Wells Branch Community Real Estate Market Report for January 2012. Yes, it is 2012 and time flies whether we like it or not. In an effort to update you on the real estate market in Wells Branch area, I will post monthly report of homes for sale, under contract and sold homes in the Wells Branch area. "Wells Branch" is a very large and popular community in North Austin, composed of 7 small subdivisions: Bratton Park, Bratton Hill, Jacks Pond, Lake At Wells Branch, Willow Run, Wells Branch Subdivision itself and the recent new home builder addition, Preston Village, which is located farther North, near Round Rock, Texas.
General Location: In between I-35 and Mopac connected by Wells Branch Parkway.
There are currently 21 Active listings in Wells Branch Area;
There are 3 distressed homes for sale at this time, 2 foreclosures and 1 short sale;
There are 4 new homes in the inventory in Wells Branch area, they are in a new subdivision, Preston Village;
Active listing sales price are between $105,000 - 218,990
Home square footage of active homes are between 1,133 up to 2,515 SF.
There are currently 19 homes under contract, waiting to close in Wells Branch;
Pending homes price range from $124,900 - $195,000
There are 3 distressed sales that are under contract at this time, 2 foreclosure and 1 short sale.
These contract pending homes will be part of my sold date in early March for my February market report.
There are 8 homes SOLD in the month of January in Wells Branch area.
No distressed (short Sale and Foreclosure) home sold in January;
Homes are sold between $145,500 - $205,000;
Seller concession (Seller paid part of Buyers closing cost) ranges from $0-$4,200.
So what does all this data means to you as a consumer?
Great questions! These data points are very useful to guide us to see how the market is doing in a certain area, in this case, Wells Branch area, North Austin. Remember, 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 within the range of sold price, typically the price per square foot, unless the property has something compelling to offer, for example a beautiful view of the pond in Wells Branch and/or custom flooring or an item that a potential buyer would view as value such as a large covered back patio. (buyers like covered outdoor space for cooking and entertaining)
So what does the "under contract" data tells us?
The under contract (or contract pending) homes are the homes that the buyers are committed to buy and 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 their negotiations. In a typical market like Wells Branch area, homes are usually sold lower than the pending price status. The pending status will change to SOLD status when the home closes and this data will become part of the SOLD home report to you in early March for the February market report.
What is the SOLD to Active ratio in Wells Branch Area, North Austin?
At this time, there is 1 sold home for every 3 active homes. We call it the Real Estate Absorption Rate. In this case the Absorption rate in Wells Branch area is 38%. This is a great absorption rate. Wells Branch is considered to have a very active real estate market.
What makes Wells Branch area attractive to Home Buyers?
Wells Branch has a lot of community amenities to offer. There are 3 public parks, 2 swimming pools, tennis nd basketball courts, highly rated elementary school (Wells Branch Elementary), shopping center, restaurants and other commercial establishments and employers, all without leaving the neighborhood and a fire department station right on Bratton/Shoreline.
I hope this market report that I worked on is beneficial to you and will help guide you when you are thinking about buying or selling in the Wells Branch area. Please contact me if you have any questions, need my services to list your home or if you are planning to buy a home in one of the Subdivisions in Wells Branch.
I'll be back in early March to report the latest activity in Wells Branch area for Sold homes in February. I am confident that the market will be even better! Please feel free to check back. I will be posting a market update monthly to keep you updated!
Visit our market insider to look up community profile and search homes for sale in Wells Branch or Other Areas in Austin, TX
** Source of raw data: Austin MLS system **