2015 was a great year for Avery Ranch! The neighborhood is really coming into it’s own: there are now several excellent restaurants (The League, Tony C’s Pizza, and the recently-opened wine bar The Rotten Bunch), as well as plenty of shopping options, service-based businesses, and much more.
Now that we have put an end to 2015, let’s take a look back at the year and see how the real estate market fared in Avery Ranch — a master planned community in northwest Austin.
Key: LP (Listing Price), SP (Sold Price), OLP (Original Listing Price), ADOM (Agent’s Days on Market)
From the chart above (provided by Austin Board of Realtors MLS data), we can see that there were 242 homes that sold in Avery Ranch during 2015. The average listing price was $360,118 and and the average selling price was $353,243.
The SP/LP% (Sales Price to Listing Price ratio) on average was 98.45%. This means that at the time that a home went under contract, it’s current listing price at that time compared to what it actually sold for was 98.45% of that listing price. Keep in mind that this is not the original listing price, which would have been designated by the SP / OLP column in the chart above. The data for that column did not populate correctly because of an error in one or several of the MLS listings in ABOR.
The average days on market for a home in Avery Ranch during 2015 was 47 days — that number alone is testament to how strong of a housing market we had in 2015!
Let’s look at the Q4 2015 and compare it to the 2015 chart above to see if the market’s strength changed in the last 90 days:
When comparing the Q4 chart to the annual 2015 chart, we can see a slight cooling of the market. The average list price was $355,354 vs $360,118. The average selling price was $344,722 vs $353,243.
The SP/LP% for the fourth quarter of 2015 was 97.41%, compared to 98.45% for the entire year of 2015. This means that houses are selling for less than what they were listed for, on average, by a little of a percentage point. On an average home selling price of $344,722, that equates to buyers keeping about $3,400 in their pockets (on average) by purchasing their Avery Ranch home during Q4.
It is typical to see weaker housing numbers through the holiday quarter. We will be watching to see how Q1 2016 compares to Q1 2015, and we will post the data once it is available on March 31, 2016.