WHAT IS UNDER CONTRACT VS EXPIRED WITHDRAWN IN FREDERICKSBURG AND GILLESPIE COUNTY?
TRANSLATION…….WHAT IS HOT AND WHAT’S NOT?
We looked at the 6 property categories in the Central Texas Hill Country MLS as of August 7, 2017. The categories are: 1. Residential (in City of Fredericksburg 2. Rural Residential (outside the city) 3. City Lots 4. Rural Tracts (small subdivision tracts) 5. Acreage, Farm and Ranch, and 6. Commercial Property. Then we analyzed the inventory UNDER CONTRACT vs. the inventory EXPIRED OR WITHDRAWN. Once a listing is classified as Under Contract on our MLS, it usually stays there for 45-60 days while the closing is processed. Sometimes they bounce out of contract and go back on the market. When a listing expires or is withdrawn, the MLS deletes it automatically after 90 days. By analyzing the two classifications (Under Contract vs. Expired/Withdrawn), we get a picture of what is working and what is NOT.
We posted a table below but certain points are worth highlighting:
- The Average List Price of the 33 Residential Listings UNDER CONTRACT IS $396,000. There are 19 EXPIRED/WITHDRAWN (“Exp/Wdrwn”) with an Average List Price of $$445,000. We know that $400,000 is a major threshold in our market today.
- In the Acreage, Farm and Ranch category, the Average List Price of 13 listings UNDER CONTRACT is $778,000. There were 31 EXP/WDRWN listings with an Average List Price of $1,443,000.
- In the Commercial listing category, the Average List Price of the 6 listing UNDER CONTRACT is $697,000. The Average List Price of the 12 EXP/WDRWN listings is $1,427,000.
There are more details in the table compiled by Jared Klimple in our office. If a property owner is assessing the odds of pricing his property at various levels, it may help him see the price levels with the greater odds of success. Of course, when Sellers come to us, we can focus precisely and specifically on his property to get a clearer picture of the chance of success.
At Texas Hills Realty LLC, we have been helping folks price their property for almost 23 years and we have learned a thing or two about the markets. Give us a call if we can help