78757 Homes Sales ~ 2012 Year in Review (Crestview, Brentwood)

With 2012 in the rear view mirror, the Austin real estate market heads into the new year with another bright outlook.  Of course some of that will depend which side of the coin you are on, buying or selling.  Many neighborhoods / zip codes, continue to see a shortage of inventory for buyers.  This does not mean it's free reign for sellers though.  Buyers remember what happened in 2008, and have been educating themselves by visiting Open Houses, tracking how long homes stay on the market and turning to their agents for advice / opinions.

The 78757 includes neighborhoods like Brentwood, Crestview, Allandale, and Wooten Park to name a few.  You might hear trendy names like NoBu (North Burnet) or NoLa (North Lamar) being thrown around.  For myself, Midtown seems to be the most appropriate.  Pay attention as you drive these main neighborhood artieries.  Burnet Rd and Lamar are seeing significant changes, with new restaurants (A new favorite of my family is Pint House Pizza) apartment buildings and development popping up.

You don't need an MBA from UT to quickly see what is happening in the 78757 real estate market.  A couple of contributing factors to the average sales prices would be new construction and quality remodels we are seeing take place.  David Weekley, Moazami Homes, Gossett Jones and Another Great House are all contributing factors to new quality homes and the rising prices.  However, I witnessed some impressive gains in value from the traditional 2 or 3 bedrooms / 1 bath homes.  Some very nice original homes, with major kitchen / bath remodels that did not add on a master suite or new living room finally crested the $300,000 mark.

So far in 2013 we've seen few property owners putting their homes up for sale.  In Crestview / Brentwood I historicaly see about 25-35 homes available for sales at any given time.  Currently we have about 11 single family homes available for purchase (according to our Austin MLS).  In some situations we have seen multiple offers.  But remember, not everyone pays cash, so these homes must pass a lenders appraisal review before obtaining full finance approval.

If you're considering selling in 2013, consider giving me a call as someone who truly understands these older neighborhoods.  Not all homes are the same, and values can vary greatly from one to another.  It makes a difference when your agent lives, works and researches what is happening with the current real estate market.