Real Estate Market Report For: Westcreek Subdivision Austin, TX 78749
Introduction: The neighborhood of Westcreek, located in the 78749 zip code, is another one of South Austin’s hidden jewels. Comprised of roughly 720 homes, the subdivision is conveniently located right between Mopac and Hwy 290 West. This excellent location provides easy access to either freeway by way of William Cannon. You can also access 290/71 by weaving through the Northern part of the neighborhood; while a bit more scenic, the traffic is less to deal with. This location is within walking distance to the Arbor Trails shopping center and a 5 minute drive to Sunset Valley. The neighborhood has a nice mixture of demographics with the age being split 50/50 between younger homeowners and older, long-time owners. For the most part homes and yards throughout the neighborhood are well kept and there is an active and voluntary homeowners association.
Inventory and Sales: Turnover is Westcreek is fairly rare, with only 20-30 homes selling each year and days on market typically less than two weeks. This is definitely a sought after area. Overall sales volume has increased by 13% over the previous year, where it had slipped some from its 2010 numbers. With the low number of homes available, and the quick selling times, inventory and absorption rate are a none issue for local Realtors.
Distressed Sales and Listings: As with most highly sought after areas, distressed sales (foreclosure, short sale, REO) are not a common occurrence in Westcreek. At current there are zero active distressed properties and zero distressed sales over the last year.
New Homes and Construction: With build dates ranging from 1978 to 1986, and no available room for further expansion, new construction isn’t common in Westcreek. Land values have not yet reached the point where demolition and construction of new homes would be profitable. As such, there have been no newly constructed homes sold within the last 5 years.
Overall Market Conditions: The housing market for the Westcreek subdivision is looking very stable. Median sales prices are currently at $229,000, a 7% increase over last year. Local Realtors appear to be doing a good job of listing homes for reasonable asking prices since the average Original List Price to Sales Price Ratio is right around 97.2%. Keeping in mind that most Real Estate agent recommend listing at least 3% higher than what you are willing to take, this is the perfect LP/SP ratio. This area will likely continue to appreciate over the following years due to the perfect location between two major highways, proximity to shopping, 15 minute commute to downtown and the fact that homes in the area are perfectly suited for new homeowners or retirees alike.
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!