 in February 2014, marking a 17% increase in year over year numbers.
Supply Up 19% and Demand is Up 3%
This month we saw a 19% increase in supply (number of properties for sale) and a 3% increase in demand (number of sold properties). Sellers are coming out stronger than buyers in Georgetown.
Median for Sale Up 7% vs Median Sold Price Up 12%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Georgetown, we saw a 7% increase in the median for sale price and a 12% 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 Georgetown 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 Georgetown home sales below. The most expensive home that sold in February 2015 sold for $1,357,000 and the least expensive home sold for $87,000. Homes ranged in size from 825 sqft – 8,567 sqft with an average size of 2,266 sqft. The average price per square foot for a home that sold in Georgetown in February 2015 was $128.82 with the lowest being $64.24/sqft and the highest being $237.99/sqft. It took, on average, 66 days to sell a home in Georgetown and sellers received, on average, 97.09% 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||122|
|Source:||ABoR Sales Data||Area||Georgetown|
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 buy. Even though we have less than 3 months of inventory, which should indicate a sellers market, we saw a 19% increase in supply and only a 3% increase in demand. With more choices and not too much more competition, a buyer who makes home buying a priority should find a home fairly quickly. Even though home buyers are paying more than last year, they also have the ability to negotiate better deals. Take advantage of the increased supply and negotiate with a seller. A professional Realtor who knows the Georgetown real estate market can help you negotiate the best deal possible. 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 negotiate the best deals for buyers. For more info about buying a home, visit Buy a Home in Georgetown.
If you need to sell, it’s not really a bad time to do that either. Though there aren’t as many buyers in the market, the buyers that are shopping are willing to pay 12% more than last year. Make your home standout and you’ll have no trouble finding a buyer. A professional Realtor who knows how to market your home to its ideal buyer, will mean thousands to your bottom line and produce a more timely sale. Insist on professional photos and ask for tips on what you can do to make your home appeal to the most buyers. 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. For more info about our Home Selling Program, check out Sell My Georgetown Home.
Questions About the Georgetown Real Estate Price Report?
Do you have questions about this Georgetown 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 Georgetown real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.