Eleven Oaks Realty is proud to present their January 2015 Buda Real Estate Price Report measuring activity in the Buda single family home market.
Buda Homes Under Contract Up 74%
The biggest story in this month’s Buda Real Estate Price Report comes by way of number of homes that accepted a contract. In January 2015, 68 homes went pending (under contract) in Buda compared to 39 in January 2014, marking a 74% increase in year over year numbers. It seems the Buda home buying season started a month earlier than expected. It usually takes us until about February or March to see this type of increase.
What does this mean to buyers? Buyers are going to have more competition in Buda than they’re used to, which might take some adjusting. If demand continues into February and March, we might see a stronger than expected housing market in Buda. If you’re considering buying a home in Buda this Spring, try to start your search as soon as possible. Waiting for the mad Spring rush to start might be an extremely frustrating experience and end up costing you money.
What does this mean to sellers? If you’re thinking about selling, it seems buyers are ready to buy. But, more sellers are also trying to sell than they were last year, so the increased demand might be canceled out if you don’t take the steps to prepare to sell your home. Scroll down to the bottom of this post, where we give sellers some tips for getting their homes ready to sell.
Buda Median Home Price Up 18%
The median home price of a Buda home in January 2014 was $185,000 compared to $217,825 in January 2015, marking an 18% increase in year over year numbers. Buyers are coming out strong and making solid offers on homes they see as a value.
Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Buda Home Values Report.
Buda Housing Inventory Down 45%
In January 2015, we saw 1.9 months of inventory on the market, compared to 3.4 months of inventory in January 2014, showing a 45% increase in year over year numbers. As expected, inventory also dropped about 40% from December figures. We usually see a burst of activity in January as home buyers get back to their searches after the Holiday break.
Time to Sell Home in Buda Up 9%
In January 2015, it took 69 days to sell a home in Buda, on average, compared to 64 days in January 2014, marking a 9% (5 day) increase in year over year numbers. Buyers seem to be making faster decisions than they were last year.
Number of Homes Taken Off the Market Up 50%
In January 2014, there were 6 single family homes taken off the market compared to 9 in January 2015, marking a 50% (3 home) increase city wide. Though the stat looks surprising, 3 homes is really not significant. Buda home sellers who want to find buyers will have no trouble.
If your Buda home was priced right but it still didn’t find a buyer, maybe there was something else going on. The biggest culprits we see are incorrect info in the MLS and poor marketing. Check out our Buda Home Marketing Plan to see how your homes would be marketed if we listed them. If you’d like our opinion on why your home didn’t sell email us at info@11OaksRealty.com.
Having trouble selling your home? Check out our Buda Home Not Selling resources page to find out why.
Number of Sold Homes in Buda Up 15%
In January 2015, Buda saw a 15% increase in the number of homes sold from January 2014 to January 2015. In January 2015, we saw 38 homes sell in Buda compared to 33 in January 2014 marking a 15% (5 home) increase in year over year numbers. This indicates Buda had a stronger close to 2014 than they had in 2013 as sold data is a month behind pending data (when the seller accepted a contract).
Number of Homes on the Market Up 15%
In January 2015, we had 203 homes for sale in Buda, compared to 176 in January 2014, showing a 15% (27 home) increase in year over year numbers. More sellers are noticing the uptick in the market and trying to find buyers for their homes.
Number of Homes Listed for Sale Down 3%
In January 2015, we saw 59 homes introduced to the market compared to 61 in January 2014, marking a 3% (2 home) decrease.
Supply Up 15% and Demand is Up 15%
This month we saw a 15% increase in supply (number of properties for sale) and a 15% increase in demand (number of sold properties). With both supply and demand up the same amount, it seems to be a wash in terms of the effect on the market.
Median for Sale Up 5% vs Median Sold Price Up 18%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Buda, we saw a 5% increase in the median for sale price and an 18% increase in the median sold price of a single family home in year over year numbers. It seems sellers think their homes are worth slightly more than they did last year and buyers are stepping up and willing to pay even more for homes they see as a value.
Source: Clarus Market Metrics, ACTRIS Sold Data
January 2015 Buda Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for January 2015 Buda home sales below. The most expensive home that sold in January 2015 sold for $629,000 and the least expensive home sold for $85,500. Homes ranged in size from 1,264 sqft – 4,372 sqft with an average size of 2,174 sqft. The average price per square foot for a home that sold in Buda in January 2015 was $109.05 with the lowest being $59.14/sqft and the highest being $153.00/sqft. It took, on average, 73 days to sell a home in Buda and sellers received, on average, 96.10% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 2 | 1,264 | $89,900 | $60.75 | $85,500 | $59.14 | 78.71% | 85.62% | |
| Max | 5 | 5 | 4,372 | $679,900 | $155.51 | $629,000 | $153.00 | 106.18% | 106.18% | 252 |
| Avg | 4 | 3 | 2,174 | $248,154 | $113.92 | $237,382 | $109.05 | 95.95% | 95.16% | 73 |
| Median | 3 | 2 | 2,038 | $229,900 | $116.97 | $217,400 | $111.74 | 96.36% | 94.79% | 57 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Jan 2015 |
| Property Type | Single Family Homes | Number Sold | 41 |
| Source: | ABoR Sales Data | Area | Buda |
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to buy, buying when its a sellers market may hurt you on the buying end, but you’ll make it up on the selling end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
Looking strictly at the numbers, it appears the recommendation for this month is – it’s time to sell. With 1.9 months of inventory on the market and median sold price up 18%, sellers who prepare their homes to meet the market will have no trouble finding a buyer. Though competition has also increased, the buyers that are currently in the market are willing to pay significantly more for a home this year than last year. Sellers who spend the time to prepare their homes for the market will be very happy with what they make when their house closes. Those that don’t, or those that hire Realtors who have inferior marketing programs, will be frustrated and end up selling their homes for a discount. If you’re considering selling, work with a Realtor who can help you get top dollar for your home. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. The busiest time of year is just around the corner. Do what you can to prepare your home now and you’ll be ready at the perfect time. For more info about our Home Selling Program, check out Sell My Buda Home.
If you’re a buyer who is ready to buy, make home buying a priority. Get out to scout homes as soon as they’re listed, so you have some additional time to make your decision. A Realtor who has strategies for getting your offers accepted and who can help you negotiate in a strong sellers market could be worth thousands. If you’re looking to buy, we can help you find the right house in the right neighborhood for you and your family. We know the market and know how to negotiate the best deals possible, even in a strong sellers market. For more info about buying a home, visit Buy a Home in Buda.
Questions About the Buda Real Estate Price Report?
Do you have questions about this Buda Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Buda real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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