Covered Bridge is an elegant community just minutes from the “Y” in Oak Hill and the Texas Hill Country. Covered Bridge offers sweeping views, spacious homes, nature trails and amenities such as a splash pad, community pool, play ground and playing field. The optimal location makes commutes downtown and to major employers like: Freescale, AMD and Samsung a breeze. Residents also enjoy easy access to area attractions like shopping and entertainment in Sunset Valley, Barton Creek and the Hill Country Galleria.
Covered Bridge Village, “The Village,” is slated for the community. The Village is the first mixed-use neighborhood center located in the Texas Hill Country to be registered and on track to achieve Leadership in Energy and Environmental Design (LEED) certification from the United States Green Building Council (USGBC). Catering to the surrounding Southwest Austin neighborhoods, this mini-lifestyle center is situated on 15 acres along SH 71 between SH 290 and the City of Bee Cave, offering 35,000 square feet of space for retail, personal services and restaurants, in addition to three pad sites and over 50,000 square feet of office space.
I was recently asked for market analysis of Covered Bridge and this is what I found:
In Covered Bridge we can see in the last 3.5 months 6 homes have sold (This excludes the condos by the front entrance as they are not technically comps. Potential buyers might look at them, but generally they attract a different buyer.) Based on these numbers homes in Covered Bridge have been finding 1.7 real buyers a month. I would typically try to keep the math a bit cleaner, but the majority of the activity in the area occurred in the early weeks in November so we need to include those dates as part of out data. At 1.7 real buyers a month the current inventory of homes (7 active, the contingent home will be far less attractive) will be depleted in just over 4 months. This is less than equilibrium which indicates a technical shortage of homes and thus a seller’s market. This is solid and a good situation for potential sellers.
On the downside the activity in the area has been generally slow. Currently only one home is pending and only one home has closed in 2010. This is not ideal, but based on inventory levels and season trends I am not concerned. On the bright side we have seen an early increase in activity this year, as people are overcoming their economic fears. Typically this occurs closer to the selling season. This should bode well for the community because I anticipate more activity as the season progresses.
Average sell time is 91 days which is a bit long. This is a great example of why initial price is so vital. The homes on the market for more than 100 days have had price reductions. Buyer activity and offer prices are always much stronger for homes that have priced the market. The average sold dollar/ft price is $108.38 with the average sale price of $377,500. This makes sense because the average sized home is almost 3,500 sq.ft. Typically smaller homes command high dollar-per-foot figures.
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