Inventory down, price per square foot up in local real estate

By LYNETTE HAALAND, Four Points News

In the first nine months of 2019, homes sales in Four Points were down 10 percent from 327 to 294. The median sales price was down 6.5 percent to $538,000 compared to the same time frame in 2018. The price per square foot, however, increased 2.9 percent to $177 up from $172 last year, according to Austin Board of Realtors data.

“The Central Texas economy continues to flourish bringing many new buyers seeking homes and jobs,” said Tom Radack, owner Bartlett Real Estate, Keller Williams Realty. “Many continue to be attracted to the Four Points area. Like many of the mature areas, they are finding less inventory here to choose from and higher median prices than the surrounding communities.”  

New listings also decreased 7.9 percent year over year to 398, ABOR’s most recent data shows.

“These results are symptomatic of a low inventory situation where there is limited new homes being built and less resale homes entering the market,” Radack said.

Four Points is experiencing very low inventory, he added. “As new inventory hits the market, 

it sells very quickly. The market favors the seller.”

Looking at September data only, the Four Points area experienced an increase in home sales of 20 percent to 30 homes, additionally active listings declined 20 percent to 59. New listings increased from 23 to 29, year over year. Median days on market has fallen to 19 days as compared to 22 days last year; Radack said.

“This is definitely a good time to consider selling your home. Inventory is low, demand 

high and excellent interest rates for the buyer,” Radack said. Keep in mind that buyers now have very good information on home values, comparable sales, and history of past sales. To get 

top value and a short time on the market, it’s important to have the home in good selling 

condition and priced appropriately for its condition and value, he added. 

Travis County

This September, single-family home sales increased in Travis County by 10.6 percent to 

1,267. The median price increased 9.1 percent year over year to $382,000, ABOR states.

Austin-Round Rock MSA 

In the Austin-Round Rock metropolitan statistical area which includes Travis, Williamson, Hays, Bastrop, Caldwell counties, single-family home sales in September experienced a double-digit percent increase of 13.4 percent to 2,654 home sales. ABOR states that the median price for increased 6.7 percent to $320,000.

City of Austin

In the city of Austin, single-family home sales increased by 14.8 percent to 798 sales in

September, ABOR states.

While the summer selling season has ended for most housing markets, ABOR’s latest Central Texas Housing Market Report shows a double-digit percent increase in Austin home sales, which continue to outpace inventory and drive up home prices. 

The median price of a single-family home in the city of Austin rose 11.9 percent in September to $406,000 – an all-time high for any September on record, ABOR stats indicate. 

“The adverse effect of low housing stock within the Austin area is higher home prices,” 

said Kevin Scanlan, 2019 president of ABOR. “As the anchor city of our region, Austin and its land use code directly impact Central Texas’ability to meet buyer demands for more housing that’s affordable. Austin has to get our new land use code right and needs to do it sooner rather than later.”

Emily Chenevert, chief executive officer of the ABOR, said the latest market statistics make the case that a more flexible code is needed to allow for increased housing.

“Rewriting the land use code is a huge opportunity to improve the imbalance in our housing market and manage our growth,” Chenevert said. “ABoR will support a code that 

does not infringe on the private property rights of existing owners, embraces the unique 

character of our community and promotes all types of housing across the city.”

Bartlett Real Estate compiled the median value data from Jan. 1 through Sept. 30, 2019 from the Multiple Listing Service in Four Points which includes Comanche Trail, Grandview Hills/ Parke, River Place, Steiner Ranch and Westminster Glen. This report uses median price, sold price per square foot (SP/Sqft), and cumulative median days on market (DOM).