The Carvajal Group Blog

Then VS. Now: Central Austin Neighborhood Series

March 21st, 2011

The Austin real estate market has experienced some market trends over the past 3-4 years much like the rest of the National Real Estate Market. Austin has had our ups and downs and seem to be gaining some clarity on where we currently stand and what the immediate future might bring in terms of appreciated values. I believe that our current Austin real estate market will be a benchmark in moving forward because of the consistency in median home price over the past two years with a buyer pool that should only continue to grow.

Markets have tendencies and if you look at history, a market that has seen a correction downward will tend to over correct itself in the other direction when the opportunity presents itself. If we use our current market as a benchmark and evaluate central Austin neighborhoods on a Then vs. Now basis, the data should provide us with picture into the future. THEN will be used to reflect values in 2007 when the Austin market was arguably at its “pre recession” peak. NOW will be used to reflect current values using data produced in 2010. Because Austin’s central neighborhoods have such a wide range in value separated by just a few blocks, I found it more educational to break them down further over just using MLS area statistics or zip codes.

TarryTown

Let’s take a closer look into Tarrytown. One of Austin’s most desirable and well known neighborhoods, Tarrytown offers its residences proximity to the urban core in an upscale, tree lined setting. The neighborhood is bordered by Lake Austin to the West, 35th Street to the North, Mopac Expressway to the East and Lake Austin Blvd to the South. Values in the area range from 300k to 1.5MM Plus. Statistics are calculated on an average per foot sold price for both resale single family inventory and new construction single family inventory in incremental square footages.

 

2007 Resale: 0 sq ft – 1,500 sq ft.

Number of Solds: 24

Average Sold Price Per Foot:  $332.48

Average Days on Market:  62

Percentage of Average List to Sales Price:  96.75%

 

Resale: 1,500 sq ft – 2,700 sq ft

Number of Solds:  67

Average Sold Price per Foot:  $274.79

Average Days on Market:  62

Percentage of Average List to Sales Price:  97.70%

 

Resale: 2,700 sq ft – 3,600 sq ft

Number of Solds:  27

Average Sold Price per Foot:  $282.65

Average Days on Market:  82

Percentage of Average List to Sales Price:  97.17%

 

Resale:  3,600 sq ft Plus

Number of Solds:  21

Average Sold Price per Foot:  $296.21

Average Days on Market:  68

Percentage of Average List to Sales Price:  92.76%

 

 

2007 AVERAGE PRICE PER FOOT ALL RESALES:  $288.89

139 Transactions

 

2007 New Construction

Number of Solds:  15

Average List Price: $1,085,833

Average Sales Price:  $1,046,973

Average Square Footage:  3,646

Average Sold Price Per Foot:  $283.84

Average Days on Market:  149

Percentage of Average List to Sold Price:  96.42

 

 

2010 Resale: 0 – 1,500 sq ft

Number of Solds:  16

Average Sold Price per Foot:  $293.19

Average Days on Market: 140

Percentage of Average List to Sales Price:  93.22%

 

2010 Resale: 1,500 sq ft – 2,700 sq ft

Number of Solds: 50

Average Sold Price per Foot:  $266.77

Average Days on Market: 109

Percentage of Average List to Sales Price:  95.80%

 

2010 Resale: 2,700 sq ft – 3,600 sq ft

Number of Solds: 19

Average Sold Price per Foot:  $244.72

Average Days on Market: 126

Percentage of Average List to Sales Price:  95.95%

 

2010 Resale: 3,600 sq ft plus

Number of Solds: 27

Average Sold Price per Foot:  $286.10

Average Days on Market:   115

Percentage of Average List to Sales Price:  94

 

2010 AVERAGE PER FOOT ALL RESALES:  $271.49

111 Transactions

 

2010 New Construction

Number of Solds:  7

Average List Price:  $1,084,876

Average Sales Price:  $1,040,023

Average Square Footage:  3,398

Average Sold Price Per Foot:  $300.00

Average Days on Market:  125

Percentage of Average List to Sold Price:   95.86%

 

 

The above figures show us that the Tarrytown real estate market, one of Austin’s most prestigious and desirable, was affected when the market took a turn for the worst. The average price per foot in the resale market was down 6% from its highs in 2007. Sold activity also dropped off from 139 sold transactions in 2007 to 111 sold transactions in 2010 with an increase in average days on market.

New construction sales were somewhat of a different story as price per foot saw an increase and days on market dropped. I think this can be attributed to the drop in new construction starts in the neighborhood with fewer options for buyers to choose from.

Stay tuned for the next article in the Central Austin Neighborhood Series: Then vs. Now as we take a look at how the Travis Heights neighborhood compares to Tarrytown in the highs and lows of the Austin Real Estate Market.

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