The following update reflects numbers through September 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 slightly behind the 2017 pace, but well short of earlier years like 2012 and 2013
- Median sold prices year-to-date are down compared to the same period in 2017 ($1.045M vs. $1.11M), but only slightly down from 2017 overall (which ended up at $1.077M for the year)
- The median sold $ / sq ft is up 7% vs. 2017 at $363 / sq ft
- I noted last month that some of the decline in the overall sale prices may be driven by smaller homes selling. This likely continues to be a limited driver, with the median size down ~2% vs. the same time in 2017)
- Median days on market of 49 days still indicates strong demand in the neighborhood, and is roughly the same as 2017
The story so far in 2018 continues to be the decline in active listings. The neighborhood is following the same trends as the last couple of years, but at much lower levels of inventory. Whereas in 2016 and 2017, monthly active listings through September averaged much higher at 31 and 27 respectively, in 2018 that number has dropped to 17.
For some additional context, here is a summary of the general trends of Q3 performance vs. prior years for both listings and transactions:
- Q3 listings are down substantially from Q3 2017, but fairly consistent with other years
- Q3 transactions are slightly above Q3 2017, but look to be a little off average Q3 performance over the last few years
If you’d like to know more about the Highland Park West / Balcones Area neighborhood real estate market, feel free to e-mail or call me and I’d be happy to visit with you about it.