Crestview Allandale Violet Crown: What’s up with that market?

June 24, 2010 at 5:59 pm 1 comment

Today’s neighborhood analysis is Crestview in north central Austin. I constantly study Crestview and today’s focus is because I am working with owners about to put their home on the market. So what’s going on in that popular neighborhood?

First, Crestview, as the public perceives it, roughly runs from Burnet to Lamar and Anderson to Koenig and involves 8 or so actual subdivisions, most of which you have most likely not heard of including Vallejo, Violet Crown, Burnet Heights, Northridge Terrace, Bellair Heights. When analyzing the Crestview area, I generally will dip south of 2222 into a slice of Allandale as well as near McCallum Highschool in the Sunshine & Roosevelt streets as a buyer looking in Crestview will most likely also be looking in those neighboring neighborhoods.

It is a very popular north central location due to it’s proximity to downtown and UT without the DT / UT / Hyde Park / Rosedale prices. It has become a trendy destination for young professionals and contemporary remodels. It is gentrification meets octogenarian original owners meets the I-am-not-moving-to-the-suburbs crowd. Built in the late 40’s to the early 60’s, Crestview is grandma meets mid-century modern meets organic gardener. You should see some of the vintage bathroom tile. 

                  3057507 3057495

So, the market. Crestview really went up in value in the 2000’s and has flattened out the last few years. We are waiting to see if 2010 will dip in average price but right now it’s holding. However, right now there is a higher inventory than we have seen in the neighborhood for a long time and that will, most likely, increase time on market and bring prices down a bit. In the chart below, you’ll see that the median sold price increased 9% from 2006 to present.

2006 2007 2008 2009 2010 % Diff
# Sold 231 170 114 144 64  
Avg Sold $234,830 $269,193 $270,396 $265,115 $267,467 14%
Med Sold $227,250 $262,150 $259,000 $256,162 $248,450 9%
Avg $ SQFT $189 $213 $218 $204 $198 5%
Med $ SQFT $190 $213 $220 $210 $203 7%
Med Days on Mkt 17 15 29 42 28 65%

This chart is all sold data but the active / for-sale data is very important as we assess the market. For example, right now there are 25 homes on the market in the area in the $200k – $250k price range and only two pending. 18 sold in the last 90 days but we are still seeing the first-time tax credit buyers move through the system. July and August should be very telling but that is another article.

The good news: interest rates (omg) and buyers should be paying attention cause it’s a virtual candy store out there. The not so good news, for sellers, is that inventory needs to go down before prices will come up. The best news: we live in Austin, TX and people are moving here and will continue to move here. I am personally cheering for the game developers and Google and Facebook as they grow their businesses in our fine city … I think they’ll fit in quite nicely in Crestview.

The Nelson Project at Keller Williams Realty in Austin strives to bring you valuable real estate information and news through this blog and our other online resources.  Find more about The Nelson Project and search for Austin homes at www.TheNelsonProject.com.  if you like this blog, you may want to visit our totally useful Austin neighborhood portal.  If you really like what you see, tell your friends to call us with all their Austin real estate needs.

© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2008-2010. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.

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Entry filed under: Austin, Data Central, Neighborhood Navigation, Smart Buyers, Smart Real Estate, Smart Sellers.

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1 Comment Add your own

  • 1. Kay Angermann  |  June 24, 2010 at 6:23 pm

    Great Article. Thank you for posting. Crestview is still a hidden gem in this city…. but shhhhh….don’t tell anyone! It’s a local secret!

    Reply

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© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2016-2020. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.

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