Austin 2011 Real Estate Sales Breakdown by MLS Area

by Steve Crossland, REALTOR in Austin TX on January 29, 2012 · 3 comments

The Austin real estate 2011 sales breakdown by MLS area is below. Most areas of Austin are holding steady. I’ve color coded the results columns of each area to show whether or not that area performed above or below the greater Austin market on whole.

For example, let’s look at MLS area “W” (West Austin).

MLS Area Year # Sold Avg Sold Med Sold Avg SQFT Avg PSF Avg Days Med Days
W 2011 285 $475,430 $340,000 2,960 $160.62 84 55

2010 269 $411,614 $338,500 2,820 $145.96 75 46

Change 5.95% 15.50% 0.44% 4.96% 10.04% 12.00% 19.57%

 

This shows are W outperformed the Austin real estate market in some categories, but not in others. Those categories break down as follows:

Number of Sale: The number of sales overall in the Austin market rose by 6.9% in 2011. Number of sales rose by 5.95% in MLS Area W, so it gets flagged a red colow code for under-performing the overall market.

Avg Sold Price, Median Sold Price, and Sold Price per Square Foot all outperformed the market as a whole. Avg and Median Days on Market underperformed as well.

That said, pricing metrics are the most important in determining the direction of the market, so keep that in mind as you review the various areas and how they did in 2011 compared to 2010. Squre footage is not ranked but is shown for referrence and used to calculate sold price per sqft.

The color coding allows you to see in a glance areas that did well, did not do well, and that were mixed. A row of “all red” means the area under-performed on all metrics. Several areas unfortunately did just that.

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Forgetting the MLS Key Really Stinks

by Steve Crossland, REALTOR in Austin TX on January 24, 2012 · 1 comment

MLS ActiveKey AustinNo doubt every Austin Realtor has forgotten – or almost forgotten the electronic MLS key when showing a property. That really stinks when it happens. Me and Sylvia are still old school and carry around these horrible devices. The alternative would be to use an iPhone app that requires a small infrared stick that plugs into the bottom of the iPhone. The problem with that is if you lose your iPhone, or the battery goes low, you’ve also lost your MLS key.  I’d rather spread the risk to separate devices. I also don’t want to have the tiny plugin stick to keep track of or junking up my key ring.

Anyway, I drove way up northwest by the lake today, past Lakeway, to show some buyers who had driven up from Corpus Christi to meet me at a house. This was a 45 minute drive from my house. About 15 minutes away I realized I left my MLS key laying on my desk, where it had been charging.

I quickly assessed the options in my head while not panicking, but almost panicking. I checked the listing agent on the MLS printout and noticed it was a KW agent in Lakeway. I just happened to be on 620 not far from the KW office.

I called the agent and got ahold of the assistant. “I’m on my way to show your listing on {Street name} and left my MLS key at home. Is there a combo box on the property or is the MLS box the only way in?”, I asked cheerfully, keeping my optimism high. “No”, the well informed assistant told me, “there is no combo box”.

“OK”, I said. “Do you have a spare key in the office that I could come by and pick up? I’m not far from you” . There was no spare key either.

I was now about 12 minutes away. I could either:

a) Turn around and know for sure that although I’d be terribly late arriving (like, 75 minutes late), I could call and ask the client to go get lunch and show up later for the appointment.

b) Show up on time and deal with it, knowing I might not be able to get in.

c) Call a Realtor friend close by and beg them to meet me there.

I’ve always been lucky. I decide to give myself a chance to get lucky and proceeded to the appointment to face the music. I’d just have to figure out a way to get inside.

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Austin Real Estate Market Update – Dec 2011 End of Year Stats

by Steve Crossland, REALTOR in Austin TX on January 18, 2012 · 2 comments

The Austin real estate market did about what we expected in 2011, which wasn’t much. Basically treading water with some slight improvements, but nothing that represents a notable shift in market activity. Instead, it looks like momentum is building for a breakout year of increased activity and rising prices either in 2012 or 2013.

Let’s start with a look back at the past 12 years for some context.

Austin Housing Market Sales Prices 1999 through 2011

From 1999 to 2001, you see the effects of the Tech Bubble, as Austin experienced strong job growth, which in turn drives housing demand. From 2002 through 2004 (and most of 2005, though not obvious from the graph), Austin housing prices were flat, as we suffered the hangover of lost jobs after the Tech Bubble bust. Then in 2005 jobs returned as well as a lot of real estate investors who felt that other areas such as Phoenix, Las Vegas, Boise, Florida, etc. (which we now know were in a severe bubble) were playing out. So we had a mini burst of strong buyer demand through about the middle of 2007. After dipping in 2008, prices have slowly climbed since then, though many homes still sell for 2007 prices. By 2010, overall values were back to 2007 prices and have now surpasses the 2007 high. That’s the Austin real estate market in a nutshell, for the past 12 years.

Let’s look at the gains in 2011 compared to 2010.

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Seller Should Pay at Least Token Repair Amount

by Steve Crossland, REALTOR in Austin TX on January 6, 2012 · 4 comments

We recently had a transaction where the seller refused to negotiate any repair adjustments. None at all. This is actually not completely unusual, but most of our buyers do receive at least a small amount to offset repair and condition issues that were revealed by the inspection and not disclosed on the Seller’s Disclosure form.

But on this particular transaction, the buyer received a favorable contract price. The seller felt that the home was a good deal as-is at the contract price and was unwilling to offer anything else. Buyer was ok with that, so no problem.

But then the listing agent wanted to buyer to go ahead and terminate the Option Period in writing. Buyer had no motivation to do so and didn’t want to give up that right, so the seller and agent ended up have to fret and worry (needlessly) for an additional 5 days. This could have been avoided if the seller and agent had been willing to give up at least a token amount toward repairs. Here’s why.
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Austin Short Term Rental (STR) Update

December 4, 2011

Almost a year ago I wrote about the Austin Short Term Rental (aka STR, Vacation Rental, VRBO) issues surfacing in the Austin community. That blog article generated 57 comments and a lot of heated back and forth. I eventually had to close the comments for that article because I felt everything had been said that [...]

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Fitting Into Your Smaller Austin Home

November 29, 2011

Sylvia and I recently installed new hardwood floors in our entire home. Bedrooms, closets, kitchen, hallway, etc. Everywhere except the laundry room and 2 bathrooms, which received new tile the month before. The process of doing this in an occupied home required a packing and moving of stuff not dissimilar to actually moving. Every part [...]

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Where is Westlake, or is it West Lake Hills?

November 23, 2011

Where exactly is “Westlake” in Austin? Well, it depends on which boundaries you use. In the broadest sense, “Westlake” is considered to be those areas which attend Westlake High School, or those areas within the Eanes ISD boundaries, as shown on this map. So, in general terms, the area west of Austin known as “Westlake” [...]

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Austin Real Estate Market Update – October 2011 Stats

November 13, 2011

Below are the Austin housing market stats for October 2011 and year to date. Austin Sales Market Update – October 2011 Homes only (condos, duplexes, etc. not included) compiled from Austin MLS data Sep 2011 Oct 2011 Oct 2010 Yr % Change # Sold 1601 1346 1202 11.98% Avg List $262,989 $267,793 $278,846 -3.96% Med [...]

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Austin Real Estate Investing Not Always Profitable

October 28, 2011

Sylvia and I just sold a couple of acreage lots that we purchased in Oak Hill back in Feb 2007. For those who remember, Austin’s real estate market was still running full tilt in early 2007. I bought three lots in a new subdivision, we built a new custom home on one of them and [...]

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Austin Realtor Agent Performance Stats Now Live on Redfin

October 1, 2011

The Real Estate company Redfin recently announced the release of its Agent Scouting Report in its various markets around the US. This allows Redfin “clients” (term in quotes because anyone can sign up at Redfin.com and instantly be a “client”, whereas most agents think of a client as someone who has signed an actual Listing or [...]

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