Eleven Oaks Realty is proud to present their January 2015 Georgetown Real Estate Price Report measuring activity in the Georgetown single family home market.
Number of Homes Listed for Sale Up 20%
The biggest story in this month’s Georgetown Real Estate Price Report comes by way of the number of homes listed for sale. In January 2015, we saw 174 homes introduced to the market compared to 145 in January 2014, marking a 20% (28 home) increase. Georgetown is one of the few areas of Austin that saw a significant increase in the number of homes listed in January. It seems more sellers are eager to get their homes on the market early in 2015.
What does this mean to buyers? Buyers in Georgetown have more choices than they do in most areas of Austin. With 20% more inventory coming online and less competition, buyers are able to negotiate better offers. If you’re considering buying a home in Georgetown, this should be promising news.
What does this mean to sellers? If you’re thinking about selling, understand you will have more competition than usual, 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.
Georgetown Median Home Price Up 21%
The median home price of a Georgetown home in January 2014 was $233,183 compared to $282,000 in January 2015, marking a 21% 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 7%
In January 2015, we saw 3.2 months of inventory on the market, compared to 3.0 months of inventory in January 2014, showing a 7% increase in year over year numbers. 3 months of inventory is right on the edge of a seller’s market.
Time to Sell Home in Georgetown Down 17%
In January 2015, it took 63 days to sell a home in Georgetown, on average, compared to 76 days in January 2014, marking a 17% (13 day) decrease in year over year numbers. Buyers are not only willing to pay more money, they’re making faster decisions.
Number of Homes Taken Off the Market Up 29%
In January 2014, there were 34 single family homes taken off the market compared to 44 in January 2015, marking a 29% (10 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 Down 15%
In January 2015, Georgetown saw a 15% decrease in the number of homes sold from January 2014 to January 2015. In January 2015, we saw 67 homes sell in Georgetown compared to 79 in January 2014 marking a 15% (12 home) decrease in year over year numbers. It will be interesting to see if activity picks up next month.
Georgetown Homes Under Contract Up 8%
In January 2015, 142 homes went pending (under contract) in Georgetown compared to 132 in January 2014, marking an 8% increase in year over year numbers.
Number of Homes on the Market Up 14%
In January 2015, we had 637 homes for sale in Georgetown, compared to 559 in January 2014, showing a 14% (78 home) increase in year over year numbers. With more homes on the market, buyers have more choices. The increase was impulsed by the recent use of tiles and natural stone in the construction sector. Renovations or new builds all benefit from the installation of porcelain tile or natural stone. There is a design and material to suit every décor. You can hire an Auckland tiler or search for a professional tile setter in your area to help with the process.
Supply Up 7% and Demand is Down 17%
This month we saw a 7% increase in supply (number of properties for sale) and a 17% decrease in demand (number of sold properties). Sellers are coming out stronger than buyers in Georgetown.
Median for Sale Up 14% vs Median Sold Price Down 15%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Georgetown, we saw a 14% increase in the median for sale price and a 15% decrease in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
January 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 January 2015 Georgetown home sales below. The most expensive home that sold in January 2015 sold for $620,000 and the least expensive home sold for $127,000. Homes ranged in size from 1,021 sqft – 4,281 sqft with an average size of 2,240 sqft. The average price per square foot for a home that sold in Georgetown in January 2015 was $129.53 with the lowest being $54.91/sqft and the highest being $204.50/sqft. It took, on average, 67 days to sell a home in Georgetown and sellers received, on average, 96.10% 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||72|
|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 3 months of inventory, which should indicate a sellers market, we saw a 17% decrease in demand and a 7% increase in supply. With less competition and more choices, 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 decreased demand 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, don’t get too discouraged. Though there aren’t as many buyers in the market, the buyers that are shopping are willing to pay 20% 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.