Northwest Austin Homes Seeing an Uptick in Sales
published on March 9, 2012
The buyer’s market window in Austin may be slowly beginning to close, and opening a crack wider in favor of sellers, according to the Austin Board of Realtors, especially in Northwest Austin, where desirable neighborhoods like Barton Creek and Davenport Ranch are found. “We are seeing a marked upswing in the sale of homes in Austin, with special attention for Northwest Austin, where many major employers are located,” said Austin realtor Brian Talley.
The sale of single-family homes in Northwest Austin was up 13% from last year, compared with a 1.7% increase nationwide, according to data from the National Association of Realtors. The price of a home in Northwest Austin is averaging at the affordable price point of $250,000, but finding one could become more difficult, as greater demand results in lower inventory, making a realtor even more imperative to finding the perfect home.
The Real Estate Center at Texas A&M University states that housing inventory at a 6.5 month supply means that the market is balanced. At a 2.2–2.7 month’s supply, single-family homes in Northwest Austin are at the lowest rate in the city. This is great news for sellers, and a sign for buyers that time to invest in home ownership is fully ripe.
New neighborhoods like a development at Cima Serena Drive are selling homes before the architectural plans are even finalized. Avery Ranch saw similar excitement, with prospective buyers looking to purchase homes before roads had been paved in the now finished subdivision.
The popularity of Northwest Austin largely rests on the reputation of the public school districts in the area, where student test scores and graduation rates are high. The desirability of these districts also improves the resale value of the homes, another motivating factor for purchasing in Northwest Austin.
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