We have started to see some interesting things in the Pemberton Heights, Brkyerwoods, Enfield area of Austin. I went in and did a market breakdown, enjoy...
East 1B Luxury Comps – Enfield, Pemberton Heights and Brykerwoods January 6, 2011
(Area defined by: South of 35th St., West of Lamar, East of MO-Pac & North of Enfield)
- There are currently 20 luxury homes available in this area with 3 others currently under contract. Over the last 3 months 11 luxury homes have sold. At this rate of absorption there is 5.5 months worth of inventory. Things were very slow last fall in Pemberton/Enfield. The 3 pending homes, while not an amazing number, still signifies a rate of increasing activity, and I anticipate this higher activity to continue.
The activity in the $500k to $999k range accounts for more than 60% of the areas luxury activity, which is not surprising. There are currently 10 homes available but only one of the 4 pending homes is in this price range. Over the last 3 months 7 homes have sold between $500k and $999k. With this rate of absorption there is 4.2 months of inventory, which is better than the ULTRA luxury market.
The activity in the ULTRA luxury market, $999 and up, has been solid, especially considering the holiday season and new year. There are currently 11 active homes available and 2 pending sales in this market. Over the last 3 months 4 ULTRA homes have sold yielding an absorption rate of .75 homes a month. At this rate there is currently 14.6 months of inventory. Again, activity in the late summer was very slow and days on the market crept over 100 days on market. During that time frame several homes were purchased well below list price and original list/sale price dropped into the 70 percent range. Activity has increased in this area but Sellers appear to be discounting their properties in order to sell.
Final Thoughts: The activity below $1 million has been solid and accounts for over 60% of the sales. The ULTRA market has been more active as the winter season progressed but is still saturated at this time. The luxury sellers have had to discount their homes in order to find real buyers, this is also true for the <$999 market, but to a much lesser extent. The increased activity, especially during the winter holiday season is encouraging and I expect this market to continue to improve and the weather warms!
(Area defined by: South of 35th St., West of Lamar, East of MO-Pac & North of Enfield)
- There are currently 20 luxury homes available in this area with 3 others currently under contract. Over the last 3 months 11 luxury homes have sold. At this rate of absorption there is 5.5 months worth of inventory. Things were very slow last fall in Pemberton/Enfield. The 3 pending homes, while not an amazing number, still signifies a rate of increasing activity, and I anticipate this higher activity to continue.
The activity in the $500k to $999k range accounts for more than 60% of the areas luxury activity, which is not surprising. There are currently 10 homes available but only one of the 4 pending homes is in this price range. Over the last 3 months 7 homes have sold between $500k and $999k. With this rate of absorption there is 4.2 months of inventory, which is better than the ULTRA luxury market.
The activity in the ULTRA luxury market, $999 and up, has been solid, especially considering the holiday season and new year. There are currently 11 active homes available and 2 pending sales in this market. Over the last 3 months 4 ULTRA homes have sold yielding an absorption rate of .75 homes a month. At this rate there is currently 14.6 months of inventory. Again, activity in the late summer was very slow and days on the market crept over 100 days on market. During that time frame several homes were purchased well below list price and original list/sale price dropped into the 70 percent range. Activity has increased in this area but Sellers appear to be discounting their properties in order to sell.
Final Thoughts: The activity below $1 million has been solid and accounts for over 60% of the sales. The ULTRA market has been more active as the winter season progressed but is still saturated at this time. The luxury sellers have had to discount their homes in order to find real buyers, this is also true for the <$999 market, but to a much lesser extent. The increased activity, especially during the winter holiday season is encouraging and I expect this market to continue to improve and the weather warms!
Best, Marcus
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