Four Points Real Estate Update
The news is full of stories about the national and Austin real estate markets. But, that doesn’t really tell you what you want to know about the Four Points area where you live. There are many factors that affect the health of a local real estate market: price point, location relative to jobs and shopping and schools, the beauty and character of an area, and the quality of the schools, just to name a few. Overall, the Four Points area continues to be attractive to home buyers and has proven to be a relatively low risk investment for area homeowners.
The Austin area real estate market continues to be strong as we close out 2013. According to the Austin Multiple Listing Service (MLS), pretty much every market indicator in November points to a very strong market for single-family homes, and area economists expect this trend to continue into 2014.
|Average Days on Market||-24%|
|#Sales in Nov. 2013||+14%|
|# Sales Year to Date (Nov 2013)||+19%|
|Median Sold Price||+10%|
|Average Sold Price||+8%|
|Average Sold Price/Square Foot||+9%|
Quite impressive, Austin! Now let’s look at the Four Points area specifically. The Austin MLS area RN (River North), is the area that includes the Four Points area and the real estate market in this area generally looks healthy, though not quite as strong as the overall Austin market.
While the numbers might initially seem a little alarming, don’t worry…keep reading! Days on market dropped in the RN area to a respectable average of 64 days. And while the number of RN sales in November 2013 dropped 16% from last year, the Year To Date totals through the end of November show an 8% increase over last year. So, sales in RN have increased in 2013, the sales just happened a bit earlier in the year. While the RN area didn’t have the sales increases that the overall Austin area had, the good news is that it is in large part because the RN area weathered the recession particularly well, and didn’t have the large volume and pricing drops that some other areas of Austin experienced. Great news for homeowners in the area!
The average November sold price for the RN area increased about 1% to $555,250, but the median sold price dropped 11% to $455,000. This discrepancy between the average and median sales prices indicate that some high end sales pull the average price up, but in general, more lower priced homes sold this year compared to last year. Given that the median sold price/square foot in RN increased almost 4%, and the median square footage of the homes that sold decreased by almost 8%, it appears that the decrease in median sales price is because there were more sales of smaller homes in 2013 vs. 2012 rather than a true price decrease in the area. Again, good news.
So, keep calm…and carry on! The real estate market in Four Points is doing just fine!
|All Austin||Four Points Area|
|Ave Days on Market||67||51||-24||68||64||-6|
|# Sales November||1,662||1,899||+14||45||38||-16|
|# Sales YTD (Nov)||21,163||25,289||+19||536||581||+8|
|Median Sold $||$199,920||$219,530||+10||$510,000||$455,000||-11|
|Average Sold $||$270,502||$292,658||+8||$550,917||$555,250||+1|
|Ave Sold $/Sqft||$121||$132||+9||$160||$166||+4|