Eleven Oaks Realty is proud to present their January 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 January 2015 in the Lake Travis ISD.
Lake Travis Median Home Price Down 10%
The biggest story in this month’s Lake Travis Real Estate Price Report comes by way of median sold price. One of only two areas in Austin where median price dropped in year over year numbers, Lake Travis home buyers are doing a great job of negotiating better deals. The median home price of a Lake Travis home in January 2014 was $404,000 compared to $365,000 in January 2015, marking a 10% decrease in year over year numbers.
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.
What does this mean to buyers? The Lake Travis area is one of the few areas that’s priced better in 2015 than it was in 2014. If you’re a buyer, this should be great news. Lake Travis was quickly becoming one of the more expensive areas of Austin and it seems growth is slowing a bit. If you’re thinking of buying in Lake Travis, do so now before demand heats up, which will likely drive prices up.
What does this mean to sellers? If you’re thinking about selling and have a few months to see where demand goes, you might want to consider waiting. With just over 5 months of inventory on the market, the Lake Travis area is approaching a buyer’s market. Though Lake Travis was never an extreme sellers market in 2014, it was a little bit stronger than it is now. As we get deeper into Spring, I would expect the market to heat up.
Lake Travis Housing Inventory Down 10%
In January 2015, we saw 5.4 months of inventory on the market, compared to 6.0 months of inventory in January 2014, showing a 10% decrease in year over year numbers. Though the Lake Travis area was never a strong sellers market in 2014 like other Austin suburbs, we had about 4 months of inventory during the peak Spring months. Spring is just around the corner, and the trend is decreasing inventory. It will be interesting to see if we have lower inventory this year than last as we head into Spring.
Time to Sell Home in Lake Travis Up 13%
In January 2015, it took 104 days to sell a home in Lake Travis, on average, compared to 92 days in January 2014, marking a 13% (12 day) decrease in year over year numbers. Even homes that are priced right are taking longer to sell this year than last.
Number of Homes Taken Off the Market Up 79%
In January 2014, there were 39 single family homes taken off the market compared to 70 in January 2015, marking a 79% (31 home) increase city wide. This tells me there were quite a few sellers testing the market. When they realized they couldn’t get their price, they decided to take their homes off the market. I would expect to see some of these homes come back during Spring.
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 Down 15%
In January 2015, Lake Travis saw a 15% decrease in the number of homes sold from January 2014 to January 2015. In January 2015, we saw 50 homes sell in Lake Travis compared to 59 in January 2014 marking a 15% (9 home) decrease in year over year numbers. The decreased number of sales contributes to the drop in median price. As sellers realize there aren’t as many buyers in the market, they become more competitive in trying to attract a buyer.
Lake Travis Homes Under Contract Up 17%
In January 2015, 97 homes went pending (under contract) in Lake Travis compared to 83 in January 2014, marking a 17% increase in year over year numbers. Though sold numbers were down, pending numbers improved from 2014, which might be a promising sign for Spring. It will be interesting to see where next month’s numbers go.
Number of Homes on the Market Up 11%
In January 2015, we had 690 homes for sale in Lake Travis, compared to 622 in January 2014, showing an 11% (68 home) increase in year over year numbers.
Number of Homes Listed for Sale Down 2%
In January 2015, we saw 160 homes introduced to the market compared to 164 in January 2014, marking a 2% (4 home) decrease.
Supply Up 11% and Demand is Down 15%
This month we saw an 11% increase in supply (number of properties for sale) and a 15% decrease in demand (number of sold properties). More supply and less demand means more opportunities for buyers.
Median for Sale Up 11% vs Median Sold Price Down 10%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Lake Travis, we saw an 11% increase in the median for sale price and a 10% 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 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 January 2015 Lake Travis home sales below. The most expensive home that sold in Lake Travis in January 2015 sold for $1,445,000 and the least expensive home sold for $221,000. Homes ranged in size from 1,320 sqft – 5,770 sqft with an average size of 2,876 sqft. The average price per square foot for a home that sold in Lake Travis in January 2015 was $163.93 with the lowest being $69.21/sqft and the highest being $358.47/sqft. It took, on average, 82 days to sell a home in Lake Travis and sellers received, on average, 95.87% 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||52|
|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 and decreased demand, 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 2 months worth of inventory on the market, indicating Lake Travis is leaning more towards a buyers market than a sellers market. If you’re looking for the best deal, Lake Travis might be the place to start your search. Keep in mind, this opportunity may not last forever. 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.
If you’re a buyer who is ready to buy, work with a professional Realtor who has strategies for getting your offers accepted. The earlier you can start the home buying process, the less you’ll pay.
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.