Villages at Western Oaks Housing Report
Real Estate Market Report For: Villages at Western Oaks Subdivision Austin, TX 78749
Introduction: The Villages at Western Oaks is another one of South West Austin’s popular neighborhoods consisting of approximately 1,600 homes. The subdivision is located in the 78749 zip code and situated between West William Cannon and Slaughter. The VAWO is located adjacent to it’s older sibling, Western Oaks, which is a smaller and older development to the North.
Our subject neighborhood has been steadily increasing in value over the past four years mainly due to its convenient location off of MOPAC, which allows you a 15 minute drive to downtown Austin and even shorter to the greenbelt and Barton Creek Mall. You are also within walking distance to the Arbor Trails shopping center which offers not only convenient shopping but food as well! If you’re looking to get some sun and fun the area features Dick Nichols Park and an abundance of trails for jogging and biking.
The term “Villages” was applied to the neighborhood because homes were constructed in phases which are now considered different sections such as Deerfield Village, Oakland Village and Beckett Village. Most homes in the neighborhood were constructed in the 90’s by builders such as David Weekley, Scott Felder, Newmark, Centex and more.
Inventory and Sales: There is quite a lot of activity in the Villages each year, with roughly 150+ properties sold in the past 12 months. This number is a 32% increase in the number of sales from last year. The neighborhood sees about 13 home sold each month and has an incredibly low current inventory of only 1.3 months worth of homes on the market. Coupled with a decreasing average Days on Market as well and you have all the positive indicators that the Western Oaks Villages are a very hot market.
Distressed Sales and Listings: Given the number of homes selling in the area, distressed property sales are very low. We classify a distressed sale as a foreclosure, short sale or REO sale. The VAWO has only a 1.9% distressed sale rate over the past 12 months, which is slightly lower than the year before.
New Homes and Construction: Most of the homes in this subdivision were built between 1994 and 2000 with a few as old as 1978 and as new as 2005, but those are uncommon. As such, new homes are not a factor in this market area.
Overall Market Conditions: The Villages at Western Oaks demonstrates all the signs of a strong market that is on the incline. Median sales prices have risen steadily over the last 3 years while time to sell has been decreasing and List Price to Sales Price ratios have been increasing. This means more Realtors are getting their asking price for homes in the area without much market exposure – it isn’t uncommon to find homes with multiple offers on them in a market such as this. Given it’s close-in location, abundance of quality homes and scenic placement, this neighborhood should continue to appreciate well into the future.
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!
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