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.