Tag Archives: MLS

Austin vs DFW

I work in two great real estate markets. I get asked all the time what are the differences. They are apples and oranges in my opinion. Here is the best breakdown I can give you. I did some of my Misti calculations according to the MLS numbers I have access to, and the following is what I see for sellers and buyers. I started with what a regular person who is approved for an FHA no down payment bond programs of about $130,000. Now, let’s go find a house.

There are 4722 properties available in the DFW market on the MLS at 1:30 this afternoon under $130,000. Here is what I can sell you in Arlington for $130,000 in the DFW market. Or take a look at my listing in Plano.

5611 Sarasota Drive, Arlington , TX 76017

SqFt: -1564

Beds:-3

Bath:-2

$83.12/ sq ft.

MUST SEE!! BEAUTIFUL, WELL-MAINTAINED HOME IN QUIET NEIGHBORHOOD. HIGHLY SOUGHT AFTER ARLINGTON SCHOOLS–MARTIN, MOORE, AND BOLES. LAMINATE FLOORING AND TILE THROUGHOUT–NO CARPET. UPDATED FIXTURES IN BOTH BATHROOMS. ROOMY KITCHEN WITH BREAKFAST BAR. COZY DINING ROOM THAT LOOKS OUT OVER THE BACKYARD. LARGE FAMILY ROOM WITH BUILT-IN LIGHTED BOOKSHELF. FULLY FENCED LARGE PRIVATE BACKYARD WITH PLENTY OF ROOM FOR THE KIDS OR GRAND-KIDS TO PLAY. This will go FHA financing.

DFW home

Now, if you are a buyer in Austin, we have 226 properties available in the ATX market on the MLS at 1:30 this afternoon under $130,000. In areas surrounding Austin, this is what you can get. There is nothing in the city that is in this price range. There was one home that would go FHA in Georgetown, so I just selected the best one I see on the market.

6002 Turnstone CT

SqFt: 880

Beds:  3

Bath:  1

$136.6 0/ sq ft.

ABSOLUTELY NO CLOSING BEFORE AUGUST 1, 2015 – Amazing opportunity-fixer upper sold “AS-IS “with all faults” – NO DEDUCTIONS OR REPAIRS! — 3/1 w/converted garage. Price reflects the need for a complete makeover. Great margin for the investor, rehabber, flipper, owner occupant willing to take on a project. This will not qualify for FHA financing.

ATX Home

The following numbers are my research findings from the Austin Board of Realtors MLS and from the Metrotex Board of Realtors MLS at about 1:30 this afternoon (7/10/15).

  • There are approximately 29,000 listings in the DFW MLS residential market at the current time.
  • There are approximately 11,000 listings in the ATX MLS residential market at the current time.
  • 4,722 properties available in the DFW market on the MLS at 1:30 this afternoon under $130,000.
  • 226 properties available in the ATX market on the MLS at 1:30 this afternoon under $130,000.
  • There are 954 homes between $400,000 – $500,000 in ATX at the same time.
  • There are 2,397 homes between $400,000 -$500,000 in the DFW at the same time.
  • There are 1,591 homes between $500,000 and $1,000,000 in the DFW at the same time.
  • There are 3,777 homes between $500,000 and $1,000,000 in the ATX at the same time.
  • There are 1,461 homes between $1,000,000 and $5,000,000 in the DFW area at the same time.
  • There are 674 homes between $1,000,000 and $5,000,00 in the ATX area at the same time.
  • There is one home in the ATX MLS for more than $20,000,000.
  • There are four homes in the DFW MLS for more than $20,000,000.

ATX chart DFW chart

 

 

Median Sales Prices West of Austin

20150107_114352I get a lot of questions about affordability in Austin. What about the suburbs? Is it worth it to live close to town? Where is the next growth? My answers to those questions depends on the audience. Beauty is in the eye of the beholder. The one thing I can say without question is that I like West of Austin for those who want to spend $500,000 or less and who want the Austin feel. I did some number crunching on a few areas out West.

Bee Cave is West of Austin and it is a booming place. It is almost contiguous city to get there, except the views you get on the way out are quite beautiful depending on your route. It is being developed. You can find traditional homes alongside a brand new home. It is a hot place for investors.  There are new shopping centers being built. It is also not far from Austin, and the traffic is not as bad as the North trudge, in my opinion. My calculations from Austin Board of Realtors Multiple Listing Service (MLS) statistical reports indicate that the Median Sales Price for homes in Bee Cave has remained consistent over the past five years between $450k and $500k. That is an impressive amount of median home price, but you get a lot for the money out there.

Keep going up the road, and you have Lake South and into Lake North. Those areas have a median home sales price according to my calculations from MLS reports of $406,101 in 2014. There has been a steady increase in the median price for the past four years of just under 10%. Lake Travis is a booming area, and it is quite beautiful. There are some deals to be had in those areas, and I expect to see more growth that way. I am also a fan of Dripping Springs. The median sales price for Dripping Springs is $355,251 in 2014, consistently increasing from $281,042 in 2010 according to my calculations from the MLS statics reports.

To give a good frame of reference for these numbers, my calculations from MLS reports indicate that the Median Sales Price for homes in Austin as a whole for 2014 is $311,504, up consistently from $245,664 in 2010. What does all that mean? It means that buying in and around Austin has proven to be a sound market for real estate investment for the past five years.

October 2014 Austin Market Statistics

20141021_141438_HDR_resizedAccording to Austin Board of REALTORS Multiple Listing Services report (10/23/2014), the number of listings were down in September 2014 (3,472) from 3,589 in August which was down from 3,732 in July in the Austin area alone and not including the suburbs and bedroom communities. At the same time that the inventory is down, according to the September 2014 Multiple Listing Service (MLS), Austin-area single-family home prices set a record for the month of September.

Median price for Austin-area single-family homes increased eight percent year-over-year to $240,000 and average price rose seven percent year-over-year to $308,514 in September 2014. These are the highest figures recorded for both median and average price for the month of September. The average days on the market is 44 and has remained consistent.

I have read and heard the report that claims Austin area real estate is overvalued, then I look at the reality of the situation. According to the City of Austin, Bureau of Vital Statistics, there are 110 people moving to Austin every day. In my opinion, logically, I realize that no one is building any are more land here in Austin, so what you will continue to see is increasing values in the structures available, with particular increases projected from the core out, or inside out. I predict that investors will be handsomely rewarded. There is a giant medical school coming to town. There are more and more venues coming to this town every day. The place is a buzz all in the same old Austin I remember with little reminders of yesteryear Austin, like Donn’s Depot.

Leasing is also up 8% this September versus September last year in the Austin area. Leasing is big business, and the prices are quite expensive in the central areas of Austin. Regardless of whether you buy or lease, I recommend that you contact a professional (me of course) to help you make informed choices. The choices are overwhelming, but there are affordable places to live, and even in Central Austin. Having a confident and competent professional is essential to make sure that you find what you are looking for, and location is key.