The Austin real estate market weathered the economic storms of the last seven years far better than many other cities. The national market has regained lost ground, but in Austin there was little ground to make up, which has pushed Austin-area sales into new territory. The number of homes sold in the Austin area reached an all-time high in 2013, and the number sold in the first half of 2014 was three percent higher than in 2013, setting the stage for another record-breaking year. Prices have also increased; the average sale price is six percent higher than in 2013, pushing the total dollar value of all sales eight percent higher than last year.
While the average Westlake sale price hasn’t increased by much, it’s a very different story when looking at sales for specific neighborhoods within Westlake. The average selling price for Westlake homes increased to just over $1 million for the first half of 2014, an increase of about $60 thousand over 2013, and the average time on the market remained about 54 days. But sales data for specific neighborhoods may tell a different story.
When we look at the price per square foot, several Westlake neighborhoods demonstrated a significant increase over last year. The average per-foot price rose 4% in Davenport Ranch to $256. Barton Creek West homes surged 11% to $182 per square foot. Both Bee Cave Woods and Lost Creek homes enjoyed an astonishing increase of 16% and 15%, respectively. On a $600K home, a 15% increase adds an additional $90,000 — a significant bump for a 12-month period. If you’ve been thinking about selling your Westlake home, now may be the perfect time.
The Westlake condominium market tightened considerably. The average price for Westlake condominiums rose from $447K to $591K — an increase of almost one-third. Time on market also decreased significantly, from 35 days to 24. If you’re in the market for a Westlake condo, make sure you’re ready to place an offer before you begin shopping.
Westlake homes sold within 95% of asking price in 2013 and 96% in 2016; condos sold at 98% of asking both years. On average, just under half of all Westlake homes sell within a week. In a market this tight, you need to have an experienced guide to help you get your bid accepted, and we’re here to help. If you have ever thought about moving your family to the Westlake area, now is the time to give us a call.