Real Estate Market Trends For: Gracywoods
Introduction: Gracywoods is an older neighborhood conveniently located in North Austin. It is situated between Metric and Braker Lane and Walnut Creek to the North. The area is named after the Gracy Family who, before selling off parcels for development, owned a large farm at the location.
The majority of the homes in Gracywoods were constructed in the early to mid 1980s. The neighborhood is mostly single-family residences but there are few multi-family complexes, condos and apartment buildings in the area.
It’s close proximity to the Domain and Arbor Walk shopping centers have helped to raise the neighborhood’s desirability over the last few years. And although there is no mandatory homeowner’s association, the voluntary HOA is very strong in the community.
Inventory and Sales: The last 18 months have seen strong demand for homes in the area. Inventory has remained below 1 month while days on market average less than two weeks for accurately priced homes. With the strong demand values are on the rise and List Price to Sale price ratios have maintained a better than 99.6% ratio – indicating many homes are receiving bids over list price.
Distressed Sales and Listings: Foreclosure and short sale properties have not been a factor in the market over the past year. Strong demand means any homeowners having difficulty keeping up with their mortgage have several options for selling to investors before foreclosing.
New Homes and Construction: Most of the original Gracywoods lots are already developed so new construction is not a factor in the area.
Overall Market Conditions: Overall the market is strong with median home values increasing 14.5% over the last twelve months. While I’m predicting that this year will not see the same increase in values as the previous, there will still be some appreciation as the demand for housing in Austin will continue to be strong throughout 2014.
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!