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.