Eleven Oaks Realty is proud to present their March 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 March 2015 in the Lake Travis ISD.
Lake Travis Homes Under Contract Up 15%
The biggest story in this month’s Lake Travis Real Estate Price Report comes by way of homes that accepted a contract. In March 2015, 137 homes went pending (under contract) in Lake Travis compared to 119 in March 2014, marking a 15% increase in year over year numbers. As with a few other segments of the Austin real estate market, the Lake Travis market started off slow in 2015. But, it seems to have started to quickly improve in the last month, which is a good sign for sellers.
What does this mean to buyers? Last month, the recommendation was to expect more competition as we headed deeper into Spring and this month, its already coming true. Demand is up 36% and supply is only up 2%. If this trend continues, we could get into a seller’s market in Lake Travis. Start as early as you can for the best chance of paying as little as possible.
What does this mean to sellers? If you’re thinking about selling, get your home ready now. Even though we are trending towards a balanced market, buyers are willing to pay 15% more than they were last year. Spend some time preparing your home to meet the market and price it competitively and you’ll have no trouble finding a buyer.
Lake Travis Median Home Price Up 15%
The median home price of a Lake Travis home in March 2014 was $393,250 compared to $453,500 in March 2015, marking a 15% increase in year over year numbers. Lake Travis has one of the strongest increases in median sold prices around Austin, which confirms buyers are willing to pay more for a home they see as a value.
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 15%
In March 2015, we saw 4.4 months of inventory on the market, compared to 5.2 months of inventory in March 2014, showing a 15% decrease in year over year numbers. Lake Travis is trending more towards a balanced market than a buyer’s market.
Time to Sell Home in Lake Travis Down 2%
In March 2015, it took 80 days to sell a home in Lake Travis, on average, compared to 82 days in March 2014, marking a 2% (2 day) decrease in year over year numbers. Though only a 2% decrease from last year, we saw a significant (20+ day) decrease from February’s numbers, indicating the market has heated up.
Number of Homes Taken Off the Market Up 24%
In March 2014, there were 33 single family homes taken off the market compared to 41 in March 2015, marking a 24% (8 home) increase city wide. The entire city saw an increase in the number of homes taken off the market in March 2015.
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 36%
In March 2015, Lake Travis saw a 36% increase in the number of homes sold from March 2014 to March 2015. In March 2015, we saw 110 homes sell in Lake Travis compared to 81 in March 2014 marking a 36% (29 home) increase in year over year numbers. It seems the Spring market has arrived in Lake Travis.
Number of Homes on the Market Up 2%
In March 2015, we had 778 homes for sale in Lake Travis, compared to 765 in March 2014, showing a 2% (13 home) increase in year over year numbers.
Number of Homes Listed for Sale Down 3%
In March 2015, we saw 209 homes introduced to the market compared to 215 in March 2014, marking a 3% (6 home) decrease.
Supply Up 2% and Demand is Up 36%
This month we saw a 2% increase in supply (number of properties for sale) and a 36% increase in demand (number of sold properties). Though supply is up slightly, demand is up significantly, which is to be expected in the busy Spring market.
Median for Sale Up 9% vs Median Sold Price Up 15%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Lake Travis, we saw a 9% 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. It seems even though sellers are pricing higher than last year, buyers are willing to pay more for homes they want.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 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 March 2015 Lake Travis home sales below. The most expensive home that sold in Lake Travis in March 2015 sold for $4,000,000 and the least expensive home sold for $97,000. Homes ranged in size from 480 sqft – 6,395 sqft with an average size of 3,118 sqft. The average price per square foot for a home that sold in Lake Travis in March 2015 was $174.06 with the lowest being $114.17/sqft and the highest being $740.74/sqft. It took, on average, 91 days to sell a home in Lake Travis and sellers received, on average, 96.22% 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||112|
|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 4.4 months of inventory and having, on average, 80 days to make a decision, there seems to be an opportunity for buyers. 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. We are starting to see indications demand will increase. The earlier you can get into the market, the better chance you’ll have at being able to negotiate a better price. 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, get your home ready now to meet the increased demand in April and May. Spend some time preparing your home to meet the market and it will stand out from the competition. 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.