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Page 25 NOVEMBER 2015 • VOLUME 20 • ISSUE 7
Austin neighborhoods: what's hot and what's not-as-hot By Riki Markowitz
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Austin has been on a multi-year real estate streak, which should only be a surprise if your address is “Under this Rock.” Since 2010, for single-family homes, the number of units sold has increased more than 55 percent, or 10 percent year-over-year; median price increased 25 percent; and the average number of days on the market decreased from 77 days in 2010 to 47 days in 2014.
These numbers include all zip codes in Travis County and some in surrounding areas. When you take a microscope to specific pockets of the city, however, an interesting story develops – one in which a property that hits the market on Saturday already has multiple bids by Sunday. Not only are buyers laying cash on the table, but also, it’s not uncommon for determined shoppers to get into bidding wars and make offers that are thousands of dollars above list price.
Tracking Austin’s Hottest Hoods Experts agree that when it comes to residential home sales, the market will continue making gravity-defying strides. Forbes ranked Austin-Round Rock-San Marcos the number-one over-valued housing market in the U.S., at 19 percent. In April, ABoR president Barb Cooper, agreed, saying that cost of housing in the Austin area is more bloated than ever. Interestingly, skyrocketing prices
do not seem to be dissuading qualified buyers, which, predictably, is dominated by newly independent and financially stable millennials and those who have moved to central Texas from out of state to capitalize on the city’s low unemployment rate.
What makes a neighborhood “hot”? There are a few ways to quantify how a zip code achieves “hot-ness.” Each month ABoR and Texas A&M’s Real Estate Center collects data on a property from the time it’s listed in the MLS to closing. When you crunch these numbers and compare to data from past years, a pattern will emerge. In Austin, however, things are not so clear-cut. “I don't think there is a bell c u r v e with popular vs. unpopular neighborhoods right now,” says Shawn Rooker from Realty Austin. “At this point there is a shortage of inventory, so popularity doesn't compute.” Some neighborhoods may have better amenities than others, some have more shopping, better restaurants, or they’re closer to downtown, near major roads and public transportation. Cooper says that in her experience, every buyer has a list of conditions for what makes a particular neighborhood appealing. Buyers who have children look for good schools; young buyers want to be near downtown; many empty nesters are looking for low-maintenance housing, which also makes downtown an ever-more appealing option for anyone north of age of 40. But in
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Upcoming Events Wednesday, November 18 AYREP Happy Hour 5:30 to 7:30 p.m. - The Goodnight Wednesday, December 2 CRS Board Installation & Bimonthly Meeting 11:30 a.m. to 1 p.m. Westwood Country Club Thursday, December 3 HBA Holiday Social 4:30 to 7:30 p.m. - The Tile Shop AMBA Holiday Gala 6:30 to 11 p.m. - Stephen F. Austin Intercontinental Hotel WCREALTORS Board Installation & Awards Banquet 6:30 to 10:30 p.m. - United Heritage Center at Dell Diamond Tuesday, December 8 WCR Installation & Awards Ceremony - 11 a.m. to 2 p.m. Austin Country Club HBA Presidential Awards & Installation Luncheon 11:30 a.m. to 1 p.m. Phillips Event Center Wednesday, January 13 HBA 2016 Housing Forecast 7:30 a.m. to 11:30 a.m. JW Marriott Austin More at www.myRealtyLine.com