Highland Park West / Balcones Area (HPWBA) Real Estate Market Update – May 2018

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Highland Park West / Balcones Area (HPWBA) Real Estate Market Update – May 2018

The following update reflects numbers through April 30, 2018, along with previous years through the same date for comparison.  A few highlights from the table below are summarized here:

  • Number of transactions is down from 2017, but still higher than 2014, 2015 and 2016
  • While median sold prices are down, the median sold $ / sq ft is up 8% vs. 2017 at $347 / sq ft
  • Some of the decline in the overall sale prices is driven by the fact that it has been smaller homes selling (the median size has dropped ~12% in 2018 from the same time in 2017)
  • Median days on market of 43 days still indicates strong demand in the neighborhood

Below is a graph of annual performance through the end of 2017.  Note, the difference between this graph and the table above is that this is full-year data, whereas the table compares this year with previous years through the same date (April 30).

A couple of interesting points about the graph below:

  • 2017 is the first year in which the median sold price for homes in the neighborhood exceeded $1M (in fact, median and average list and sold prices were ALL over $1M in 2017
  • The median $ / sq ft in 2017 rose to nearly $350 / sq ft, up over 12% from 2016
  • 2017 was an extraordinary year, with median sold prices up more than 30% over 2016, rising from 815K (on 53 transactions) to $1.08M (on 44 transactions)

If you want to make sense of what’s going on in the market, or would like a better understanding of what your own home is worth, please contact me and I’d be happy to help you.

Note:  All data comes from the Austin Board of Realtors’ MLS report, reflecting activity through April 30, 2018.

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