A method for predicting fracture treatment performance includes inducing tube waves in a well drilled through a formation to be fracture treated. A polarity of reflected tube waves in the well is determined, and using the reflected tube waves, hydraulic conductivity of at least one zone in the well hydraulically connected to the formation is estimated. The estimated hydraulic conductivity is compared to a selected threshold. The selected threshold is based on pumping parameters and pumping pressure behavior of at least one pumped hydraulic fracture treatment. A warning signal is generated when the hydraulic conductivity is below the selected threshold and/or the determined polarity indicates a closed boundary condition so that the treatment may be adjusted to avoid screenouts and other operational and treatment issues.