South Lake Travis Real Estate Prices and Inventory- Ouch!
OK, more numbers for you.
These are stats for single-family homes sold in the Lake South area of the Austin MLS from October 8, 2008 through today. This is similar to what I posted a few days ago, but this breaks out new homes and is for all of Lake South, not the Lake Travis ISD like the earlier post. New Actives refers to any home built in 2008 or later. All Actives are all homes in the various price ranges.
Back when the Austin real estate market was in really great shape, builders put up a lot of homes in Lake South. Many homes that were started in mid-2007 and early 2008 are still on the market. The problem is a lack of buyers combined with non-conventional loans. Expensive homes call for jumbo mortgages and they can be a bit more difficult to get than conventional loans. With so little movement of homes in the $900,000 and up range, there may be deals to get for serious buyers with money to spend.
So should buyers wait for prices to drop more? Many will, but when will we see interest rates go up? That might counter the effect of lower prices in terms of a higher monthly payment. With the tremendous amount of money being printed, my fear is that we will see rates go up. Inflation should be kept in check until the economy shows signs of strengthening, but when that happens, expect to see inflation and rate increases.
Questions about Lake Travis real estate? Give me a call at 512-293-2422.