Market Statistics Update: December 2016
The Circle C housing market continues to be a healthy (if not hot) Seller’s market.
The National Association of REALTORS defines a Seller’s Market as an area with less than 6 months of available inventory (homes for sale). Currently, Circle C, a community of over 5200 residences, has only 34 active homes for sale… and an absorption rate (average # homes sold per month) of 31 homes per month (* average over 12 prior months)… which computes into a “months of inventory” rate of 34/31 or 1.1 Months! That’s an extreme Seller’s Market.
Comparing the sales from the prior six-month time frame versus the same time period last year (Jun 2016-Nov 2016) vs (Jun 2015-Nov 2015), we saw an additional 21 homes reported as sold, an +11% increase, from 195 to 216. The average size of the homes sold also increased slightly, ~1%, from 2,849 sf to 2,891 sf. Price per square foot increased ~5% from $160 to $167/sf on average resulting in an overall increase in price from $455k to $483 (+ $28k) or 6% versus same period last year.
See the market update table for more information at http://movetocirclec.com/homes/market-statistics/. If you have specific questions about your neighborhood, trends in supply or demand, or the Austin housing market in general, don’t hesitate to ask. Also, be on the look out for our Annual Housing Appreciation Market Update next month!