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.