Briarwyck Roanoke TX Real Estate Market Report For 2013

Briarwyck Roanoke TX: 2014 Real Estate Market Report

A look at the Briarwyck real estate market for 2013 and a 2014 outlook; brought to you by Kirby Smith of the Alliance Realty Group/Kirby Smith Realty.

First, I want to thank you for taking the time to read our market report that we've prepared for the Briarwyck neighborhood.

As the only real estate company in Roanoke, my team and I have made it a point to make Briarwyck one of our specialty neighborhoods.  As a result of this focus, we completed more pre-existing home sale transactions than any other agent in 2013. 

In 2013 we focused a lot of our efforts in marketing in Roanoke and in Briarwyck specifically.  At one point, we actually knocked on doors in the neighorhood trying to find those who might be ready to sell because there was a real lack of inventory.  This is not our favorite method of reaching out to find sellers, but when we have buyers looking for something specific, we work hard to find it.

A Look Back

2013 was a year that saw the local real estate market continue it's rebound from the market recession of 2007-2011.  This is true for Briarwyck as well.  The local real estate market hit bottom in 2011 and began it's turnaround in 2012.  2013 was just a continuation of what had already begun.  Thank goodness.

In this State of the Market address for Briarwyck Roanoke TX, we're going to look at the numbers and see exactly how much the market improved.

To see how the local real estate market, specifically Briarwyck fared in 2013 we need to look at 2012 first to see where we came from.

For the sake of this real estate market report, we're going to base our study on the sale of pre-existing homes only.  A couple of reasons for this.  First, new home sales data can be hard to come by and second, we're looking for an apples to apples comparison.  New home sales will always skew the numbers.

2012: The Turning Point

As previously mentioned, 2012 was the year that the real estate market really begin to shift and turnaround from what was happening in 2011.

As you can see in the chart below, the average sales price started in the first quarter at $249,990, peaked at $303,786 and leveled off at $283,933 in the 4th quarter.  The average sales price for the year was $286,928

The average days on market for all the homes that sold in Briarwyck was somewhat high in 2012, indicating that we were still experiencing a buyer's market during this period.

As you can see in the graph below, the average days on market started at 96 days in the 1st quarter, went to 118 DOM in the 2nd quarter, but then the DOM really came down in the last 2 quarters coming in at 69 and 66 DOM respectively. 

The DOM coming down so significantly in the last 2 quarters indicates that market began to really change the last half of 2012 to set us up for a great 2013.

The average price per square foot for all homes that sold in Briarwyck in 2012 was $85.43.  You can see how that broke down by quarter below.

To summarize the 2012 home sales date for Briarwyck Roanoke TX, see the chart below.

Briarwyck 2013 Home Sales Data

As you will see once we start looking at the numbers for 2013, the Briarwyck real estate market really shifted from a buyer's market to a strong sellers market.

The graph below shows the average sales price per quarter in 2013.  For sake of comparison we, we imposed the 2012 graph.

As you can see in the graph above,  it doesn't appear that there was much of a difference in the data from 2012 to 2013.  However, when you look at the numbers as a whole for the year, the average sales price went from $286,928 in 2012 to $296,080 in 2013.  This represents a price increase of 4% year over year.

This still doesn't tell the whole story however.  Many times, when you have small sample sizes like we have with the home sales data in Briarwyck, you get skewed numbers.  For instance, the average size home that sold in 2012 was 3,318 square foot.  The average size home that sold in 2013 was 3,059 square feet. 

The average size home that sold in Briarwyck in2012 was almost 300 square feet bigger than the average home that sold in 2013.  And yet the average sales price went up 3% in 2013.  What does this mean?  It means that the average sales price per home really rose more than 4% in 2013.  The chart below, which shows the average price per square foot illustrates this.

As you can see in the chart above, the average price per square foot for home sales in Briarwyck really took off in 2013.  For the year in 2012 the average price per square foot was $85.43 and in 2013 it was $97.62.  That's an increase of 15%.  This happens to be a truer reflection of the home value increase in Briarwyck in 2013. 

And finally, a look at the Days on Market graph really shows the shift in the market in 2013.

This Days on Market graph really shows how the Briarwyck real estate market shifted in 2013.  The Average days on market went from an average of 80 days in 2012 to just 30 days in 2013.   This is truly a remarkable shift in the market.

The table below shows the dramatic change in the Briarwyck real estate market in just one year.

The number of homes sold more than doubled, the average sales price went up 4%, the days on market dropped 62% and the average price per square foot increased by 15%.

2013 was truly a remarkable year for home sales in Briarwyck.  I won't get into the all the factors that attributed to the gains in 2013, but let's just say that the local economy, low interest rates and excellent local schools all contributed to create a favorable environment for homebuyers in 2013.

2014 and Beyond

We see signs that the strong market will continue into 2014 and beyond.  There's lots of factors that influence the real estate market including local economy, interest rates, monetary policy, availability of money and more.  But, assuming no big shifts in any of these factors, 2014 looks to be a continuation of 2013.  A recent Forbes real estate article predicted a 25% increase in local home values for the next 3 years.  That's great news if you are a homeowner in Briarwyck.

Conclusion

This has been a brief look at the Briarwyck real estate market in 2013.  This was meant to be a short read and to offer just a glimpse at the performance of the local market.

Obviously if you are a homeowner in Briarwyck, you've seen your home's value increase quite a bit in the past 2 years. 

If you are seeking to buy a home in Briarwyck, you can see that the Briarwyck market performs very well.  Expect this trend to continue in 2014 and beyond.

We at the Alliance Realty Group appreciate you taking the time to read this Briarwyck real estate market report for 2013.   As specialists in Roanoke, we take great pride in knowing everything there is know about local real estate and providing that information on to our neighbors.

As always, if you are considering selling your Briarwyck home in 2014, we would love to help you with that.  Likewise, if you are considering making Briarwyck your home in 2014, we can assist with that as well.  For questions, please contact our office at 682-237-1440.  To see all the homes for sale in Briarwyck please visit Briarwyck Roanoke TX.

Happy New Year!