Eleven Oaks Realty is proud to present their 78748 Austin Real Estate Price Report, a summary of single family home market activity in Austin’s 78748 zip code.
78748 Inventory Down 51% From July 2011 Numbers
The biggest story for 78748 is not surprisingly the same story we saw all over Austin but to the extreme. 78748 is extremely low on inventory, down 50.5% in year over year numbers. In July 2012, there was just over 1.5 months of inventory compared to just over 3 months of inventory on the market in July 2011. This is the same story we’ve been seeing for the past several months, which we would attribute to the overall affordability of the zip code coupled with the top rated Austin ISD schools.
27% More Homes Sold in 78748 in July 2012 vs July 2011
In July 2012, 81 single family homes sold in 78748 versus 64 that sold in July 2011 showing a 27% increase in year over year numbers. Last year at this time we thought 64 homes was high, but the market has continued to strengthen and 78748 continues to attract buyers.
Under Contract Homes in 78748 Up 32%
Not only were closed sales in 78748 up in July 2012, but pending sales jumped as well. In July 2012, 83 homes went under contract compared to 63 in July 2011. July 2012 numbers outpaced April 2012 numbers, which is historically a busier month. It seems the buying season in 78748 extended past the usual Spring/Early Summer season.
12% Decrease in New Homes Listed in 78748
Not only are people flooding into 78748, it seems the people who already live here are happy and staying put. July 2012 saw 12% fewer homes listed for sale than July 2011 with 77 listed in July 2012 vs. 88 in July 2011.
78748 Homes Selling 30% Faster Than Last Year’s Numbers
In July 2012, it took, on average, 47 days to sell a home in 78748 compared to 66 days in July 2011 marking a 30% decrease. Days to sell increased from just under 30 in May 2012 showing what a busy Spring buying season 78748 had.
Number of Homes for Sale Down 23% in 78748
78748 saw a 23% decrease in the number of homes on the market with 227 for sale in July 2012 versus 293 for sale in July 2011. Over the past year, we’ve been seeing a downward trend of homes for sale in 78748 which is another piece of evidence many of the people relocating to Austin are calling 78748 home.
78748 Median Sold Price Up 7%
The median home price in 78748 went from $178,000 in July 2011 to $191,000 in July 2012 marking a 7% increase in year over year numbers. With the steady influx of people and demand outpacing supply, it makes sense to also see an increase in the median home price.
Median For Sale Price vs Median Sold Price in 78748
The median for sale price went up by 6% and the median sold price went up by 7% in year over year numbers.
Number of Properties Taken Off the Market Down 55%
Perhaps one of the most telling stats in this month’s 78748 Real Estate Price Report is the number of expired properties. In July 2012, we only had 13 homes in the entire 78748 zip code get taken off the market (expire) compared to 29 in July 2011. These numbers have continued to stay low since January 2012, showing how quickly the inventory moves off the market in 78748.
78748 Supply and Demand
The supply and demand numbers continue to tell the same story. In 78748, supply is down and demand is up. In July 2012, supply (number of for sale properties) was down 23% and demand (number of sold properties) was up 27%. Yet another indicator demand is outpacing supply.
Source: Clarus Market Metrics, ACTRIS Sold Data
78748 Real Estate Market Stats by the Numbers
In 78748, there were 81 homes that sold in July 2012. Homes ranged in size from 880sqft-3,482sqft with 2-5 bedrooms and 1-3 bathrooms. The lowest priced home sold for $86,500 and the highest priced home sold for $479,960. The average sales price in 78748 in July 2012 was $200,419. The average price per square foot in 78748 was $108.17 with a low of $59.45/sqft and a high of $168.21/sqft. It took, on average, 33 days to sell a single family home in 78748 and sellers received, on average, 97.32% of their original list prices.
| Beds | Baths | SqFt | Listing Price | LP/SqFt | Selling Price | SP/SqFt | SP/LP | SP/OLP | DOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| High | 5 | 3 | 3,482 | $455,016 | $168.92 | $479,960 | $168.21 | 105.5% | 105.5% | 281 |
| Low | 2 | 1 | 880 | $95,000 | $60.28 | $86,500 | $59.45 | 91.1% | 85.9% | 1 |
| Average | 3 | 2 | 1,873 | $203,006 | $109.64 | $200,419 | $108.17 | 98.67% | 97.32% | 33 |
| Median | 3 | 2 | 1,826 | $194,900 | $110.16 | $191,000 | $108.21 | 98.8% | 97.8% | 18 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | July 2012 |
| Property Type | Single Family Homes | Number Sold | 81 |
| Source: | ABoR Sales Data | Area | 78748 |
Time to Buy or Sell in 78748?
If you look at only the numbers, it is time to sell. Inventory is at historic lows and demand is up. As people continue to relocated from other areas, they are looking for areas with good schools and within a short drive from areas like Downtown Austin. 78748 is a natural choice. Check out our How to Sell an Austin Home page to learn how our marketing program is better than any others in Austin. We know how to get your home sold…fast!
If you’re in the market to buy, that doesn’t mean sit on the fence. Interest rates are below 4% for the first time in…well ever! The small uptick in prices mean nothing when you compare mortgage payments with a 3.75% interest vs a 5.5% interest rate. You’ll still be saving more when you buy now. Check out our How to Buy a Home in Austin page to learn how we can help you find a great deal on your dream home.
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