How did the Crestview and Brentwood neighborhoods fair during the 2016 housing market? Curious to see our 3 year market trend? I have the detailed numbers below, with addition insight. In broad terms, 2016 proved to be another busy year, but at a slightly more reserved pace. In Austin we saw a 1.7% increase in home sales over 2015. The median home price rose 5.8% to $340,000. Heading into the new year, Austin still remains just below 2 months of available inventory which is below the benchmark of 6.5 months for a balanced market. (Source Austin Board of Realtors)
Let's break down some of the data in Brentwood / Crestview (the 3 year comparisons are below).
- A total of 217 properties traded hands between the two neighborhoods, which most buyers / agents say are synonymous with each other in the Midtown market.
- In Brentwood, 65 of the 110 properties topped the $400,000 mark. 7 closed above $700,000.
- In Crestview, 65 of the 112 properties sold over $400,000. 5 sellers crossed the $700,000 barrier.
- Both neighborhoods show a similar trend for what builders are willing to pay for 'lot value'. Lot value refers to the price point where the existing structure, usually in disrepair, is of no value. The builder intends to tear down the home or relocate it elsewhere (This just happened around the corner from my family). My experience builders will spend between $300,000 to mid $300,000's depending on location, lot size and trees on the property (heritage trees can pose issues for new builds).
So where are we headed? Expect to see more remodels and new construction, and builders will to push the ceiling with custom single family homes. Not all of these are for profit projects. With an increasing number of households committing to the neighborhood, some families are opting to expand their original bungalow for more space. Some are finding the cost to remodel is the same as building new....yes, you heard me correctly. Brentwood Elementary has added more portables and there is a neighborhood group looking to improve Brentwood Park. Add in easy access to Crestview Station (Airport Blvd and Lamar), and a thriving Burnet Rd corridor with walkability and/or bikeable, these 2 neighborhoods will continue to be in popular demand.
Those continuing to look for that well maintained / slightly remodeled bungalow, with the original plan of 2 beds and 1 bath will see upward pressure here as well. Stay in touch though, we have some great listings in the works for early Spring!
Interested to learn more about your homes value? Trying to figure out whether to remodel, or sell and buy something larger? Happy to have a conversation....no pressure, just honest / professional insight.
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