Sales of new homes in Apache Shores have really fallen flat.  By new, I mean built in 2007 or later.  Only 3 new homes have sold in Apache Shores in 2008 and there are 2 under contract.  There are currently 36 active listings for new homes in Apache Shores.

Of the new active listings, they average 1913 square feet with 3 bedrooms and 2 bathrooms.  Most have a very nice finish-out with stained concrete or tile floors, granite counters and stainless steel appliances in the kitchens and nice fixtures.  The problem in my opinion is price.  The new homes average price is almost $315,000, which is over $160 per square foot.

For the time period of January 1 through April 21, 2007, 14 new (2006 or later) homes sold.  The average price was just under $248,000, with the average price per foot being around $140.  For the 6 new homes sold during the same period in 2006, the average price was just under $204,000 with an average price per foot of just under $126.

What I saw happening in 2006 and 2007 was builders selling new homes very quickly.  I also saw lot prices go way up.  The combination of higher lot costs, higher material cost and in many cases a higher foundation cost because of challenging topography, caused prices to go up.  My suspicion is also that builders may have been looking for a little higher profit because new home sales were so brisk.

So builders were starting new homes about as fast as they could and then the credit crunch started to affect Apache Shores, just as it started to affect Austin in general.  New home starts in Apache Shores are way down and nobody looks to be buying additional lots.  It will take time to absorb the current inventory and my hope that when builders start build again is that they will come in under $300,000 whenever possible.

Apache Shores used to be just about the last affordable place to buy if anyone wanted Lake Travis Schools and if they wanted to be reasonably close to Austin.  Anyone interested in Apache Shores right now should get aggressive with an offer if they are looking for a new house.  If that is you and you are not already working with an agent, please call me at 512-293-2422.