Lakeway TX had a great Summer with 74 home sales from June 1 - August 31, 2011! There are also currently 22 properties that are under contract pending closing. In 2010, during the same time period, there were 70 Lakeway home sales. Pretty even year over year. Another story brews within these home sales in the City of Lakeway TX.
I want to take a look at the percent of list price vs sales price. Across the country, real estate "experts" like to say that sellers will take 20 and even 30% off their asking prices... not in the general Austin area, and not in Lakeway TX either.
However, there is some unique activity that has changed in homes for sale in Lakeway TX over 2010 and 2011. Look at this bar graph. This is the sales history for the June - August 2011 period.
As you can see, the longer the house sat on the market, the less the sellers accepted for their home. This theory makes sense because as sellers get frustrated with keeping their house clean and dealing with people walking in their homes for sale, the more anxious they are to sell, and negotiate a slightly lower price than if it was a brand new listing on the market.
Now, look at this bar graph from the same period for 2010.
Pretty interesting isn't it? As you can see, as the houses for sale in Lakeway TX sat longer on the market, the sellers stuck to their guns demanding more of their asking price. Does that strategy make sense? To those sellers it did, but that's probably because no one explained to them the expenses they were incurring while continuing to live in these houses waiting for their asking price.
If the house was $250,000 and it took four months to sell at their price, let's assume a $2500 monthly payment that includes mortgage, interest, taxes, insurance, utilities, yard maintenance, and any other thing related to the house, it seems they spent $10,000 extra instead of just accepting a competitive offer within the first 30 days... but that's just my math at work. Sellers use a different math.
I say it often, and I'll say it again, real estate is LOCAL and not NATIONAL! Real estate is even hyper-local within the same city as these are different numbers than what other communities in the same area sell for.
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Copyright© 2011 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Lakeway TX - Market Report - Summer Home Sales Remain Stable * was first published on donnahomesblog.com.