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