Eleven Oaks Realty is proud to present their February 2015 Kyle Real Estate Price Report measuring activity in the Kyle single family home market.
Number of Sold Homes in Kyle Down 31%
The biggest story in this month’s Kyle Real Estate Price Report comes by way of number of homes sold, which decreased in year over year numbers. In February 2015, Kyle saw a 31% decrease in the number of homes sold from February 2014 to February 2015. In February 2015, we saw 41 homes sell in Kyle compared to 59 in February 2014 marking a 31% (18 home) increase in year over year numbers.
What does this mean to buyers? Though there are fewer homes that sold in Kyle, there is also less inventory and less demand this month. Kyle was also one of the few areas of Austin that saw a decrease in average time to sell. It seems buyers who are motivated are snatching up the best houses before another buyer has the opportunity to purchase it. Successful home buyers treat home buying as a priority and end up owning the best homes. Kyle will start to get more and more popular as it is one of the only areas with a median price of less than $200,000.
What does this mean to sellers? If you’re thinking about selling, you’ll need to spend some time getting your home ready to meet the market. With less demand, you’ll have to present your home as a value to the motivated buyers in the market and give them a compelling reason to choose yours. Though we would expect to see demand increase as we head deeper into Spring, homes that are presented as a value will sell faster. Do what you can now to make your home the best home on the market and you’ll find a buyer willing to pay top dollar quickly.
Kyle Housing Inventory Up 2%
In February 2015, we saw 1.5 months of inventory on the market, compared to 1.5 months of inventory in February 2014, showing a 2% increase in year over year numbers. Interestingly, we saw an increase in inventory from January 2015 to February 2015, which had more to do with a decrease in demand than an increase in supply.
Kyle Median Home Price Up 15%
The median home price of a Kyle home in February 2014 was $157,852 compared to $181,052 in February 2015, marking a 15% increase in year over year numbers. As with all areas of Austin, pricing is up 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 Kyle Home Values Report.
Time to Sell Home in Kyle Down 18%
In February 2015, it took 41 days to sell a home in Kyle, on average, compared to 49 days in February 2014, marking an 18% (9 day) decrease in year over year numbers. Buyers seem to be making decisions faster than last year. With less inventory available and fewer new listings coming online, buyers want to make sure another buyer doesn’t snatch up their home.
Number of Homes Taken Off the Market Up 29%
In February 2014, there were 7 single family homes taken off the market compared to 9 in February 2015, marking an 29% (2 home) increase city wide.
If your Kyle 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 Kyle 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 Kyle Home Not Selling resources page to find out why.
Kyle Homes Under Contract Down 24%
In February 2015, 56 homes went pending (under contract) in Kyle compared to 74 in February 2014, marking a 24% decrease in year over year numbers.
Number of Homes on the Market Down 22%
In February 2015, we had 149 homes for sale in Kyle, compared to 190 in February 2014, showing a 22% (41 home) decrease in year over year numbers. It seems fewer sellers are willing to let go of their Kyle homes this year compared to last.
Number of Homes Listed for Sale Down 22%
In February 2015, we saw 60 homes introduced to the market compared to 77 in February 2014, marking a 22% (17 home) decrease.
Supply Down 22% and Demand is Down 31%
This month we saw a 22% decrease in supply (number of properties for sale) and a 31% decrease in demand (number of sold properties). Even though supply was down, demand was down more, which caused an increase in inventory from January.
Median for Sale Up 12% vs Median Sold Price Up 15%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Kyle, we saw a 12% 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.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2015 Kyle 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 Kyle home sales below. The most expensive home that sold in February 2015 sold for $279,622 and the least expensive home sold for $123,175. Homes ranged in size from 1,275 sqft – 3,417 sqft with an average size of 1,987 sqft. The average price per square foot for a home that sold in Kyle in February 2015 was $96.42 with the lowest being $65.79/sqft and the highest being $131.11/sqft. It took, on average, 57 days to sell a home in Kyle and sellers received, on average, 97.49% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 2 | 1,275 | $125,000 | $63.72 | $123,175 | $65.79 | 86.54% | 85.64% | 0 |
| Max | 6 | 3 | 3,417 | $279,622 | $136.08 | $279,622 | $131.11 | 106.80% | 106.80% | 270 |
| Avg | 4 | 2 | 1,987 | $190,386 | $98.38 | $186,340 | $96.42 | 98.20% | 97.49% | 57 |
| Median | 4 | 2 | 1,854 | $184,500 | $100.22 | $181,052 | $98.04 | 100.00% | 98.29% | 34 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Feb 2015 |
| Property Type | Single Family Homes | Number Sold | 41 |
| Source: | ABoR Sales Data | Area | Kyle |
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 1.5 months of inventory, Kyle is in an extreme sellers market. Though demand is down, there are still motivated buyers in the market who are keeping prices up. Remember, all you need is one motivated buyer for your home. Take some time to prepare you home to meet the market and you will have no trouble finding a buyer. Too often, we see homes with poor quality photos where the house is a mess. Cleaning your house and having a professional photo shoot will do wonders for how your home compares to the competition. If you’re considering selling, work with a Realtor who has to tools to 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 Kyle Home.
If you’re a buyer who is ready to buy, work with a professional Realtor who has strategies for getting your offers accepted. With inventory at historic lows, more buyers are competing for fewer homes. A Realtor who understands what it takes to get your offer to stand out in a pile of offers without increasing your offer price will save you 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 make the process as stress free as possible. For more info about buying a home, visit Buy a Home in Kyle.
Questions About the Kyle Real Estate Price Report?
Do you have questions about this Kyle 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 Kyle real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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