March 14th 2012
Real Estate Market Report For: Avery Ranch Austin, TX
Introduction: Avery Ranch is master-planned community built on 1,800 acres located in Northwest Austin. The neighborhood consists of over 4,000 homes, a 226 acre golf course, and numerous recreational amenities. Home values range from the mid $100′s to $600,000+.
Inventory and Sales: Overall sales volume has remained relatively stable over the last three years with an absorption rate of just over 14 homes per month sold, and an inventory of just over 5 months worth of housing. While sales trends have remained steady, the number of sales over the last 12 months is about 9% lower year-to-date.
Distressed Sales and Listings: The total number of known distressed and/or foreclosure sales has also remained stable at around 6% of all transactions. While this number is slightly higher than the desired 5% or less, it is still below the 10% mark which is when foreclosures begin to negatively affect a market area.
New Homes and Construction: New home sales have made a bit of comeback over the last 12 months with 21% of all sales being new construction homes; this is an increase of 4.5% over last year. Predominant single family home sales over the past 12 months average between $204,000 – $248,000 but this number includes ALL SFR properties, including some of the smaller, less expensive town homes and condos.
Overall Market Conditions: The housing market in Avery Ranch continues to be stable, with no immediate signs of distress or indicators of declining values. Average Days on Market for well priced properties remains below 2 months, while list price to sales price ratios still remain strong at around 97-98%. This indicates that Realtors are doing a good job of pricing homes accordingly, and buyers are not finding the prices unreasonable. Finally, price per square foot for both typical and median ranges have remained virtually unchanged over the past 12 months.
This report was created utilizing data from the Austin MLS system, as input by local Austin Realtors. This report should be considered a “Macro View” of the market. Only single family housing trends have been analyzed and while they represent the majority of real estate sales in the market area, this report should not be considered all encompassing. If you would like a more precise analysis of a specific segment within this market area, feel free to give us a call!