The Ranch at Bushy Creek Market Update October 2008
published on October 17, 2008
The Ranch at Brushy Creek is located just north of Avery Ranch, which is east of Parmer Lane, north of 620, and south of 1431 in Cedar Park Texas, just north of Austin and other Austin real estate. This new neighborhood was opened up in 2005 with builders such as Newmark, Drees, David Weekly, Morrison, Lennar, Village Builders, and Meritage participating. The neighborhood sits in both the Round Rock Independent School District and the Leander Independent School District, so buyers looking in this neighborhood will need to verify the school district on a home-by-home basis. The area is gorgeous with rolling hills and lots of trees, a perfect setting for new Cedar Park homes. There is quite a bit of new retail in the immediate vicinity so a homeowner doesn’t have to drive far for their basic needs to be met. The Avery Ranch golf course is just across the street as well, for those who are golf enthusiasts.
Between January 1 and October 12 of 2008, 47 homes were sold in The Ranch at Brushy Creek with a median price of $102.70 per square foot ($305,000) and containing a median of 4 bedrooms, 2 bathrooms, 3,233 square feet, and averaging 95 days on the market. During the same period of time during 2007 there were 39 homes sold with a median price of $105.14 per square foot ($324,933) and containing a median of 4 bedrooms, 3 bathrooms, 3,282 square feet, and averaging 101 days on the market. This comparison represents a 17% increase in the number of homes sold and a 2% decrease in the median sold price of homes in the Ranch at Brushy Creek.
In order to provide a more accurate understanding of current market prices in any given neighborhood, I like to look group homes in size ranges. Homes with less space and therefore less square footage tend to have higher prices per square foot compared to other larger homes in the same neighborhood. For example, homes less than 3,000 square feet within The Ranch at Brushy Creek sold between January 1 and October 12, 2008 have a median sold price of $105.29 per square foot. This compares to the 28 homes over 3,000 square feet sold during the same period of time with a median price of $98.33 per square foot, 7% lower than homes under 3,000 square foot. With this said, homes with premium upgrades such as wood floors, covered patios, decks, pools, and other upgrades can significantly increase the relative value of a home on a price per square foot basis.
Similar homes in the same neighborhood but different school districts can also substantially impact the value of a home if one school district is in higher demand than the other. In The Ranch at Brushy Creek the homes are within both the Round Rock Independent School District and the Leander Independent School District. Between January 1 and October 12 of 2008 there were 15 homes in the Round Rock ISD that sold in The Ranch at Brushy Creek with a median sold price of $103.56 per square foot and averaging 109 days on the market. This compares to the 32 homes in the Leander ISD that sold in The Ranch at Brushy Creek during the same time period with a median sold price of $98.33 per square foot and an average of 88 days on the market.
Find homes for sale in The Ranch at Brushy Creek 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.
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