Let's take a look at the current market here in Southwest Austin and more specifically the areas of Legend Oaks, Village at Western Oaks and Circle C.
Legend Oaks currently has 13 homes for sale with 6 that are pending taking backups-- and 9 that have sold in the last 60 days. The sold homes have ranged between $219k to a high of $275k.
The Villages at Western Oaks neighborhood has 47 homes for sale with 14 either pending or pending taking backups--and 22 that have sold between a price range of $217k to a high of $268k. There is only one home that may sell over $300 and it is currently pending and is just under 2400sq. feet and has a nice pool.
Circle C is such a large area and has 85 homes for sale with 17 that are pending or pending taking backups--with 45 sold in the last 60 days ranging from 224K to $570K. Most of the homes sold fell between the $224K and $446K range with two that sold at $555k and $570K.
If you look carefully at these figures, you can see a trend in Legend Oaks and the Villages at Western Oaks--there seems to be some resistance for buyers to want to spend more than $275K and the homes priced over that mark are spending more than 90 days on the market. Sellers in these two neighborhoods should take note of that and not panic, but be more realistic in thier pricing, because buyers are being conservative in their purchasing habits.
Circle C is such a different area because there is still quite a bit of building going on. I think the real deals are the older homes that need some work, that if negotiated correctly could be well worth someones time and investment. I have seen homes start in the $425K range for the newer built homes, but eventually drop back to the $375K range which is where they are selling. If you are one of those sellers that just bought in the last two years and has to sell, I would strongly suggest you consider leasing your home for the next couple of years until the building of newer homes moves further south.
Ken Manceaux
Broker/Owner