Archive for July, 2008

June sales (summer is heating up the real estate market)

Sunday, July 6th, 2008

The numbers for June look very promising. Almost every indicator I checked for MLS areas GTE and GTW took an upturn: number of sales, total value of sales, average sales price, and median home price. The only indicator heading in a southerly direction is the number of days on market. So in June, more homes sold faster and for a better price (on average) than earlier in the year.

Home sales in Georgetown TX for first half of 2008
Total value of homes sold in Georgetown TX by month

This past month, we saw a 61% increase in the total value of residential sales from February, the low point in 2008. The average sales price for the year to date is just over $220,000.

This week in residential real estate in Georgetown, TX

Sunday, July 6th, 2008

I have two closings scheduled this coming week. On Thursday, I asked the escrow officer of one of those deals to put together some information for me. She said, “I’ll try. Right now, I’m just trying to work on today’s deals.” Turns out, she’s not the only closing officer who was busy this week. We had a shortened work week, but still 44 closings in the MLS areas of GTE and GTW. I think a lot of home buyers wanted to get into their new home over the holiday weekend. If they closed early enough in the day on Thursday, all the money transferring would happen before the end of the day, so they would be able to get the keys to their new home. Home sales in Georgetown for week ending July 6
We had a lot of price changes this week, as well. 62 homes saw a change in price. These homes have been active on the market an average of 100 days, and they’ve seen an average price reduction of 6%.
Homes sold by price in Georgetown, TX for the week ending July 6 The chart to the left shows a breakdown by price of the 44 homes that sold this week, as well as the average days on market for each price range. One of the two homes priced at less than $100,000 was a manufactured home that sat on the market for over 300 days before selling. I found it very interesting that the quickest price range to sell over the past week were homes in the $300,000’s.
One of these homes was on the market just 6 days before the owners accepted an offer. Of course, they had it priced $54,000 higher than the eventual sales price. It’s unusual for a homeowner to accept an offer so far below the asking price within the first week of being on the market. This owner was obviously motivated to sell quickly. It could be that the original offer was higher, but inspections turned up issues that caused the parties to renegotiate. (Pure speculation. I’m a storyteller by nature. I build elaborate scenarios in my head to explain the statistics. It’s part of the fun for me.)

New listing: Gorgeous, wooded lot in luxurious Escalera Ranch

Thursday, July 3rd, 2008

I’m very proud to offer this beautiful lot for sale in Escalera Ranch, an incredible subdivision about five miles west of town on Leander Road (also known as FM 2243).
Escalera Ranch is a luxury subdivision with a difference. The homeowners place a high priority on keeping their neighborhood as natural as possible. Each lot has a 25-foot conservation easement along the sides and back. In these spaces, no plants or trees may be removed. Anything added must be native to this part of Texas. Homes are built at least 125 feet from the road. Some of the homes, you can barely see through the trees. Homeowners can plant non-native plants behind their house, as long as these plants can’t be viewed from the street.
The first time I drove into the subdivision, I felt like I was driving through a state park. I saw a couple of deer, an eagle, and a rabbit darting across the street. (The rabbit darted across the street. They didn’t all dart across together. That would only happen if Escalera had been developed by Disney.)
The neighborhood has just over 100 home sites, about half of which have been developed so far. The homes are built with native stone to complement the natural environment. The most recent home sale was for about $1.2 million. Homes currently on the market range from $650,000 to just under a million dollars.
The lot at 104 Covington Cove will make a fantastic home site. My husband climbed a ladder for me out there so we could see what kind of views a buyer would get from the second story, and we were amazed by the pictures. He only climbed about ten feet up, and he was able to see for miles. This did not factor in the depth of the foundation, or the high first-floor ceilings that will surely exist in any home built in this neighborhood. Whoever builds on this lot must work with their architect to take advantage of the incredible views. If you look really hard, you can see a couple of the other Escalerans’ metal roofs in the distance. The views remind me a lot of the Tuscan countryside.
The owner has worked for a year to partially clear the lot for buyers’ convenience, so swing on out there to take a look for yourself. Go west on Leander Road for about 5.6 miles, then turn right on Escalera Parkway. Take the first left (VP Ranch Road), and turn left again at Marcos. Marcos becomes Covington Cove. 104 Covington is on the right. You can’t miss my big, green Moreland sign.
Better yet, give me a call at 512-876-6544 if you want to go take a look. Wear comfortable shoes, and I’ll even show you where the survey stakes are. You will love this lot!

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