If you're scanning in to read this then you already know that June sales look.... ummmm ....a little crazy in Brentwood. Headlines all over the place are reading impending doom with rising inventory, leveling sales prices, and fewer and fewer buyers... so how did Brentwood manage to increase it's sales price and decrease its days on market?
Three of the 9 sales in June were listed above $2,000,000 and closed quickly, which significantly increased the overall average sales price in the area. While we have some beautiful newer construction set to close in July, I would not expect to see these higher than normal numbers next month.
This begs the question, how are our signature bungalows holding up that define Brentwood and Crestview? Up until May of 2022, developers were gobbling up these original homes the minute they hit the market, aggressively driving up values the past few years. The rare, uber updated bungalow would usually go to an owner occupant buyer, but many were the target for new construction. The local developer appetite has slowed, and they are more selective in location, acquisition cost and lot size right now. This happened last Summer, builders acquired new lots early in the year, and are busy trying to push construction so they have inventory ready next Spring.
Last month proves Austin is still attracting premium buyers to Midtown willing to pay for this new construction. What these trends mean for the quintessential Brentwood bungalow is a bit influx right now, but with roughly 20 of these older homes under contract heading into July buyers are still out there. These homes just took a little longer to sell and prices were a bit more aggressive from 60 days ago.
July / August are generally cooler months for sales in Austin according to the data below, but we have not been following normal sales cycles for nearly 2years now. We are watching the data carefully and are interested to see if buyers adjust to the new interest rate norms.
Tune back here for more or drop me a line to continue the conversation.