Drippings Spring – Now the “Gateway to Austin?”

Dripping Springs has always been known as the “Gateway to the Hill Country” which boasts a casual, Texas feel with large acre properties and beautiful terrain.  However, Drippings Springs has grown exponentially in the past couple of years due to the excellence of Dripping Springs ISD and due to the population growth and strong economy in Austin making it begin to feel more like an outlying Austin suburb rather than a small town at the beginning of the Texas Hill Country.  Many buyers relocating to Austin are willing to commute further distances instead of sitting in the ever increasing Austin traffic and they feel that they get more land and house for their housing dollar further out in the Hill Country.

The real estate market in Dripping Springs is booming.  In March 2015, Dripping Springs saw a median 29.2% increase in total number of closed sales and a median 53.8% increase in total sales volume when compared to March, 2014.  List prices were up a median 4.1% and sold prices were up a median 4.0%.  The most relevant statistic in terms of home prices is the median sold price per square foot which was up 16.3% from $130 per square foot to $151 per square foot!  This increase may be partially due to the high demand for larger acreage properties.

*Courtesy of Gracy Title

 

With this type of seller’s market economy, it’s important to work with an experienced professional who really knows the area.  I had a client contact me last week ready to purchase a property in Dripping Springs.  When I looked at the address, I knew it was a bad idea as it was within a half mile of the proposed cement plant that is the subject of much heated debate in the area.  If you are thinking of buying or selling in the Dripping Springs area, please contact me at 512-698-6929 to act as your Hill Country expert.

I’d also like to recommend a new community going into Dripping Springs just south of Highway 290 on RR12 called Caliterra which is a 600 acre master planned community with 250 acres of dedicated park land.  The Hill Country terrain is just gorgeous, nestled on Onion Creek and the community just announced the builders who will be Sterling Custom Homes, Drees Custom Homes, Grand Haven Homes and Scott Felder Homes.  Drive by and take a look – the location couldn’t be better.  Please contact me if you would like more information.

 

Westwood Community Frenzy Continues in March 2015 – Expect Multiple Offers!

The Westwood High School Community of Austin, or the Northwest area continues at a frenzied pace in March 2015.  Compared to the same time frame in 2014, median list prices are up 15.7%, median sold prices are up 17.1 % and the most important statistic, sold price per square foot is up 10.5%.  The median statistic for amount received when compared to asking price is 100.0%!!!

*Courtesy of Gracy Title

According to the report released on April 21st by the Austin Board of REALTORS®,  “Austin-area single-family home prices hit an all-time high, while single-family home sales volume set a record for the month of March…Single-family home sales increased 13 percent year-over-year to 2,440 home sales in March 2015, a new record for March single-family home sales volume.”  The Westwood Community helped contribute to these record breaking numbers with a 5.5% increase in total sales volume.  Inventory decreased 13.6% which will contribute to multiple offers in fewer number of days on market.

Having worked with several buyers recently in the hot in-town markets, there are some winning strategies that I’ve seen that help win multiple offer situations.  Firstly, price is king.  If you find the right home, be prepared to offer at least $10,000 over asking price.  Additionally, if the home does not appraise for the offer price,  expect that you will have to make up the difference in your down payment.  Some buyers have even begun offering to pay the Title policy and the home warranty, which are closing costs that are almost always paid by the seller.  Lastly, find out what closing date is best for the sellers and make sure you can accommodate their time frame.  The closer-in market is a tough place to be for buyers right now.  You will have to go see a home as soon as it comes on the market.  Be ready to be aggressive to get that home of your dreams!  And try not to get too emotionally attached just in case you don’t have the winning bid.  You never know why a seller will chose one offer over another.

If you are thinking of buying or selling in these hot market, it helps to have an agent on your side with the market experience to make the relocation process as seamless as possible.  Call me at 512-698-6929 to help get you started on your journey to your new home!  I will make sure your best interests are protected.

Vandegrift Community Sliding into a more Slow and Steady Real Estate Market

The Vandegrift Community or River North area of Austin shows a slight slowing in March 2015 compared to March of the previous year which is inline with 2015 economic predictions.    In January this year, economists forecasted that the steep price increases and crazy sales volume in Austin would change to a more slow and steady growth with property values rising at a more modest pace.

While the City of Austin, as a whole, saw the highest home prices on record, the outer suburbs have started to see a more modest increase.  In March 2015, the Vandegrift community saw an 18% decrease in median home prices and a 12.8% decrease in total sales.

*Courtesy of the Austin Board of REALTORS®

 

These numbers seem pretty dismal until you dig a little further and discover that the median sold price per square foot actually increased 14.4% from $160 per square foot to $183 per square foot.  Buyers preferred a smaller home this March when compared to last year with more upgrades and they were also willing to pay more for the home.  River North is considered a luxury bedroom community in North Austin with outstanding schools and easy access to the lakes.   Buyers are looking for the Hill Country lifestyle more than large square footage.

Days on market increased from a median 84 days to 95 days.  Luxury homes, in general, take longer to sell as there is a smaller pool of buyers.  In River North this March, single family homes saw a small 0.6% increase in inventory which would add to days on market as well.

Many sellers are hearing about the frenzied Austin real estate market with multiple offers well over list price.  This type of market is definitely happening in town, especially at price points below $300,000.  However, this is not the market in the outer suburbs.  Yes, it is still a seller’s market but listings can take several months to sell and will most likely only get one offer at a time, especially if the home is a luxury listing.  Sellers need to still to refer to solid comparables when pricing.  Otherwise, the home will stay on the market for an extended amount of time resulting in a lower sales price.  The luxury home also needs to be in top condition as the buyers are usually move-up buyers who have the ability and means to be very particular.  Buyers in the Vandegrift Community need to be prepared to offer fairly close to asking as homes are selling at a median of 96.7% of asking price.

If you are thinking about buying or selling in the River North area and are looking for an area expert, please call me at 512-698-6929.  I live here, have raised my children here and really understand the particulars of the Vandegrift Community market.