Eleven Oaks Realty is proud to present their March 2015 Cedar Park Real Estate Price Report measuring activity in the Cedar Park single family home market.
Time to Sell Home in Cedar Park Up 71%
The biggest story in this month’s Cedar Park Real Estate Price Report comes by way of time to sell. For the third month in a row, time to sell a home in Cedar Park is up in year over year numbers. In March 2015, it took 48 days to sell a home in Cedar Park, on average, compared to 28 days in March 2014, marking a 71% (20 day) increase in year over year numbers.
What does this mean to buyers? Buyers looking in Cedar Park seem to have more time than buyers in other Austin area suburbs. Given usual seasonality trends during Spring, we would expect time to sell to go down in Cedar Park, not up. That being said, if you’re looking to buy in Cedar Park, you can beat other buyers to the best listings if you make home buying a priority. Set email alerts and scout homes as soon as possible. This will give you a jump on the competition and give you a better chance of scoring the best homes. We’re still seeing multiple offers in the best school districts. Work with a professional Realtor who is experienced in dealing with these types of competitive markets and you’ll be successful in 2015.
What does this mean to sellers? If you’re thinking about selling, understand it will take significantly longer than it did last year at this time. Median price is also down, which indicates buyers are negotiating more on homes they don’t see as a value. If you want to sell your home for top dollar, work with a professional Realtor who knows what buyers are looking for so they can help you position your home as the best one on the market. Though that won’t guarantee multiple offers, it will give you the best possible chance for the most money possible.
Cedar Park Housing Inventory Down 11%
Another interesting stat this month’s Cedar Park Real Estate Price Report comes by way of inventory. In March 2015, we saw 1.1 months of inventory on the market, compared to 1.3 months of inventory in March 2014, marking an 11% decrease in year over year numbers. Even though prices are down slightly, so is inventory, which shows just how successful buyers have been in negotiating better deals with sellers in Cedar Park.
Cedar Park Median Home Price Down 3%
The median home price of a Cedar Park home in March 2014 was $270,900 compared to $262,500 in March 2015, marking a 3% decrease in year over year numbers. Again, Cedar Park buyers are proving to be successful negotiators.
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 Cedar Park Home Values Report.
Number of Homes Taken Off the Market Up 20%
In March 2014, there were 10 single family homes taken off the market compared to 12 in March 2015, marking a 20% (2 home) increase city wide.
Cedar Park Home Not Selling?
The biggest culprits we see are incorrect info in the MLS and poor marketing. Check out our Cedar Park 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 Cedar Park Home Not Selling resources page to find out why.
Number of Sold Homes in Cedar Park Up 3%
In March 2015, Cedar Park saw a 3% increase in the number of homes sold from March 2014 to March 2015. In March 2015, we saw 122 homes sell in Cedar Park compared to 119 in March 2014 marking a 3% (3 home) decrease in year over year numbers.
4% Increase in Number of Homes that Went Under Contract in Cedar Park
In March 2015, 137 homes went pending (under contract) in Cedar Park compared to 132 in March 2014, marking no change in year over year numbers.
Number of Homes on the Market Down 2%
In March 2015, we had 306 homes for sale in Cedar Park, compared to 312 in March 2014, showing a 2% (6 home) decrease in year over year numbers.
Number of Homes Listed for Sale Down 1%
In March 2015, we saw 148 homes introduced to the market compared to 149 in March 2014, marking a 1% (1 home) decrease.
Supply Down 2% and Demand is Up 3%
This month we saw a 2% decrease in supply (number of properties for sale) and a 3% increase in demand (number of sold properties).
Median for Sale Down 1% vs Median Sold Price Down 3%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Cedar Park, we saw a 1% decrease in the median for sale price and a 3% decrease in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 2015 Cedar Park 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 Cedar Park home sales below. The most expensive home that sold in March 2015 sold for $1,100,000 and the least expensive home sold for $150,000. Homes ranged in size from 1,090 sqft – 5,216 sqft with an average size of 2,451 sqft. The average price per square foot for a home that sold in Cedar Park in March 2015 was $122.82 with the lowest being $67.78/sqft and the highest being $210.89/sqft. It took, on average, 35 days to sell a home in Cedar Park and sellers received, on average, 99.06% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 2 | 1,090 | $150,000 | $69.33 | $150,000 | $67.78 | 87.72% | 87.72% | 0 |
| Max | 6 | 5 | 5,216 | $1,095,000 | $209.93 | $1,100,000 | $210.89 | 108.39% | 108.39% | 492 |
| Avg | 4 | 3 | 2,451 | $304,377 | $123.43 | $301,932 | $122.82 | 99.57% | 99.06% | 35 |
| Median | 4 | 3 | 2,346 | $260,000 | $121.47 | $260,000 | $122.31 | 99.94% | 99.39% | 5 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | March 2015 |
| Property Type | Single Family Homes | Number Sold | 122 |
| Source: | ABoR Sales Data | Area | Cedar Park |
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 median price down 3% and time to sell up 71%, it seems there is a small window of opportunity for buyers to negotiate better prices from sellers. The earlier you can start the home buying process, the less you’ll pay. Though we saw this little dip, we expect demand and prices to increase as we head deeper into Spring. If you’re a buyer who is ready to buy, work with a professional Realtor who has strategies for getting your offers accepted that involve more than offering more money. We know the market and 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 Cedar Park.
If you’re looking to sell, you still have some things going for you. With only 1.1 months of inventory on the market (indicating an extreme seller’s market) and demand up 3%, sellers who position their homes as a value will have no trouble finding a buyer. They might need a little extra patience as time to sell is up 71% from last year, but there are still qualified buyers willing to pay more for home they see are a value. Spend time preparing your home to meet the market and get buyers excited about making it theirs. If you’re considering selling, work with a Realtor who has the knowledge and tools to 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. We are entering the busiest time of year to buy and sell homes. 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 Cedar Park Home.
Questions About the Cedar Park Real Estate Price Report?
Do you have questions about this Cedar Park 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 Cedar Park real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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