PATRICK BROWN, REAL ESTATE CONSULTANT
4101 Lago Viento
Austin, Texas 78734
(512) 284-8830
patrick@patrickbrownrec.com
ANNOUNCEMENTS
As some of you may be aware, I have started a real estate company. In the services section of this newsletter, you will see all the services we provide. Basically, I have spent my entire life in real estate, having worked in every aspect of real estate since I graduated with my M.B.A. from the University of Texas in 1982. I have sold, leased, managed, owned, built, developed, appraised real estate and represented taxpayers for 34 years. You can see more detail of my qualifications on our website, at patrickbrownrec.com.
My son Ian has joined me, and brings much youth and vigor to the team. He also attended the University of Texas, and is licensed as real estate sales agent and a property tax consultant as well.
We look forward in helping you with any of your real estate needs, and hope you will try our new search feature on our website, as well as read some of our thoughts about the market in the articles below.
MARKET
The charts below show the market statistics compiled from the Austin Multiple Listing Service for September, and for Year to Date. We have shown the individual statistic for the Travis, Williamson and Hays counties, and for many of the larger school districts in those counties.
I would characterize the overall market as being largely balanced, with pockets that I would characterize as moving toward a buyer’s market. Hays County is showing a fairly brisk market, as they have lower average and median prices than the other two. There low months of inventory statistic has a lot to do with affordability, and the fact that first time homebuyers are having to go further from downtown Austin to find affordable housing, and Hays County is one place they can go, with a median sale price of $247,000. Buda and Kyle are getting a lot of starter home neighborhood sales activity, and the Homebuilders Association of Greater Austin’s Parade of Homes will be in Caliterra this year, south of Dripping Springs. The homes will be open to the public between October 28 and November 11 this year.
Travis County is slowing down slightly, again probably due primarily to affordability. But there is still an enormous amount of selling activity, as there have been 11,065 sales in the county year to date. Williamson County has the quickest selling time of the three counties, with average days on market of 48, again, because of higher demand, due to the lower home prices than are achievable in Travis.
We are entering the fourth quarter, and there is always a bit of a slowdown for real estate in this quarter, due to fewer transactions, due to the holidays. There is also a slight slowdown in the higher priced houses, which is always the case, but Lake Travis and Eanes ISDs have 6.25 and 6.72 months of inventory respectively, due primarily to their higher home prices. They also have the highest listing times, with the average days on market being 105 and 81 for Lake Travis ISD and Eanes ISD respectively. If you have any questions you would like to ask us, or want to have us track your neighborhood, call us at (512) 284-8830.
| YTD Statistics | ||||||
| Area of Study | Average Days on Market | Average Sale Price | Median Sale Price | Months of Inventory | Single Family Homes Sold | Active Listings |
| City of Austin | 47 | 448,550 | 362,000 | 4.08 | 8,799 | 3,991 |
| Hays County | 56 | 302,177 | 247,000 | 2.42 | 2,273 | 612 |
| Travis County | 51 | 423,097 | 334,000 | 4.24 | 11,065 | 5,218 |
| Williamson County | 48 | 283,737 | 260,000 | 3.60 | 7,581 | 3,034 |
| Austin ISD | 40 | 432,824 | 357,500 | 3.85 | 5,273 | 2,257 |
| Dripping Springs ISD | 81 | 479,808 | 447,250 | 5.66 | 504 | 317 |
| Eanes ISD | 75 | 1,098,870 | 805,000 | 6.72 | 343 | 256 |
| Georgetown ISD | 43 | 276,837 | 309,012 | 3.74 | 1,462 | 607 |
| Lake Travis ISD | 105 | 566,750 | 467,075 | 6.25 | 1,142 | 793 |
| Leander ISD | 51 | 348,889 | 300,000 | 3.84 | 2,984 | 1,274 |
| Round Rock ISD | 32 | 312,899 | 284,945 | 3.09 | 2,860 | 981 |
| Lakewind Estates | 73 | 928,599 | 1,018,000 | 9.00 | 3 | 3 |
| September Statistics | ||||||
| Area of Study | Average Days on Market | Average Sale Price | Median Sale Price | Months of Inventory | Single Family Homes Sold | Active Listings |
| City of Austin | 47 | 438,879 | 357,500 | 4.46 | 894 | 3,991 |
| Hays County | 35 | 233,481 | 216,000 | 4.08 | 150 | 612 |
| Travis County | 49 | 419,725 | 328,250 | 4.44 | 1,176 | 5,218 |
| Williamson County | 45 | 277,287 | 251,745 | 3.79 | 800 | 3,034 |
| Austin ISD | 39 | 427,999 | 357,000 | 4.11 | 549 | 2,257 |
| Dripping Springs ISD | 79 | 459,381 | 440,000 | 6.74 | 47 | 317 |
| Eanes ISD | 81 | 1,044,666 | 777,000 | 7.76 | 33 | 256 |
| Georgetown ISD | 61 | 296,314 | 271,634 | 3.92 | 155 | 607 |
| Lake Travis ISD | 102 | 575,507 | 446,000 | 6.29 | 126 | 793 |
| Leander ISD | 48 | 341,632 | 300,000 | 4.23 | 301 | 1,274 |
| Round Rock ISD | 36 | 305,159 | 282,000 | 3.45 | 284 | 981 |
| Lakewind Estates | 73 | 928,599 | 1,018,000 | N/A | 0 | 3 |
SERVICES
We are providing real estate sales, property tax representation, appraisal, leasing and building services at this time.
You should be receiving your property tax notices in the mail this week. The property taxes are for 2016. You can pay them without penalty up to January 31, 2017. The penalties are very stiff starting in February, so you should pay them timely.
We just completed a very successful year of property tax work this year, having gotten average reductions of 14.87% for the properties we represented. We increased the number of clients represented by 100%, and the volume by 600% as well. We look forward to adding those of you who feel like your property has been over-assessed next year to our client list. We work on a contingency, so we only get paid if we are successful in getting you a reduction to your property taxes. Please call us at (512) 284-8830 for more information.
INVESTMENTS
We are actively looking for good land investments in the Lake Travis area, particularly those suited to single family, condominium or multifamily development, so if you know of any good opportunities, we would appreciate hearing from you.
We are also always looking for limited partners, so if you have an interest in purchasing a real estate project with us, give us a call. I am sure the return we can offer you far exceeds what you are getting on your certificates of deposit, and probably more than you are getting in the stock market.
INSPIRATION
“Keep your eyes on the stars, and your feet on the ground.” – Theodore Roosevelt
I hope you have found this newsletter informative, useful and entertaining. If there are any subjects you would like us to cover in the future, please give us a call or e-mail us.
Sincerely,
Patrick Brown, MAI, MBA