Eleven Oaks Realty is proud to present their March 2015 Hill Country Real Estate Price Report measuring activity in the Dripping Springs, Driftwood and Wimberley single family home market.
Hill Country Median Home Price Up 17%
For the second month in a row, the biggest story in this month’s Hill Country Real Estate Price Report comes by way of median home price, which went up from last year’s figures. The median home price of a Hill Country home in March 2014 was $300,300 compared to $352,500 in March 2015, marking a 17% increase 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 Hill Country Home Values Report.
What does this mean to buyers? Even though prices are up from last year, there still seems to be an opportunity for buyers. With nearly 3 months of inventory, Georgetown is leaning more towards a buyer’s market than most areas of Austin. The window of opportunity for this year does seem to be closing, so if you want to buy a home in Georgetown, start your search early. Set alerts to scout properties early. The faster you can see homes, the more chance you’ll have of landing the best one for you.
What does this mean to sellers? If you’re thinking about selling, I would start preparing your home now. Last month we advised you to wait, but conditions now are trending towards sellers. Inventory is shrinking as we get deeper into Spring and if next month is as strong as I think it is going to be, you’ll be ready at the perfect time.
Hill Country Housing Inventory Up 3%
In March 2015, we saw 2.8 months of inventory on the market, compared to 2.8 months of inventory in March 2014, showing a 3% increase in year over year numbers. 3 months or less is considered a seller’s market and we aren’t too far from it. This tells me the Spring market is heating up in the Hill Country.
Time to Sell Home in Hill Country Up 6%
In March 2015, it took 55 days to sell a home in Hill Country, on average, compared to 52 days in March 2014, marking a 6% (3 day) increase in year over year numbers. Though it’s taking 3 days longer to sell, buyers are willing to pay 17% more, which might make those 3 days worth the wait.
Number of Homes Taken Off the Market Up 31%
In March 2014, there were 13 single family homes taken off the market compared to 17 in March 2015, marking a 31% (4 home) increase city wide. Like other areas of Austin, the Hill Country also saw more homes taken off the market in March 2015 than in March 2014.
If your Hill Country 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 Hill Country 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 Hill Country Home Not Selling resources page to find out why.
Number of Sold Homes in the Hill Country Down 4%
In March 2015, the Hill Country saw a 4% decrease in the number of homes sold from March 2014 to March 2015. In March 2015, we saw 48 homes sell in the Hill Country compared to 50 in March 2014 marking a 4% (2 home) decrease in year over year numbers.
Hill Country Homes Under Contract Down 10%
In March 2015, 64 homes went pending (under contract) in the Hill Country compared to 71 in March 2014, marking a 10% decrease in year over year numbers.
Number of Homes on the Market Down 6%
In March 2015, we had 263 homes for sale in the Hill Country, compared to 280 in March 2014, showing a 6% decrease in year over year numbers.
Number of Homes Listed for Sale Down 15%
In March 2015, we saw 81 homes introduced to the market compared to 95 in March 2014, marking a 15% (14 home) decrease in year over year numbers.
Supply Down 6% and Demand is Down 4%
This month we saw a 6% decrease in supply (number of properties for sale) and a 4% increase in demand (number of sold properties).
Median for Sale Up 23% vs Median Sold Price Up 17%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In the Hill Country, we saw a 23% increase in the median for sale price and a 17% increase in the median sold price of a single family home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 2015 Hill Country 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 Hill Country home sales below. The “Hill Country” includes Dripping Springs, Driftwood and Wimberley. The most expensive home that sold in Hill Country in March 2015 sold for $2,950,000 and the least expensive home sold for $169,100. Homes ranged in size from 944 sqft – 5,296 sqft with an average size of 2,561 sqft. The average price per square foot for a home that sold in Hill Country in March 2015 was $169.89 with the lowest being $89.84/sqft and the highest being $744.95/sqft. It took, on average, 53 days to sell a home in the Hill Country and sellers received, on average, 97.53% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 2 | 1 | 944 | $168,500 | $95.47 | $169,100 | $89.84 | 80.04% | 62.50% | 0 |
| Max | 5 | 6 | 5,296 | $2,995,000 | $756.31 | $2,950,000 | $744.95 | 108.48% | 111.27% | 215 |
| Avg | 3 | 3 | 2,561 | $450,188 | $171.64 | $443,838 | $169.89 | 99.28% | 97.53% | 53 |
| Median | 3 | 3 | 2,450 | $350,000 | $154.80 | $360,000 | $155.41 | 99.45% | 99.02% | 18 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | March 2015 |
| Property Type | Single Family Homes | Number Sold | 50 |
| Source: | ABoR Sales Data | Area | Dripping Springs, Driftwood, Wimberley |
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. Inventory is hovering around 3 months and demand is down. Though these numbers don’t indicate an extreme opportunity for buyers, they do give buyers more choices than other areas of Austin. If you’re a buyer who is ready to buy, work with a professional Realtor who knows the market and knows how to negotiate. The earlier you can start the home buying process, the less you’ll pay. We expect demand and prices to increase as we head deeper into Spring. 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 make the process as stress free as possible. For more info about buying a home, visit Buy a Home in the Hill Country.
If you need to sell, work with a Realtor who understands how to market your home to get top dollar. Selling a home is about telling the story and getting buyers excited. A Realtor who knows how to generate interest can mean thousands to your bottom line. 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 Hill Country Home.
Questions About the Hill Country Real Estate Price Report?
Do you have questions about this Hill Country 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 Hill Country real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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