Eleven Oaks Realty is proud to present their February 2015 Hill Country Real Estate Price Report measuring activity in the Dripping Springs, Driftwood and Wimberley single family home market.
Hill Country Median Home Price Up 15%
The biggest story in this month’s Hill Country Real Estate Price Report comes by way of median home price. In a reversal from last month, the median price of a Hill Country home went up in year over year numbers, but did go down from last month’s figures. The median home price of a Hill Country home in February 2014 was $301,000 compared to $346,450 in February 2015, marking a 15% increase in year over year numbers. But, for a second month in a row, even though we saw an increase in median sold price, the rest of the data showed a stronger buyers market.
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 Hill Country Home Values Report.
What does this mean to buyers? Buyers have a short window of opportunity to negotiate good deals on a home in the Hill Country. Though median price is up, inventory is also slightly up from last month and homes are taking longer to sell. If you’re looking to buy in the Hill Country, set alerts to scout properties early. The faster you can see homes, the more chance you’ll have of landing the best one for you.
What does this mean to sellers? If you’re thinking about selling, you might want to consider holding off for a month or so. As we get deeper into Spring and more home buyers get out in the market, we expect to see less inventory and more demand. Though supply is down and demand is up in February, we would expect this difference to increase as we get into April and May.
Hill Country Housing Inventory Down Slightly
In February 2015, we saw 3.5 months of inventory on the market, compared to 3.6 months of inventory in February 2014, showing a slight decrease in year over year numbers. 3 months or less is considered a strong sellers market and we aren’t too far from it. This tells me this Spring will likely be strong in the Hill Country.
Time to Sell Home in Hill Country Up 29%
In February 2015, it took 70 days to sell a home in Hill Country, on average, compared to 54 days in February 2014, marking a 29% (16 day) increase in year over year numbers. Though an increase from last year, we saw about a 16 day decrease from January 2015 numbers, which shows we are heading into Spring.
Number of Homes Taken Off the Market Down 19%
In February 2014, there were 16 single family homes taken off the market compared to 13 in February 2015, marking a 19% (3 home) decrease city wide. The Hill Country is one of the few areas in Austin that saw fewer homes taken off the market in 2015 versus 2014. Because February 2014’s numbers were so lean, it is even more impressive we saw fewer homes taken off the market in the Hill Country.
If your Hill Country 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 Hill Country 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 Hill Country Home Not Selling resources page to find out why.
Number of Sold Homes in the Hill Country Up 5%
In February 2015, the Hill Country saw a 5% increase in the number of homes sold from February 2014 to February 2015. In February 2015, we saw 46 homes sell in the Hill Country compared to 44 in February 2014 marking a 5% (2 home) increase in year over year numbers.
Hill Country Homes Under Contract Down 4%
In February 2015, 50 homes went pending (under contract) in the Hill Country compared to 52 in February 2014, marking a 4% decrease in year over year numbers.
Number of Homes on the Market Down 5%
In February 2015, we had 240 homes for sale in the Hill Country, compared to 253 in February 2014, showing a 5% decrease in year over year numbers.
Number of Homes Listed for Sale Down 2%
In February 2015, we saw 59 homes introduced to the market compared to 60 in February 2014, marking a 2% (1 home) decrease in year over year numbers.
Supply Down 5% and Demand is Up 5%
This month we saw a 5% decrease in supply (number of properties for sale) and a 5% increase in demand (number of sold properties).
Median for Sale Up 20% vs Median Sold Price Up 15%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In the Hill Country, we saw a 20% increase in the median for sale price and a 15% 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 Hill Country 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 Hill Country home sales below. The “Hill Country” includes Dripping Springs, Driftwood and Wimberley. The most expensive home that sold in Hill Country in February 2015 sold for $1,000,000 and the least expensive home sold for $150,000. Homes ranged in size from 1,054 sqft – 4,842 sqft with an average size of 2,577 sqft. The average price per square foot for a home that sold in Hill Country in February 2015 was $158.36 with the lowest being $102.05/sqft and the highest being $285.82/sqft. It took, on average, 98 days to sell a home in the Hill Country and sellers received, on average, 94.56% 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||46|
|Source:||ABoR Sales Data||Area||Dritwood, Dripping Springs, Wimberley|
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 supply is down and demand up, there are still over 3 months of inventory on the market. Though this number isn’t huge, it is more than we are seeing in other areas of Austin. Buyers generally have more choices in the Hill Country. If you’re a buyer who is ready to buy, work with a professional Realtor who knows the market and knows how to negotiate. 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 the Hill Country.
If you need to sell, work with a Realtor who understands how to market your home to get top dollar. Selling a home is about telling the story and getting buyers excited. A Realtor who knows how to generate interest can mean thousands to your bottom line. 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 Hill Country Home.
Questions About the Hill Country Real Estate Price Report?
Do you have questions about this Hill Country 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 Hill Country real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.