Category Archives: Market Statistics

market statistics

Austin Neighborhoods, Blog, Circle C Ranch, Market Statistics

Circle C Housing Market Update for May 2020

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Circle C Housing Market Update for May 2020

  May 2019 May 2020 % Change
Homes Sold 32 21 Down 36%
Average Price $532,918 $590,845 Up 11%
Average Size 2,866 sf 3,120 sf Up 09%
Average $/SF $188/sf $194/sf Up 03%

 

The new normal (in the midst of Covid-19)

In my last post (date April 2020), Austin Real Estate Market update amid the Corona Virus April 2020, I suggested that we just did not know what was to come except for the very short term.  Anything past 2-3 months I categorized as “it depends”.  So, where are we know that its June some 3 ½ months later.  Well, Corona Virus is not really contained, the lockdown is letting up, most people are wearing masks (thank you!), and oddly… housing in Austin is still very strong but only because our economy is good and inventory is incredibly low.  From the table above, when comparing May Year over Year in Circle C Ranch, # sold homes is down 36% and prices are up.

The current market

I think the most amazing thing to me, is that sellers have really tightened down… for a few valid reasons.  First-hand, I have had some sellers take a seat and not list this spring as planned because they were unsure of the market.  I suspect sellers are also sitting tight despite the stimulus checks because they are not 100% sure they will have a job when the dust settles.  That might lead to an avalanche of home sellers in the fall – that remains to be seen.  Buyers on the other hand are chomping at the bit to find a suitable home. As an example, click here and note the following on the Change YoY % line at the bottom of the table.  Do you see what I see?  Active listings (18) are down 70% year over year from this time last year. Wow!  Similarly, in Meridian, active listings (3) are also down 70% year over year from the middle of June last year. Pending sales are down 20% in Circle C and down 25% in Meridian year over year.

It will likely be a truncated year in terms of the number of homes that go on the market and sell.  That tightening of the supply is having an impact on pricing.  I have personally seen many homes go “Multiple Offer” or into a closed auction bidding scenario in price bands from 200k to 800k, the bulk of the Austin market.

What about the summer events?

Finally, I also need to update you (our clients) on our summer plans as well.  As you may recall, we have been sponsors of the Grey Rock Golf Club (formerly Circle C Golf Club) Stars and Stripes celebration since it’s inception.  Unfortunately, the event is cancelled for 2020 due to Covid-19.  While disappointed, I understand the decision.  Let us stay apart and stay safe folks.  We will get back to outside and indoor events soon enough.  Safety first!

For More Information

For more information about the Circle C housing market and your particular neighborhood click here to view the updated Market Stats report on MoveToCircleC.com or AustinRealEstatePartners.com.  There you’ll see a google map with specific values for each neighborhood and if you scroll down a little two tabs with more information – one for the prior six months and one for the annual growth rate.

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.

Blog, Circle C Ranch, Market Statistics, Sellers

Circle C Housing Market Update August, 2019

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Circle C Housing Market Update August, 2019

Greetings friends and neighbors. In family-oriented neighborhoods like Circle C there is a noticeable slow down in buyer activity as many people are fitting in the last vacation of the summer and preparing for the school year. The more things change, the more they stay the same.  I observed 3 open houses on Friday night last week which is a little unusual, as most agents and buyers are active on the weekend.  This past weekend was “tax-free” weekend which again typically means the most common buyer for Circle C homes may be distracted with other activities.  The good news for sellers is after the kids are settled into the school routine, relocation buyers will replace the summer time demand.

The last six months of the year, February – July 2019

Let’s take a quick look at the home sales from February through July 2019. Over the past six months (Feb-Jul) we’ve recorded 203 homes sold… a run rate of ~ 34 homes a month.  June and July were strong month for sales, recording 41 and 44 homes as sold respectively.  The most activity in July was noted in Circle C Central (one of the largest communities in Circle C) with 9 sales in July, followed by Circle C West with 8 sales in July. As of August 13th, there are 45 homes listed for sale (Active) in MLS with a median ask price of $499k. There are 56 homes with a Pending status and a median ask price of $537k.  That number is skewed a little on the upper side as there are five pending homes with an ask price over $700k, and one at a whopping $1,385,000!

Year to Date 2019

Year to date, January 2019 to August 13th, we have recorded 218 sales in MLS. The average home sold during that time was a 2003 4 bedroom, 3 ½ bath home with about 2,830 sf of living space.  Average ask price was $526k and sold for an average of $523k with only 38 days on market. The median ask price over that same timeframe was $500k and median sold price was $499,950.  Median days on market were a mere 10 days!

As for July 2018 versus July 2019: See table below to see the monthly stats year over year.

 

  July 2018 July 2019 % Change
Homes Sold 37 44 Up 19%
Median Sold Price $512,500 $497,500 Down 3%
Median Size 2,914 sf 2,963 sf Up 2%
Median $/SF $180.38 $183.32 Up 2%
Median Days 6 15 Up 150%

 

The upper and the lower limits

Okay, the median prices are holding steady and volume of sales continue to be impressive.  What about the upper and lower limits, or range of values?  Last year, the most expensive home that sold between January and August 12, 2018 was a $880k, 5-bedroom, 4-bath, 3-car garage, 4,347 SF home in Avana.  This year the most expensive home sold between January and August 12, 2019 was a $1,251,500, 5-bedroom, 5-bath, 5300 sf home in the Hillside section of Circle C.  On the lower end, last year the least expensive home that sold was a $355,000, 3-bedroom, 2-bath, 2057 sf home in Circle C Central.  This year the least expensive home that has been sold was a $350,000, 2-bedroom, 2-bath, 1,482 sf home in Park West.  So, Circle C sold prices are ranging of $350k to $1.25MM YTD…. and sold home sizes from 2057 sf to 5300 sf YTD.

The Takeaway

While volumes are still impressive, we are running slightly behind our 2018 pace (238 versus 218, or down 9%) as forecast earlier this year and median home price is slightly higher (up 2%).

For More Information

For more information about the Circle C housing market and your particular neighborhood click here to view the updated Market Stats report on MoveToCircleC.com or AustinRealEstatePartners.com.  There you’ll see a google map with specific values for each neighborhood and if you scroll down a little two tabs with more information – one for the prior six months and one for the annual growth rate.

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.

Blog, Circle C Ranch, Market Statistics

Circle C Housing Market Update February 2019

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Circle C Housing Market Update February 14, 2019

Hey neighbors, Happy Valentine’s Day!  Hopefully you’ve picked up something special for your Valentine and can relax the rest of the day.  Me, I’m thinking about the housing market in good old Circle C.  If you have a few minutes, let’s go over the numbers for the past 6 months and January specifically.  It’s a new year and people are thinking about moving again.

The past six months and January totals

Between August 2018 and January 2019, we recorded 150 sales in Circle C.  Average size was 2806 Square Foot, average price was $512k or $182/Square Foot.  Those numbers were slightly down from last month.  Only nine homes closed in Circle C during the month of January!  That’s amazing.  We typically average about 30 home closings in a month, but January was SLOW.  Remember, January closings are the result of December contracts… so really December was a slow month.  Last year we saw 16 homes close in January 2018.    The minimum sale recorded in January 2019 was a 1,690 Square Foot home for $379,500.  The average home in January was 2,621 SQUARE FOOT and closed at $453k.  The highest recorded sale in MLS for January was a 2,750 square foot home that closed at $465k.

When I think about the market now, I notice a few very interesting things.  First, the lack of homes on the market – it’s amazing to me that a community the size of Circle C (approx. 5500 homes) that only 30 homes are currently ACTIVE and for sale.  Of those 30, nearly half (14) are new construction.  That means there are only 16 resale homes available. Wow.  Using the National Association of REALTORS© months of inventory measurement, NAR would say that Circle C currently has only 1 month of inventory!  That is what we would call a giant Seller’s market.  Now there are more new construction homes available in various stages of build, but they may not be listed in the MLS.  Still, this is a tough environment for Buyers.

See table below to see the January stats year over year.

 

  Jan 2018 Jan 2019 % Change
Homes Sold 16 9 Down 44%
Minimum price $370,100 $372,500 Up 1%
Average price $454,521 $446,389 Down 2%
Median price $439,500 $464,000 Up 6%
High price $601,490 $525,000 Down 13%

 

The Take Away

It’s only been one month for 2019, but given our lack of resale home inventory I am not going to forecast a huge 2019 in terms of home sales.  After all, some of the current inventory is not actually ready to move into (new construction) yet.  I did notice a change from our two builders in the area – Cal Atlantic / Village Builders who have homes going up in Hillside Estates, Greyrock and Avana.  Looks like they are still going strong and I expect that Greyrock will be built out in early 2020.  Avana and Hillside Estates similarly.  Homes By AVI moved their sales office away but are building a few 3 story townhomes as specs, and fielding inquiries by phone.

It’s going to be an interesting year folks.  Here’s to your Valentine’s Day – we hope you have a wonderful day and an even greater year!

For More Information

For more information about the Circle C housing market and your particular neighborhood click here to view the updated Market Stats report on MoveToCircleC.com or AustinRealEstatePartners.com.  There you’ll see a google map with specific values for each neighborhood and if you scroll down a little two tabs with more information – one for the prior six months and one for the annual growth rate.

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.

Market Statistics

Meridian Housing Market Update April 2017

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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

Market Statistics

Market Statistics Update: April 2017

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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.