June 21st 2013
Real Estate Market Trends For: Crestview Neighborhood Austin, TX 78757
Introduction: Crestview is a well established and tightly knit neighborhood located in North Central Austin. Its close-in location makes it a desirable location for anyone looking to be closer to downtown. Having been built on the site of an old dairy farm in the 1950′s and 60′s, the area is famed for its charming bungalows and early ranch homes sitting atop mature lots.
Like most centrally located neighborhoods, Crestview has seen a surge in home values over the past few years. Because of the rising demand and prices, it isn’t uncommon to find some of the older bungalows completely renovated from the studs out. This has helped to maintain the retro feel “homeland” feel of the area; though there are a few contemporary styled new constructions here and there. The neighborhood boundaries for Crestview are North at W. Anderson, East at N. Lamar, South at Justin Ln and West at Burnet Rd.
Inventory and Sales: Home inventory is fairly low for this market area with a total of only 3.1 months worth of inventory currently offered for sale. We are currently seeing around 8 homes sell per month, a slight increase in activity over the previous year. This can also be seen in the total number of homes sold this year vs. last, which is up around 19%.
Distressed Sales and Listings: Distressed sales, including foreclosures and short sales, are rare in this market area. Since there is such high demand for properties in the area, homeowners who have found themselves in a bad financial situation can find a buyer for their home very quickly. We’ve only noted 2 distressed sales this year, the same number as the previous 12 month period.
New Homes and Construction: Despite the majority of homes being constructed prior to the 1960′s, there are a few new homes in the market. These newer homes are partly responsible for the astounding 36.7% increase in high-end home sales within the market.
Overall Market Conditions: The Crestview market area, along with most its surrounding neighborhoods, is exhibiting very strong market signals. Median home prices are up 10.4% over the previous year; days on market are less than 30 for most homes with the median running right at 8 days! Values are continuing to rise and will likely do so through the Summer.
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!