Ridge at Lantana Market Update November 2008

Ridge at Lantana Homes: So far this year (January 1 – November 14, 2008) 13 homes sold in Lantana with a median price of $124.54 per square foot ($410,000), a median size of 3,267 square feet, and averaging 60 days on the market.  During the same period of time in 2007 there were 16 homes sold with a median price of $132.32 per square foot ($378,781), a median size of 3,051 square feet, and averaging 49 days on the market.  This is a 5.9% median sold price decrease when comparing 2008 to 2007.  However, sales volume is steady compared to other Austin neighborhoods and sales prices have remained strong compared to the national real estate market.

There have not been any homes sold in the Ridge at Lantana since 9/17/08; although there were 4 homes sold in the Ridge at Lantana in September (see my Q3 Market Update).  This is opposed to 4 homes that sold from October 1 through November 14th of 2007 with a median sold price of $137.03 per square foot.  There have been 24 Lantana homes withdrawn from the market so far this year (January 1 – November 14, 2008) with a median list price of $133.47 per square foot ($432,850), a median size of 3,333 square feet, and averaging 112 days on the market.  There are currently 17 homes for sale in the Ridge at Lantana right now with a median list price of $127.53 per square foot ($429,990), a median size of 3,440 square feet, and averaging 86 days on the market.  List prices range from $113 per square foot to $163 per square foot with 14 of the homes in the 3000-4000 square foot range and the other three homes in the 2000-3000 square foot range.

The good news is that there are 3 homes currently pending sale in the Ridge at Lantana:
5717 Kempson has 3,448 square feet and is listed at $130.48 per square foot with 22 days on the market
5812 Kempson has 3,550 square feet and is listed at $133.80 per square foot with 371 days on the market
5705 Terravista Drive has 4,292 square feet and is listed at $140.96 per square foot with 83 days on the market

2000-3000 Square Foot Range: Lantana’s highest prices per square foot are found with homes sold in the 2000-3000 square foot range. So far this year (January 1 – November 14, 2008) 5 homes sold in Lantana in the 2000-3000 square foot range with a median price of $143 per square foot compared to 7 homes and a median price of $135.51 per square foot during the same period of time in 2007.

3000-4000 Square Foot Range: So far this year (January 1 – November 14, 2008) 5 homes sold in Lantana in the 3000-4000 square foot range with a median price of $123 per square foot compared to 7 homes and a median price of $121.71 per square foot during the same period of time in 2007. 

4000-5000 Square Foot Range: So far this year (January 1 – November 14, 2008) 2 homes sold in Lantana in the 4000-5000 square foot range with a median price range of $110-$120 per square foot compared to 2 home and a median price of $135-$140 per square foot during the same period of time in 2007

5000-6000 Square Foot Range: So far this year (Q1-Q3 2008) 1 home sold in Lantana in the 5000-6000 square foot range compared to 0 homes in the first three quarters of 2007.  The median price range is similar to that of the 4000-5000 square foot price range.

Find homes for sale in the Ridge at Lantana by clicking this link.

Source: The raw data in this report was provided by the Austin Board of Realtors but analyzed by Austin REALTOR® Brian Talley of Regent Property Group.  Although the above information is deemed reliable, it is not guaranteed.  The information contained herein is subject to errors, omissions and changes without notice. 

Contact Brian Talley at 512-554-9714 if you need help buying or selling Austin real estate or if you have a need for Austin office space.