Real Estate Market Trends For: Teravista
Introduction: Teravista is a master planned community located in North Round Rock; its boundaries are North at Scenic Lake, East at A.W. Grimes Blvd, South at University Blvd and West at I-35. This golf course community is located in the Round Rock ISD with parts expanding into nearby Georgetown ISD. In order to stay true to RRISD’s philosophy of building neighborhood schools, Teravista has its own community elementary school located within the 1,555 acre community. Additionally, students in Teravista have the choice of attending Union Hill Elementary, Hopewell Middle School, and Stony Point High School.
With its 18-hole golf course, entertainment packed residents club and miles of greenbelts, the wide selection of amenities is what truly sets this neighborhood apart. A great place for families of all sizes, Teravista has homes from 1,500 square feet to over 5,000 square feet and ranging in price from $160,000 to over $575,000.
Inventory and Sales: The neighborhood is currently experiencing quite a boom with sales up 55% over the last year. Total number of homes sold in the past 12 months is right at 208 with 117 currently listed for sale. With an absorption rate of around 17.3 homes per month, this puts inventory levels right around 6.8 months – meaning if no other homes were listed on the market, all homes would sell in just under 7 months.
Distressed Sales and Listings: Distressed sales include short sales and foreclosures or bank owned properties – these are fairly rare in Teravista. The overall number of distressed homes that have sold in the last 12 months in below 10%, which is the typical threshold before these types of sales will have any impact on nearby home values. Distressed sales are actually lower over the last year, making up only 5.8% of total sales volume.
New Homes and Construction: Construction is still ongoing in this sprawling community. Newer sections have open in the North and cross into Georgetown ISD. New home builders include CastleRock Communities, Centerra Homes, D.R. Horton, Lennar, Partners in Building, Ryland Homes, Spicewood Communities, Village Builders and Wilshire Homes.
Overall Market Conditions: Overall the trends and sales stats for this community indicate a strong market with around 10.6% appreciation in median home values over the last 12 months alone. This, coupled with continued low days on market and increased sales volume are all positive indicators for the market. Currently, median sales prices are the highest they have ever been.
This report was created utilizing data from the Austin MLS system, as input by local Austin Realtors. This report should be considered a “Macro View” of the market. Only single family housing trends have been analyzed and while they represent the majority of real estate sales in the market area, this report should not be considered all encompassing. If you would like a more precise analysis of a specific segment within this market area, feel free to give us a call!