Lake Pointe Austin TX is a very diverse community. It's not in Austin and it's not in Bee Cave, but it sits within Travis County boundaries. Some people refer to it as Austin, while others try to give themselves the Bee Cave identity. And it's located just minutes from The Hill Country Galleria and feeds into the Lake Travis school district.
Lake Pointe has properties in the mid to upper $200's, but they also have properties in the million dollar range that come available every so often.
So what's been going on in Lake Pointe this Summer? LOTS!!
I pulled the sales history of the entire community for just the past 3 months. Even though there are currently 42 properties available for sale, there are 9 that are contract pending and 14 that closed!! That's some good, "RECENT" activity as that took 23 properties off the market.
Why haven't more sold? Let me break it down for you.
PENDING- With 9 properties currently pending, they average 3.79 bedrooms, 3 baths, 3181 sqft, and built in 1999. The average asking price is $433,850 with 94 days on the market.
SOLD- With 14 properties that sold in the past 90 days, they average 4.21 bedrooms, 3 baths, 3122 sqft, and built in 2000. The average asking price was $434,539 with 106 days on the market.
As you can see the asking prices of the Pendings and the Solds are very comparable in size and age, and what they were asking for on price.
I'll ask again... why haven't more sold??
ACTIVE- With 42 properties currently active on the market, they average a different story... They average 4.19 bedrooms which compares to the SOLDs. They average 3.28 baths which is better than both the SOLDs and PENDINGs. They average a size of 3500 sqft! This is more than a 350 sqft difference. They average 109 days on the market which is longer than the others. WHY? They average an asking price of $583,371.
Let's break this down further and compare the activity to my report just 2 months ago that looked at the activity 6 months back... You can find the original report here.
Less than 2 months ago, the average SOLD property was approximately $348k. Now, we're looking at $434k. That's great for the neighborhood! At that same time, the average ACTIVE property was asking $571k and now the neighborhood is asking $583k.
Yes, there was a substantial change from selling at $348k up to $434k, but the actives back then were also on the market for only 79 days. They are now on the market for 109 days.
This tells me that many home owners took advantage of the prices coming up, so they priced higher, however, there is still a $200k difference between the SOLDs and the ACTIVEs.
Until those prices connect more smoothly, Lake Pointe is going to continue to have more properties on the market than what they sell each month. How do we get them sold? Their prices say it all...
If you would like a breakdown in a particular area you're looking in, please don't hesitate to contact me as I'll be as straight forward about the numbers as the above.
**Are You Packed Yet?**
Austin, TX and the surrounding areas of Lakeway, Bee Cave, Westlake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Whether you're buying or selling, I'll be with you through the entire process.