Pioneer Crossing Subdivision, Austin Texas Real Estate Market Report for January, 2012. How time flies, its already February, 2012. In an effort to update you of the real estate market in Pioneer Crossing Subdivision, I will post a monthly report of SOLD, under contract and currently listed for Sale in the Pioneer Crossing Subdivision. I will update this blog monthly so you and I will have a good idea of the market.
So here we go!
No. of homes Sold in Jan, 2012 = 3
Out of 3 sold homes, 2 are resale and 1 is a new home built by DR Horton
Both resale home was sold for $155,000.00; Average sales price is $155,000.00;
Price per square foot of sold resale home is between $82 and $88 per SF;
A new home was sold for $185,000.00, 1,927 square ft,SF, that is $8/SF higher than the sold resale home.
The average days in market of SOLD homes is 80 days.
No. of homes under contract in Jan, 2012 = 5
Average under contract sales price = $149,100.00
Lowest under contract price = $130,000.00
Highest under contract price = $169,900.00
All under contract homes are resale, no new home at this time.
No. of homes currently listed for sale in Pioneer Crossing West Subdivision in Austin, Texas = 15
There are 9 resale homes and 6 newly built homes by DR Horton;
Resale homes are listed from $146,000 - $187,000.00
New homes are listed from $178,000 - $212,000.00
So what does all this data mean to you as a consumer?
Great questions! These data are very useful to guide us to see how the market is doing in a certain area, in this case in Pioneer Crossing West Subdivision, in Austin Texas. Often times, the Sellers have a price on top of their head, that is the price that they wanted to sell their house for. Unfortunately in this market, the property is only worth what the buyers are willing to pay. In this case, the Seller should pay attention to the sold data, if the Seller is serious about selling, they should stay with in the range of sold price, typically the price per square foot, unless the property have something compelling to offer, for example a beautiful swimming pool, greenbelt view, etc. Features that are rare and adds value to the property.
So what does the "under contract" data tell us?
The under contract (or contract pending) homes are the homes that the buyers committed to buy and are in the process of closing the deal.
The home prices in this category (or status) are what the buyers are willing to look at and start negotiating, in a typical market like Pioneer Crossing West, homes are usually sold lower than the pending status price. This data will become part of the SOLD home in my report to you in early March for the February market report.
What is the SOLD to Active ratio in Pioneer Crossing West?
At this time, there is 1 sold home for every 5 active homes. We call it the Real Estate Absorption Rate. In this case the Absorption rate in Pioneer Crossing West is 20%. This is a little low considering the great location and what it offers. Well, you already know what's going on with the mortgage industry now a days don't you? But still, the interest rates are very low, if you are considering buying a home at this time, you should definitely consider the Pioneer Crossing West Subdivision in Austin Texas. It is only about 10-15 minutes from down town, great location, near major highways, shopping , dining, major emplyers and schools!
So let's see what the market in Pioneer Crossing Subdivision will bring us next month. Please feel free to check back later. I will be posting a market update monthly to keep you updated!