Eleven Oaks Realty is proud to present their February 2015 Lake Travis Real Estate Price Report measuring activity in the Lake Travis single family home market. This report covers all single family homes that sold in February 2015 in the Lake Travis ISD.
Lake Travis Homes Under Contract Up 46%
The biggest story in this month’s Lake Travis Real Estate Price Report comes by way of homes that accepted a contract. In February 2015, 124 homes went pending (under contract) in Lake Travis compared to 85 in February 2014, marking a 46% increase in year over year numbers. Though the Lake Travis market got off to a slow start last month, we’re seeing that change this month.
What does this mean to buyers? Expect more competition as we head deeper into Spring, especially if this trend continues. The earlier you can purchase a home in Lake Travis, the better chance you’ll have for negotiating a good deal. When demand heats up and inventory thins out, we would expect prices to go up. We saw a pretty significant change in activity from January to February and if March continues, we should be in the heat of the Spring market in no time in Lake Travis.
What does this mean to sellers? If you’re thinking about selling, get your homes ready for the busy April/May rush. February showed stronger figures than January and if March continues the trend, April will be the ideal time to list your Lake Travis home for sale. With less than 4.5 months of inventory, the Lake Travis area is a pretty balanced market market, leaning towards a seller’s market.
Lake Travis Median Home Price Up 6%
The median home price of a Lake Travis home in February 2014 was $396,500 compared to $420,000 in February 2015, marking a 6% increase in year over year numbers. Though not as big an increase as we’ve seen in other parts of Austin, the increase is better than last month’s 10% decrease.
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 Lake Travis Home Values Report.
Lake Travis Housing Inventory Down 31%
In February 2015, we saw 4.5 months of inventory on the market, compared to 6.5 months of inventory in February 2014, showing a 31% decrease in year over year numbers. We also saw about the same decrease from January to February, which is to be expected as we head into Spring. Last month, I was wondering if Lake Travis would ever see a booming Spring market. It seems the Spring market is on its way, it just took a little longer than other parts of Austin.
Time to Sell Home in Lake Travis Up 49%
In February 2015, it took 97 days to sell a home in Lake Travis, on average, compared to 65 days in February 2014, marking a 49% (32 day) increase in year over year numbers. In February 2015, it took significantly longer to sell a home in Lake Travis than any other area of Austin. I would attribute some of this to the amount of new construction we see there versus any other area. Builders price at the top of the market and will sit on their inventory until they get a buyer willing to pay their price. This strategy often takes longer to attract a buyer and can drive up averages.
Number of Homes Taken Off the Market Up 19%
In February 2014, there were 36 single family homes taken off the market compared to 43 in February 2015, marking a 19% (7 home) increase city wide.
If your Lake Travis 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 Lake Travis 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 Lake Travis Home Not Selling resources page to find out why.
Number of Sold Homes in Lake Travis Up 12%
In February 2015, Lake Travis saw a 12% increase in the number of homes sold from February 2014 to February 2015. In February 2015, we saw 75 homes sell in Lake Travis compared to 67 in February 2014 marking a 12% (8 home) increase in year over year numbers. It seems the Spring market is just starting to take off in Lake Travis.
Number of Homes on the Market Up 8%
In February 2015, we had 723 homes for sale in Lake Travis, compared to 671 in February 2014, showing an 8% (52 home) increase in year over year numbers.
Number of Homes Listed for Sale Down 2%
In February 2015, we saw 160 homes introduced to the market compared to 164 in February 2014, marking a 2% (4 home) decrease.
Supply Up 8% and Demand is Up 12%
This month we saw an 8% increase in supply (number of properties for sale) and a 12% increase in demand (number of sold properties). Though supply is up, demand is up a bit more, which is to be expected in the busy Spring market.
Median for Sale Up 4% vs Median Sold Price Up 6%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Lake Travis, we saw a 4% increase in the median for sale price and a 6% increase in the median sold price of a single family home in year over year numbers. It seems buyers and sellers think their homes are worth about the same, but buyers are willing to pay slightly more to secure the home they want.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2015 Lake Travis 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 Lake Travis home sales below. The most expensive home that sold in Lake Travis in February 2015 sold for $3,820,000 and the least expensive home sold for $219,000. Homes ranged in size from 942 sqft – 6,559 sqft with an average size of 2,915 sqft. The average price per square foot for a home that sold in Lake Travis in February 2015 was $176.57 with the lowest being $110.24/sqft and the highest being $1,278.45/sqft. It took, on average, 107 days to sell a home in Lake Travis and sellers received, on average, 94.13% 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||76|
|Source:||ABoR Sales Data||Area||Lake Travis ISD|
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. With increased supply, Lake Travis sellers who need to sell will be more competitive in their pricing to help attract a buyer for their home. Buyers in Lake Travis have a unique opportunity that they don’t have in any other suburb of Austin. Lake Travis is the only place with more than 4 months worth of inventory on the market, indicating Lake Travis is leaning more towards a buyers market than anywhere else. If you’re looking for the best deal, Lake Travis might be the place to start your search. This month is not as great an opportunity for buyers in Lake Travis than last month, but if next month’s trends upwards as well, you’ll be happy you started your search now. 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 negotiate the best deals on homes. For more info about buying a home, visit Buy a Home in Lake Travis.
If you’re considering selling, work with a professional Realtor who can position your home as the best home on the market. A Realtor who understands marketing will mean thousands to your bottom line, especially in a competitive buyers market like Lake Travis. 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 Lake Travis Home.
Questions About the Lake Travis Real Estate Price Report?
Do you have questions about this Lake Travis 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 Lake Travis real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.