Eleven Oaks Realty is proud to present their February 2015 Buda Real Estate Price Report measuring activity in the Buda single family home market.
Time to Sell Home in Buda Up 44%
The biggest story in this month’s Buda Real Estate Price Report comes by way of time to sell a home in Buda, which is up in year over year numbers. In February 2015, it took 80 days to sell a home in Buda, on average, compared to 56 days in February 2014, marking a 44% (24 day) increase in year over year numbers. This month, we’re seeing time to sell go in the opposite direction than we would expect. We usually expect to see a decrease in time to sell after January. This year, we saw a decrease in November, December and January. It will be interesting to see if this is a predictor of a slowing market, or if we’ll get back to seasonal norms next month.
What does this mean to buyers? Buyers in Buda have more time to make a decision than they did last year. But, don’t let that fool you into getting complacent with your home search. Demand for homes in Buda will start to increase as we get deeper into Spring. If you are ready to act quicker than the next buyer, you’ll have the best chances in making the best home yours.
What does this mean to sellers? If you’re thinking about selling, remember buyers are willing to pay more than they were last year. It will take longer to sell your home this year, but the increased prices might be worth the wait. If you need to sell your Buda home, take the time to prepare it to meet its new owner and you’ll get more. Scroll down to the bottom of this post, where we give sellers some tips for getting their homes ready to sell.
No Change in Buda Homes Under Contract
In February 2015, 53 homes went pending (under contract) in Buda compared to 53 in February 2014, marking no change in year over year numbers.
Buda Median Home Price Up 12%
The median home price of a Buda home in February 2014 was $196,900 compared to $220,000 in February 2015, marking a 12% increase in year over year numbers. As with many other areas of Austin, buyers are willing to pay more for a home in Buda this year than last.
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 Buda Home Values Report.
Buda Housing Inventory Down 15%
In February 2015, we saw 2.1 months of inventory on the market, compared to 2.5 months of inventory in February 2014, showing a 15% decrease in year over year numbers. As we get deeper into Spring, we’ll expect inventory to get leaner.
Number of Homes Taken Off the Market Up 40%
In February 2014, there were 5 single family homes taken off the market compared to 7 in February 2015, marking a 40% (2 home) increase city wide. Though the stat looks surprising, 2 homes is really not significant. Buda home sellers who want to find buyers will have no trouble.
If your Buda 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 Buda 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 Buda Home Not Selling resources page to find out why.
Number of Sold Homes in Buda Up 5%
In February 2015, Buda saw a 5% increase in the number of homes sold from February 2014 to February 2015. In February 2015, we saw 43 homes sell in Buda compared to 41 in February 2014 marking a 5% (2 home) increase in year over year numbers.
Number of Homes on the Market Down 9%
In February 2015, we had 171 homes for sale in Buda, compared to 188 in February 2014, showing a 9% (17 home) decrease in year over year numbers. It seems sellers came out stronger in January than they did in February.
Number of Homes Listed for Sale Down 33%
In February 2015, we saw 38 homes introduced to the market compared to 57 in February 2014, marking a 33% (19 home) decrease. It will be interesting to see next month if we will have less inventory in Buda in 2015 or sellers were just waiting until deeper into Spring to list their homes.
Supply Down 9% and Demand is Up 5%
This month we saw a 9% decrease in supply (number of properties for sale) and a 5% increase in demand (number of sold properties). With a decrease in supply and an increase in demand, Buda seems to give sellers a slight edge.
Median for Sale Up 8% vs Median Sold Price Up 12%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Buda, we saw an 8% increase in the median for sale price and an 12% increase in the median sold price of a single family home in year over year numbers. It seems sellers think their homes are worth slightly more than they did last year and buyers are stepping up and willing to pay even more for homes they see as a value.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2015 Buda 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 Buda home sales below. The most expensive home that sold in February 2015 sold for $529,000 and the least expensive home sold for $131,000. Homes ranged in size from 1,259 sqft – 3,655 sqft with an average size of 2,145 sqft. The average price per square foot for a home that sold in Buda in February 2015 was $110.48 with the lowest being $73.82/sqft and the highest being $144.73/sqft. It took, on average, 67 days to sell a home in Buda and sellers received, on average, 96.88% 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||44|
|Source:||ABoR Sales Data||Area||Buda|
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 2.1 months of inventory on the market and median sold price up 12%, sellers who prepare their homes to meet the market will have no trouble finding a buyer. Sellers have not come out as strongly as buyers in February. With fewer choices and more buyers, there seems to be a slight advantage for sellers. Sellers who spend the time to prepare their homes for the market will be very happy with what they make when their house closes. Those that don’t, or those that hire Realtors who have inferior marketing programs, will be frustrated and end up selling their homes for a discount. If you’re considering selling, work with a Realtor who can help you 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 Buda Home.
If you’re a buyer who is ready to buy, make home buying a priority. Get out to scout homes as soon as they’re listed, so you have some additional time to make your decision. A Realtor who has strategies for getting your offers accepted and who can help you negotiate in a strong sellers market could be worth 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 negotiate the best deals possible, even in a strong sellers market. For more info about buying a home, visit Buy a Home in Buda.
Questions About the Buda Real Estate Price Report?
Do you have questions about this Buda 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 Buda real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.