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.
