Circle C Housing Market Update September 25, 2018
Let’s take a quick look at the Circle C housing market for a few minutes. Specifically, March 2018 through August 2018. For that six-month period, we recorded 230 homes sold in Circle C. The average sold price was $514k or $184/sf. 39 of those were in August. That’s ~11% more homes than same time last year. The highest sales per month of the year was May 2018, when we recorded 53 homes sold. I expect to continue seeing sales in the 25-35 homes per month range for the next month or so before we go into the fall and winter months. By the end of the year, I would expect to see a total of 350-370 Circle C homes sold and recorded in MLS. Remember not all sales are captured in the MLS – most off market homes are new construction and never reported through the MLS.
Year to date (9/23/2018) the average home sold in Circle C this year is almost 2,800 square feet, was built in 2003 and sold for $504k. Prices and sizes do range from a low of 2,017 SF and $414k to a max of 4,363 sf and $725k. As projected in January 2018, we’ve seen slower price growth than the past few years. Year to date, prices are up approximately 4% over last year at $183/sf.
Average days on market is lower than same time last year at 36.5 days (on average) whereas in 2017, we were averaging 40 active days on the market before contract. That number can be skewed by the number of resale homes versus new construction homes as new construction homes that are listed in MLS (spec homes) may be tracked from the start of construction and are not ready for move in for 6-8 months.
We did see a ‘pop’ of resale homes hitting the market in this last week of September jumping from 50 in August to 57 on the 23rd of September. Still with for sale we have only ~ 1.6 months of inventory based on a sale rate of 39 homes per month. The short story there is we are in a robust seller’s market although Fed rate hikes and the potential of an economic slow down because of the recent global tariff’s being applied could damper the market a bit going into the winter months.
For more information about the Circle C housing market and an interactive map of the 5400 home master planned community click the one of the two links to view the updated Market Stats report on MoveToCircleC.com or AustinRealEstatePartners.com. if you still have questions about the market or what your home value could be today? Call me directly at (512) 288-8088 and I’ll do my best to provide an answer and there is no obligation.
Whew, it was a hot one temperature wise, but what a great time everyone had at our 14th Annual VIP Client Appreciation celebration at Grey Rock Golf Club’s Stars and Stripes event on July 3rd, 2018!
Over 240 clients and their friends attended this year’s celebration of our independence as a nation in our VIP section off the 18th fairway, with over 3,000 in total attendance at the club. The gates opened at 6pm and the parking lot filled quickly.
Parents and kids alike enjoyed 400 hot dogs, bags and bags of chips, cookies and lemonade in our section alone. Adam the Balloon man was busy making all sorts of fun hats and playful animals while Russ was busy applying temporary tattoos for kids. The adults enjoyed 3 kegs of Alaskan brew while the temperatures slowly dropped as the sun went down.
Finally, dusk arrived and the fireworks show began – this year – with the addition of lower flying fireworks that had the crowd cheering. We would like to thank Grey Rock Golf Club for catering to our needs as well as everyone who attended our party! We are looking forward to seeing you all again next year.
Photography courtesy of Sam Armstrong Photography
A note of thanks to all of you who sent me “Get Well Soon” wishes following my run in with a rattlesnake this past May.
What can I tell you – I learned a valuable lesson – and hopefully by following our updates on Facebook, you and your family learned what a bad idea it is to try to bag a viper regardless of their size.
My encounter was with what I would call a 2’ 4” ‘baby’ rattler but he (or she) got the better of me. Thanks of course go out to the folks at Seton SW ER and Dell Seton Trauma floor for their work and kindness while halting the effects of the venom. Doctors told me that in fact, the baby rattlesnakes are worse than their full-grown parents, apparently as the baby’s do not regulate the flow of venom in a bite, they unload it all!
I’m fortunate to say that there should be no long-term effects and the bite has pretty much healed although the swelling around my finger, while much reduced, lingers as a daily reminder. If you read the story about the unlucky man from Corpus Christi who was envenomated by a headless Rattler – please take note. I thought that story was a hoax, but apparently it is all too true, the chopped off head of rattlesnakes can and will bite for how long I’m not sure. Neighbors have since shared that is why you never pick up the head of a rattlesnake – use a shovel and bury it to avoid the risk of a bite! Or if you are faced with a decision of taking on a rattlesnake or walking away, choose the latter. It’s far less risky and certainly a less expensive solution.
Let’s get caught up on how Circle C Austin homes are selling this year – through the first six months of 2018.
So far, we’ve recorded 199 home sales in MLS since January 2018, that’s 22 more than the same time last year or an increase of 12% YoY. Not all sales are recorded in MLS, so we can guess that there are more new construction homes closing above that number of 199. Nevertheless, the average size of the homes recorded so far is 2,830 sf and they are selling on average for $519k. That’s $19k more than same time last year or an increase of 4% YoY. The average age of a Circle C home sale is 2004. One thing to look for in the coming months is the sales of homes in Hillside Estates, that’s the Cal Atlantic (or Village Builders) section next to the blue water tower off FM 1826. There are nine lots in the gated Hillside Estates community, and so far, we are tracking 6 homes… 2 are listed as Active at an average of $951k and 4 are listed currently as Pending at an average price of $1,028k or just over 1 Million. Homes in Greyrock Ridge (another new construction area just south of SH 45 where Mopac begins is selling quickly. Greyrock Ridge has recorded 22 sales this year, 5 of those are resales and the 17 others are new homes.
There are 58 active homes currently for sale (as of July 16), a very low amount of inventory given we are averaging one home every single day. With 47 homes pending we have just under two months of active inventory. A balanced market is reportedly 6.5 months of inventory – so we are in a strong seller’s market. Note, just because it’s a seller’s market that does not mean pricing is completely out of this world, homes that are priced well relative to the competition and present as clean and open will sell. Homes that are over priced or do not present well – will sit. The market is what the market is. If you are selling in Austin but staying in town, you will be on the buyers’ side soon enough and feel the pain of little inventory and higher prices. Many sellers have intentionally not put their home on the market as they recognize that even if they were to downsize in terms of SF, they still may pay as much or more for the new home – which does not always make financial sense.
To see more information about the Circle C housing market click here to view the updated Market Stats report on MoveToCircleC.com or AustinRealEstatePartners.com.
Greetings friends and neighbors! I was recently sent a link to a drone video of the progress as of April 21st, 2017 on the planned SH45 Toll Road between Mopac and FM 1627 and I thought you might be interested in viewing the link as well.
SH45 SW has been a hot topic ever since the state owned right of way was acquired in 1987 for use as a future roadway connecting FM 1626, Bliss Spillar, Loop 1 (Mopac) and SH 45 West of Loop 1.
I live in Greyrock Ridge, a recently developed section of Circle C Ranch, located near the South and West corner of Loop 1 (Mopac) and SH 45, so I am witness to the construction efforts increasing daily. On those days when no work is going on, I’ve take the opportunity to hike approximately 1/3 of the route personally and take photos from the ground but the drone video gives a much better perspective on the route and progress thus far. For those of you who also live in Greyrock Ridge, note the 4:10 minute market of the video and you can clearly see the Greyrock Ridge homes to the left side of the screen as it approaches the Loop 1 (Mopac) and SH 45 SW connection.
Credit to Gregg Sales for the video and potentially more updates in the future. To learn more, click this YouTube video link https://www.youtube.com/watch?v=RC3dHRE4lw8 or go to https://www.sh45sw.com to learn more about the project.
Wow, what a difference one month makes!
We have entered the Spring Selling Season. In April Meridian recorded 8 Homes Sold, that’s 5 more than were recorded in March. Seems the jump in sales could be caused by several homes priced below $500k. The median sales price in April was $491k while the median price in March was $710k.
Over the prior six (6) months of sales, Meridian recorded 17 sales – with an average size of 3370 sf, and $537k. As of May 4th, there were 9 homes available for sale in the MLS with an average price of $759k.
The most sales were centered on homes between 3500-3999 sf (7) selling for an average of $152/sf or $557k. One super-sized property (>4500 sf) sold for approximately $165/sf or $745k.
The latest report appears below for your convenience. To see more details about sales in Meridian over the past 6, 12 or 18 months, feel free to send us a note and request a sales history report. Alternatively, we are now publishing a monthly update in the Neighbors of Circle C and Meridian magazine that is delivered to residents of Meridian by US Post.
Meridian Market Statistics
It’s that time of year again! More and more CCR homes are popping up on the market for sale and it seems that if they are priced correctly they are under contract just as quickly.
In April, Circle C recorded 26 sales in the MLS (some new construction or FSBO sales are not captured) with an average price of $518k with an average of 31 days on market. As of May 4th, there were 55 homes for sale in the MLS with an average price of $526k! Similarly, there were 60 homes under contract at an average price of $524k.
Over the past six (6) months CCR recorded 142 sales with an average price or $480k or $171 per Square Foot!
Compared to the same six (6) month time frame last year (November 2016-April 2017 versus November 2015-April 2016) the number of homes sold in the MLS jumped by 14 or 11% for an additional $4k, or +2%. Month over month we see a very slight uptick as the market maybe starting to normalize.
Just like last month, if I were to get out my crystal ball and make a forecast I would expect a solid spring for sellers. It’s still a “Seller’s Market” and Buyer’s continue to shop CCR due to the location, amenities and schools!
To see more details regarding the last six months of sales, check out what is selling in your neighborhood by viewing our market statistics. If you have questions, post them here or give our office a call.