Circle C Annual Housing Market Update – 2017
Circle C’s Annual Housing Market Review – 2017
Good afternoon neighbors! It is January 2018 so it’s time to review Circle C’s Annual Housing Market Review – 2017! To view the market stats online, click the link here (LINK) or go to https://circlecranch.com/homes/market-statistics/. There are two tabs on that page… a monthly update which looks at the past 6 months of sales and the current market… and a second tab, the annual appreciation update which looks at the sold price per square foot for each Circle C Ranch neighborhood and community as a whole year over year over year. The latest information has been posted… so let’s look at the results together.
First, on the monthly tab… for sales from July through December 2017, we totaled 166 homes sold (as recorded in MLS).. which is down -17% versus July through December (same time last year) 2016. That’s 33 fewer homes sold for the 6 month period. You might jump to the conclusion then that there would be more homes available or active for sale… but, if you look on the right side of the table you’ll see there were only 34 homes active on Jan 11, 2018… which was only 2 homes more than same time last year. So, we can conclude that there were just fewer homes for sale in CCR in 2017 – at least for the last 6 months or so. Annually, CCR totaled 347 homes sold (down -5.2%) versus 2016 sales of 366 (19 fewer) homes sold. That may sound like a lot but think back to the “great recession” of 2008-2009 when only 266 and 294 homes sold respectively. Yikes!
So, the number of units sold or the “volume” was down, but average prices were up year over year… indicating that homes are more expensive than ever. On average, a home in Circle C is now $177 per square foot (each neighborhood varies from a low of 157/sf to a high of 198/sf… and the size of the home plays a big part in the price per square foot calculation! Typically, the larger the home, the lower the price per square foot. I say typically, because that’s not true all the time. For example, a 1970 sf home in the Wildflower section may price out at $191 / sf or $373,000 versus a 3600 sf home in On The Park which may price out at $165 / sf or $592,000. Remember we are a subdivision of over 5200 homes and prices range from the mid $300’s to the upper $900’s.. and in some cases last year broke the $1M dollar barrier. Wow!
Some metrics for you folks that like #’s…. 2017 average price per square foot rose to $177, a 5.2% increase versus 2016. The compounded growth rate since 2012 is just over 6.5% – which is a great return! If we track back 10 years to 2007… the average price has grown (annual compounding) at a 4.4% rate – staying well ahead of inflation to help build our equity position in what is typically our greatest (most expensive) asset – our home.
Feel free to view the stats and be on the lookout for monthly updates – normally on the 7th of the month at CircleCRanch.com. If you have questions or comments, feel free to contact the me at 512-288-8088 or send me an email at Bob@AustinReps.com. I’d love to hear from you.