The Austin Board of Realtors publishes a monthly report for Realtors online that includes a breakdown of the hottest areas in the Austin Metropolitan Area. For March, the hottest five areas in decending order are:
1. Area 3E, the area East of 183 and South of 290.
2. Area EL, Elgin which is in Bastrop County, just East of Area 3E.
3. Area 11, in South East Austin South of Highway 71 and just East of I35.
4. Area 10S, just East of Mopac, South of Manchaca and North of Slaughter Lane.
5. And, Area N, just north of 183 and South of Round Rock.
What all of these areas have in common is that their price ranges for single family homes are very reasonable, starting in the low $100's and average highs in near $250,000.
Some of the slowest areas right now are also some of the most expensive, like Area LS near Lakeway on Lake Travis; Area W in the Eanes Independent School District, one of our priciest areas; and area 8W in West Austin near Loop 360.
These figures lead me to believe that the lower priced homes are selling faster in this softening market, while the more expensive homes are taking longer to sell. Usually the more expensive areas will be hit first by a downturn in the market. This is a good clue that the Austin area market has slowed a bit over the past few months.
If you're looking to sell, especially in the upper price ranges, your home may take longer than you'd like to sell. If you're looking to buy, this is a good time, but beware the common misconception that many sellers will be eager to discount the price of their home in a slowing market. Actually quite the opposite is true in a market like ours that has just recenly begun to soften. Sellers are usually willing to wait to get the price they want, rather than severely discount it.
If you would like advice and coaching on how to best market and sell your home in Austin's current real estate market, we'd love the opportunity to help. Give us a call at 512-454-8955.
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