Seven Oaks is a great little, tucked-away neighborhood just went of Austin. If you're looking for a million plus, this is a great community to consider!
At the end of 2009, I wrote a Market Report about Seven Oaks and how people were going after the resale properties, and not the new construction homes. This same trend continued for 2010 with 5 homes that sold in Seven Oaks... but in 2011, things changed. In 2011, thus far year to date, there have been 7 homes that have sold in Seven Oaks. That's 2 more than last year (a 40% increase), and the year has ended yet.
Within those 7 homes that sold in Seven Oaks, 3 of them were new construction! Good for the builders to finally unload a few properties. The days on the market for these homes are higher than the average in and around Austin, but it's about price point, not area. The area is great, but financing for jumbo loans isn't the easiest to obtain, but it's getting better.
The above sales charts show 2010 and 2011. The million dollar homes don't follow the same trends as the average neighborhoods because of the supply and demand for them. There is a good supply of homes for sale, but the demand isn't there. That means prices come down. Whereas much of Austin is selling anywhere from 96-98% of asking price, Seven Oaks is selling more like 90% of asking price.
However, this 90% of asking price is still significant when you have the National News telling you that it's easy to offer sellers 20-30% less than their asking price. You can ask, but you probably won't get. Sellers in Austin TX, for the most part, aren't desperate, and aren't ready or willing to give their homes away!
If you're looking to buy or sell in the Seven Oaks area of Austin TX or any of the surrounding areas, please don't hesitate to contact me!
**Are You Packed Yet?**
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.
* Seven Oaks - Austin TX - Homes for Sale Increase 40% * was first published on donnahomesblog.com.