(Area defined by: North of 35th St., Lake Austin, 2222 & MO-Pac)
- It has been an interesting summer in this part of Austin. There have been some massive sales in an otherwise slow market. Since this spring luxury sales have risen and the activity level is up significantly as well. Notably, Mack Brown’s home on Balcones for more then $3.9 million cash and another property sold on Balcones for over $2.7. Two other million + homes are currently under contract. Other than this big shift most of the activity is still under the $650k price range, with no sales between $900k and under $2 Million.
- It has been an interesting summer in this part of Austin. There have been some massive sales in an otherwise slow market. Since this spring luxury sales have risen and the activity level is up significantly as well. Notably, Mack Brown’s home on Balcones for more then $3.9 million cash and another property sold on Balcones for over $2.7. Two other million + homes are currently under contract. Other than this big shift most of the activity is still under the $650k price range, with no sales between $900k and under $2 Million.
(I had a great statistical chart that display these comps, but I could not post it in this blog. Email me if you would like to see it.)
There are currently 33 luxury homes available in this area with others currently under contract. In the last 3 months 13 luxury properties have sold. At this rate of absorption there is 7.615 months worth of inventory. The 8 pending homes show a nice upswing in activity, which is very positive.
We are seeing fewer homes hit the market as the summer winds to a close. As homes are absorbed faster than they are hitting the market the inventory levels in this area are starting to drop. This is a welcome trend, because over the last 9 months high inventory levels have troubled this part of West Austin.
Final Thoughts: The activity below $750k has been solid and accounts for the majority of the sales. However, we are seeing strong signs in the ultra market as two properties sold for more than $2.7 million this summer. We are encouraged to see two other ultra luxury properties currently under contact as well. All in all things look solid for this part of Austin as we approach Fall. The summer has been touch and go and we anticipate unseasonably high buyer activity levels this fall (not necessarily like a summer season, but certainly higher than a typical Fall.)
Thanks,
Marcus Cox
Co-Owner Avalar Texas
Realtor, ABR, GREEN, GRI, TRLP
512.921.3111
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