Circle C Housing Market Update October, 2018
Circle C Market Statistics – October 2018
The housing market is starting to change in tune with the weather in Austin… we are seeing a seasonal cooling down from the once blazing summer months.
The Past Six Months
Reviewing the past six months (May – October 2018) we noted 220 homes were recorded as ‘Sold’ in the Multiple Listing Service (MLS). While homes ranged in size from 2366 to 4271, averaging 2791 overall. To see the latest Circle C Market Snapshot numbers, click HERE. High level metrics appear in the table below:
|Metric||Lower Limit||Upper Limit||Average|
|House Size in SF||2,366||4,271||2,791|
|Price / SF||$167||$204||$186|
|Days On Market||0||207||37|
Table 1: High Level Metrics
Note the Days On Market (DOM) statistic is being influenced by new construction in the area, and does not represent the speed that most resale homes are going under contract. That is most notable in Greyrock Ridge and Hillside Estates where DOM stretched from 118-207 days. More mature neighborhoods where resales are the norm like C Central, the Days On Market (DOM) was only 14.
The Current Market
Currently, there are 61 homes for sale. Average home size is 2,734 sf and priced at $520,511. The lowest priced home is $375,000 and the highest priced home is offered for $982,535. Average days on market currently is 49. For the pending market (those homes under contract but not quite sold yet), we see 26 homes in MLS. Lowest price is again $375,000 but the highest priced pending home is $1,175,000! Wow, that’s quite a spread! The average pending home price is $584,244.
Year to Date 2018
Year to date, we have recorded 323 home sales. The smallest of which was 1,471 sf and the largest to date was 4,685 sf. The median home YTD is 2,816 SF, priced at $514k, features 4 beds, 3.5 baths, a 2-car garage on just over .21 acres.
The Take Away
Based on the past six months of sales, and the current market as well as the seasonal cooling (combined with rising interest rates now over 5%) we expect to finish the year with 360 home sales or roughly 30 per month on average. At that rate of consumption (30 per month on average), the National Association of REALTORS® categorizes our market as a “Seller’s Market”, and approx. 2 months of inventory derived by taking the # of Active homes (61) divided by the average # of homes that close per month (30) = ~2.
Buyer vs Seller
- What to do if you are a buyer
If you are currently hoping to purchase a home, the best advice is to be ready if the house you desire comes to market. Contact your preferred lender and get prequalified first. Then you’ll have a solid budget number to base your search. A good REALTOR® will create a home search based on your preferences and budget.
- What to do if you are a seller
If you are considering selling your home, take some time to get familiar with the market (reading this blog is a good start). Contact your preferred REALTOR® and ask their advice on home preparation, staging and pricing. Setting a ‘reasonable’ price is often hard to do unless you have the benefit of an objective professional on your side. This is especially true now that we are in the fall season and residential buyers are not quite as active as the spring and summer.
For more information about residential real estate in Central Texas call me directly at (512) 288-8088.