ANALYZING
Austin-Round Rock Metropolitan area
Lake Travis- Westlake
Travis County
Lake Travis-Westlake encompasses a large part of Travis County, although it often diers in price range, days on the market and the number of homes for sale from the rest of the Travis County market. The following zip codes are in the Lake Travis-Westlake market: 78669, 78726, 78730, 78732, 78733, 78734, 78735, 78738 and 78746. THE MARKETS
$914,000
$570,000
$496,093
Median price
192
2,924
Closed sales
1,361
32
Days on market
27
31
245
1,885
4,121
New listings Total sales dollar volume
$1.95B
$1.84B
$1.01B
3.3
2.7
Monthly of inventory
2.9
SOURCE: AUSTIN BOARD OF REALTORSCOMMUNITY IMPACT
*DATA FROM AUG. 2022
In Lake Travis-Westlake, homes priced over $1 million made up about 39% of the market listings in August 2021. That number jumped to approx- imately 63.1% when home prices $750,000 and above were added in. For August 2022, homes priced over $1 million now make up 40.5% of the Lake Travis-Westlake area; when homes priced $750,000 or above are added in, this amounts to nearly three quarters of the entire Lake Tra- vis-Westlake market. Staci Wimbush is the sales associate for Rough Hollow Realty and the direc- tor of marketing for Legend Commu- nities. She said the 15 new homesites in Hacienda Heights, a new neigh- borhood in Rough Hollow in Spice- wood with most homes priced over $3 million, received an “incredible amount of interest prior to building.” “There are not many custom home- sites around Austin like we have here in Rough Hollow,” she said. “The mar- ket for new, custom-built homes is very much in demand.” Wimbush expects all 15 homesites, plus one 18-acre homesite with a pri- vate drive in Hacienda Heights, to sell within months of being put on the market. Of all the homes sold in Austin between 2020-22, nearly 25% were
Jones and Cary both put the num- ber of days a home has been sitting on the Lake Travis-Westlake market around 30-45 days. According to data from ABoR, this is more than a 50% increase from 2020-21, when homes were getting taken o the market within days of listing. “In some cases, homes were only on the market for a few hours [around the Lakeway and Bee Cave area],” Cary said. “I don’t remember having a day o during the pandemic.” In an interview with Community Impact , Shiet said it is important to put things in perspective. “We saw numbers we’ve never seen before during the pandemic; it was a uke,” he said. “In 2018-19, we would have killed to only have homes on the market for 30-45 days. Homes are sell- ing close to listing price, and we are
still in a seller’s market.” However, more days on the mar- ket, homes being sold close to listing price and a steadily growing inven- tory means the housing market could nally be normalizing, Shiet said. “People are short-term in how they think about real estate,” Austin Real Estate agent Lisa Marie Contaldi said. “Soon, we are going to see less spec- ulation and will be left with a needy market. More people will feel they need to sell than need to buy.” If that happens, and more inven- tory is available, Austin and Lake Tra- vis-Westlake could have a balanced market that mirrors pre-pandemic levels in the coming months. While the Lake Travis-Westlake market sits at 3.3 months of inventory for August, a balanced market will have around six months of inventory. The luxury component While ever-increasing prices in Austin and Travis County continue to aect rst-time homebuyers, the lux- ury market has remained strong over the last several years. Ownership for luxury homes, houses generally priced close to $1 million and above, is less aected as there has been less of a shortage in higher-priced homes since 2021, Contaldi said.
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While inventory may be increasing for the Greater Austin area, the num- ber of sales continues to decline; this includes the Lake Travis-Westlake market. In August of 2021, data shows home sales decreasing year-over-year by 3.7% to 1,935 sales in Travis County. In August of 2022, home sales dropped year-over-year by 28.9% to 1,361 sales in Travis County. Sandy Cary, a global real estate adviser who handles properties princi- pally in Lake Travis-Westlake, said the market is seeing more reluctance from buyers. “We are not used to having homes just sit around,” she said. “We are not seeing people jump as quickly, and they are being cautious.”
AUGUST 2021
AUGUST 2022
7.7%
9.2%
39%
40.5%
21.1%
31%
$750K-$999K $1M+
$0-$499K $500K-$749K
22.3%
29.2%
SOURCE: AUSTIN BOARD OF REALTORSCOMMUNITY IMPACT
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