Eleven Oaks Realty is proud to present their March 2015 Kyle Real Estate Price Report measuring activity in the Kyle single family home market.
Kyle Housing Inventory Down 25%
The biggest story in this month’s Kyle Real Estate Price Report comes by way of inventory, which is at historic lows. In March 2015, we saw 0.9 months of inventory on the market, compared to 1.3 months of inventory in March 2014, showing a 25% decrease in year over year numbers. With inventory at less than 1 month, Kyle is in an extreme seller’s market.
What does this mean to buyers? You will have to compete for the best homes in Kyle if you want a chance at being a home owner in 2015. With fewer homes for sale and the Spring market heating up, you’ll probably end up having to spend more than you thought to get a home in Kyle. Set alerts, so you know as soon as something is listed, which will give you an edge on the other buyers. Successful home buyers treat home buying as a priority and end up owning the best homes. Kyle will start to get more and more popular as it is one of the only areas with a median price of less than $200,000.
What does this mean to sellers? If you’re thinking about selling, strike now while the market is hot and supply is down. Though demand is down, supply is down more, so you’ll have a slight edge in negotiations. Spend some time preparing your home to meet the market and you’ll get more for your home. Present your home as a value to the motivated buyers in the market and give them a compelling reason to choose yours, and pay more for it, of course.
Number of Sold Homes in Kyle Down 2%
In March 2015, Kyle saw a 2% decrease in the number of homes sold from March 2014 to March 2015. In March 2015, we saw 65 homes sell in Kyle compared to 66 in March 2014 marking a 2% (1 home) decrease in year over year numbers.
Kyle Median Home Price Up 20%
The median home price of a Kyle home in March 2014 was $158,500 compared to $190,750 in March 2015, marking a 20% increase in year over year numbers. Kyle is still one of the few places left where you can find a home for less than $200,000.
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 29%
In March 2015, it took 26 days to sell a home in Kyle, on average, compared to 37 days in March 2014, marking an 29% (11 day) decrease in year over year numbers. Kyle has the shortest time on market of any Austin market segment and these numbers only went through March. It will be interesting to see what happens when demand picks up in April and May.
Number of Homes Taken Off the Market Up 100%
In March 2014, there were 5 single family homes taken off the market compared to 10 in March 2015, marking a 100% (5 home) increase city wide. Though 100% makes it sound significant, 5 more homes taken off the market isn’t really a huge difference.
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.
Kyle Homes Under Contract Up 1%
In March 2015, 81 homes went pending (under contract) in Kyle compared to 80 in March 2014, marking a 1% increase in year over year numbers.
Number of Homes on the Market Down 10%
In March 2015, we had 167 homes for sale in Kyle, compared to 185 in March 2014, showing a 10% (18 home) decrease in year over year numbers. Inventory is getting absorbed just about as quickly as it is getting listed.
Number of Homes Listed for Sale Up 4%
In March 2015, we saw 79 homes introduced to the market compared to 76 in March 2014, marking a 4% (3 home) increase. Though an increase from last year, this won’t be enough to bring inventory levels to a more balanced market.
Supply Down 10% and Demand is Down 2%
This month we saw a 10% decrease in supply (number of properties for sale) and a 2% decrease in demand (number of sold properties). Even though demand was down, supply was down more, which caused an decrease in inventory.
Median for Sale Up 11% vs Median Sold Price Up 20%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Kyle, we saw an 11% increase in the median for sale price and a 20% increase in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 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 March 2015 Kyle home sales below. The most expensive home that sold in March 2015 sold for $307,500 and the least expensive home sold for $135,000. Homes ranged in size from 1,200 sqft – 3,222 sqft with an average size of 2,038 sqft. The average price per square foot for a home that sold in Kyle in March 2015 was $97.09 with the lowest being $65.65/sqft and the highest being $137.24/sqft. It took, on average, 50 days to sell a home in Kyle and sellers received, on average, 98.25% 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||March 2015|
|Property Type||Single Family Homes||Number Sold||66|
|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 0.9 months of inventory, Kyle is in an extreme sellers market. Though demand is down, there are still motivated buyers in the market who are keeping prices 20% higher than last year. Remember, all you need is one motivated buyer for your home. 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. We are entering the busiest time of year. Do what you can to prepare your home now, so you don’t miss the peak selling season. 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.