Eleven Oaks Realty is proud to present their January 2015 Kyle Real Estate Price Report measuring activity in the Kyle single family home market.
Kyle Housing Inventory Down 40%
The biggest story in this months Kyle Real Estate Price Report comes by way of inventory as Kyle has the lowest inventory of any city in the Austin area. In January 2015, we saw 1.0 months of inventory on the market, compared to 1.6 months of inventory in January 2014, showing a 40% decrease in year over year numbers. 1 month of inventory is considered a strong seller’s market. Kyle has quickly become one of the areas fastest growing suburbs and is one of the last places you can consistently find a home for less than $200,000.
What does this mean to buyers? If you’re looking to buy a home in Kyle, you’re going to face competition and you’re going to need to move quickly. Though it takes nearly 60 days to sell a home in Kyle, on average, the best homes sell within a matter of days. Make home buying a priority and you’ll be a successful home owner in 2015. Wait until 2016 and you’re likely to pay more than $200,000.
What does this mean to sellers? If you’re thinking about selling, get your home ready to meet the market now, so you’ll be ready for the busy Spring home selling season. As more buyers enter the market, we’ll expect to see buyers making even better offers to compete for the limited supply of inventory. Do what you can now to make your home the best home on the market and you’ll find a buyer willing to pay top dollar quickly.
Kyle Median Home Price Up 7%
The median home price of a Kyle home in January 2014 was $164,250 compared to $175,000 in January 2015, marking a 7% increase in year over year numbers. This January buyers made stronger offers than 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 Kyle Home Values Report.
Time to Sell Home in Kyle Down 11%
In January 2015, it took 58 days to sell a home in Kyle, on average, compared to 66 days in January 2014, marking an 11% (7 day) decrease in year over year numbers. Buyers seem to be making decisions faster than last year.
Number of Homes Taken Off the Market Up 8%
In January 2014, there were 12 single family homes taken off the market compared to 13 in January 2015, marking an 8% (1 home) increase city wide.
If your Kyle 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 Kyle 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 Kyle Home Not Selling resources page to find out why.
Number of Sold Homes in Kyle Down 5%
In January 2015, Kyle saw a 5% decrease in the number of homes sold from January 2014 to January 2015. In January 2015, we saw 40 homes sell in Kyle compared to 42 in January 2014 marking a 5% (2 home) increase in year over year numbers.
Kyle Homes Under Contract Up 6%
In January 2015, 74 homes went pending (under contract) in Kyle compared to 70 in January 2014, marking a 6% increase in year over year numbers.
Number of Homes on the Market Down 19%
In January 2015, we had 159 homes for sale in Kyle, compared to 196 in January 2014, showing a 19% (37 home) decrease in year over year numbers. With less choices, it is not surprising inventory was at all time lows.
Number of Homes Listed for Sale Down 18%
In January 2015, we saw 61 homes introduced to the market compared to 74 in January 2014, marking an 18% (13 home) decrease.
Supply Down 19% and Demand is Down 5%
This month we saw a 19% decrease in supply (number of properties for sale) and a 5% decrease in demand (number of sold properties). Even though demand was down, supply was down more, which caused the shortage in inventory.
Median for Sale Up 16% vs Median Sold Price Up 7%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Kyle, we saw a 16% 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 Kyle 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 Kyle home sales below. The most expensive home that sold in January 2015 sold for $280,000 and the least expensive home sold for $135,000. Homes ranged in size from 1,290 sqft – 3,395 sqft with an average size of 1,974 sqft. The average price per square foot for a home that sold in Kyle in January 2015 was $95.55 with the lowest being $45.29/sqft and the highest being $125.75/sqft. It took, on average, 48 days to sell a home in Kyle and sellers received, on average, 97.29% 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||40|
|Source:||ABoR Sales Data||Area||Kyle|
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 1.0 months of inventory, Kyle is in an extreme sellers market. Though demand is down, supply is down significantly and buyers are running out of choices. Get your home on the market this Spring to take advantage of pent up demand. Take some time to prepare you home to meet the market and you will have no trouble finding a buyer. Too often, we see homes with poor quality photos where the house is a mess. Cleaning your house and having a professional photo shoot will do wonders for how your home compares to the competition. If you’re considering selling, work with a Realtor who has to tools to 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 Kyle Home.
If you’re a buyer who is ready to buy, work with a professional Realtor who has strategies for getting your offers accepted. With inventory at historic lows, more buyers are competing for fewer homes. A Realtor who understands what it takes to get your offer to stand out in a pile of offers without increasing your offer price will save you thousands. 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 Kyle.
Questions About the Kyle Real Estate Price Report?
Do you have questions about this Kyle 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 Kyle real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.