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Ridge at Lantana Market Update 3rd Quarter 2008

published on October 6, 2008

Great news for the Ridge at Lantana in Southwest Austin!  Austin real estate home sales picked up significantly in Lantana in the third quarter (Q3) of 2008 with 8 homes sold – 5 homes sold in September alone.  However, the median price for these Austin homes in our neighborhood is down 6.5% when comparing 3Q 2008 to 3Q 2007 but it is only down 3.1% for the year (Q1-Q3 2008 compared to Q1-Q3 2007).  So far this year (Q1-Q3 2008) 13 homes sold compared to 12 homes in the first three quarters of 2007. 

So while the overall city of Austin has a 22% decrease in the number of homes sold and an increase of 1.5% in median prices for the year (Q1-Q3 2008), Lantana has experienced the converse with an 8% increase in the number of homes sold and a 3.1% decrease in price.  Would you like the chicken or the egg?!  It is also worth noting that it is taking homes in Lantana an average of 60 days to sell compared to the overall Austin average of 57 days.

During Q3 2008 there were 8 homes sold in Lantana with a median price of $123.65 per square foot ($422,614), a median size of 3,640 square feet, and averaging 70 days on the market. As of 10/6/08 there are 15 homes actively for sale in Lantana with a median price of $131 per square foot ($429,990), a median size of 3,502 square feet, and averaging 125 days on the market. The median ask price for Lantana is approximately 5% higher than the median sold price, showing that the gap between ask prices and sold prices in Lantana is narrowing.  There were 7 homes withdrawn from the market during Q3 2008 with a median price of $128 per square foot ($430,700), a median size of 3,365 square feet, and averaging 117 days on the market.  As of 10/6/08 there is 1 home pending sale in Lantana with 3,448 square feet, which is listed for sale at $130.48 per square foot ($449,900).

Homes of all size ranges were sold in the Ridge at Lantana during Q3 2008.  Homes in the 2000-3000 square foot range showed the best results with increasing prices and steady sales.  Homes in the 4000-5000 square foot range showed the lowest sold prices per square foot with fewer homes sold than homes in the smaller size ranges.

All Lantana Homes: So far this year (Q1-Q3 2008) 13 homes sold in Lantana with a median price of $124.54 per square foot compared to 12 homes and a median price of $128.54 per square foot in the first three quarters of 2007.  Q3 2008 has seen 8 homes sold with a median price per square foot of $123.65 compared to 4 homes sold in Q3 2007 with a median price per square foot of $132.32.
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 (Q1-Q3 2008) 5 homes sold in Lantana in the 2000-3000 square foot range with a median price of $143 per square foot compared to 6 homes and a median price of $132 per square foot in the first three quarters of 2007. Q3 2008 prices were in the $150-160 per square foot range, much higher than the $140-145 per square foot price range in Q2 and higher than the $135-$140 per square foot in Q3 2007. 
3000-4000 Square Foot Range: So far this year (Q1-Q3 2008) 5 homes sold in Lantana in the 3000-4000 square foot range with a median price of $123 per square foot compared to 5 homes and a median price of $122 per square foot in the first three quarters of 2007.  Q3 2008 has seen 3 homes sold in the $120-125 per square foot median price range compared to 2 homes sold in Q3 2007 with a slightly higher price range.
4000-5000 Square Foot Range: So far this year (Q1-Q3 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 1 home and a median price of $135-$145 per square foot in the first three quarters of 2007.  Q3 2008 has seen 2 homes sold compared to 0 homes sold in Q3 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.  Q3 2008 has seen 1 home sold compared to 0 homes sold in Q3 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 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 a home or if you have a need for Austin office space.

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