Is the new community of Mueller positively affecting home sales in the surrounding East Austin communities?
Lot sales have been slow in the MLS area 3 – in the last six months only one lot has sold and 20 lots remain on the market, with the average cumulative days on market at 353 days.
This is quite a change from a few years ago when lot sales were super hot in the East Austin areas. I remember the days when multiple offers would be on a property within hours of it hitting the MLS. Builders and investors were eager to get in on the east side with its new trendy reputation.
When I take a look at home sales and compare them to lot sales in the MLS area 3, it makes me wonder if times are about to change again. (To explain, MLS area 3 covers East Austin north of Martin Luther King Blvd, south of the 183 and in between the 35 and 183.) Homes sales in area 3 have been steady – 130 homes have sold in the last six months (according to MLS data) – that’s nearly one a day.
And, with the Mueller development located in MLS area 3, one can assume that these sales will help bring more interest to the area. Certainly, the commercial developments and the parks near & in Mueller have helped the surrounding neighborhoods and areas. New home sales in Mueller have ranged from the high $200’s to $499k in the last six months of MLS data.
Are smaller builders and investors going to start hoping they can build in nearby neighborhoods, like Cherrywood, and get similar prices on their new homes? There is a difference being in a diverse neighborhood with a mix of new and old homes (like Cherrywood) vs. a new subdivision like Mueller and prices will reflect that, but the prices may begin to affect one another because of proximity and buyer desire to live in this area.
If you would like more sales information on the East Austin area, or want to know more about investment property in East Austin, contact me today.
Do you have an opinion on whether Mueller has helped the surrounding East Austin areas? We’d love to hear your thoughts!