Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: Lakeway TX - Market Report - Summer Home Sales Remain Stable

Lakeway TX - Market Report - Summer Home Sales Remain Stable

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.

lakeway tx homes for sale
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.

lakeway tx homes for sale

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.

**Are You Packed Yet?**

donna harris Realtor Austin TX blog

Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.com
Donna@DonnaHomes.com
austin-texas-homes-for-sale.com

Austin TX Real Estate

and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way. 

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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.

Comment balloon 5 commentsDonna Harris • September 09 2011 09:34AM

Comments

Donna, I just posted my first Market Report for our area (Washington, D.C.).  (Sorry, I do not know how to post all three at once liked you said to do...)  If you have time, can you tell me how to do that?

Posted by Virginia Cheezum (F. C. Tucker Company) over 8 years ago

Donna, Not only was your market very stable in those two years, it shows that for the most part all the sellers were able to get 95% or more for of their asking price. You graphs clearly shows what was going on over those summer months.

Posted by Jerry Newman, Texas REALTOR, San Antonio Military Relocation (Brown Realty, 210-789-4216,www.JeremiahNewman.com) over 8 years ago

Great presentation on this showing market times vs. price.

Posted by Lyn Sims, Schaumburg Real Estate (RE/MAX Suburban) over 8 years ago

Donna, what a wonderful way to show sellers what holding out really costs them!  It is so true also, that real estate is local, not national.  Very nice market report..

Posted by Erika Rogers, St George Utah Real Estate & Relocation Specialist (Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage) over 8 years ago

Thank you for reading about the Austin Lakeway market and your comments are much appreciated. This is definitely an area that is local and not national!

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) over 8 years ago

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