Circle C Housing Market Update July 15, 2019

Circle C Housing Market Update July 19, 2019

Whew, it’s hot out there!  The high temperature is now hovering around 100 degrees Fahrenheit with a ‘feels like’ heat index or apparent temperature of 108 degrees. That kind of reminds me of the housing market… it’s hot too, but there is a ‘feels like’ index or perception in some parts of our market that feels hotter than it really is.  That is especially apparent in lower price bands.  Just try to find a decent house under 300k anywhere in Austin.  Good luck.  In fact, I recently saw an article that stated that Austin is ranked only behind Denver in terms of rising median home prices since the pre-recession peak.  The median Austin home price has risen 77% according to the Austin Business Journal.¹

The first half of the year January – June 2019

Let’s take a quick look at the home sales from January to June 2019 in good ‘ol Circle C Ranch.  Remember, Circle C has over a dozen community names from the Heilscher to Alta Mira, Esquel and Avana, Greyrock Ridge and Muirfield (aka Somerset Estates) and on an on.

Over the past six months (Jan-Jun) we’ve recorded 161 homes sold… a run rate of ~ 27 homes a month over the first half of the year.  This is normally the time when we see the peak of home sales recorded (summer months) which is attributed to no school for the kids.  However, last year (2018) there was an amazing 53 homes closed in Circle C in May!  This year (2019) we saw only 33 homes close in May, twenty fewer homes year over year.  Currently, there are 50 homes listed for sale (active) in MLS today and 59 homes with a PENDING status.

The average home in Circle C that sold this year is a 2,808 sf home built in 2004.  Average price is $531k or $189/sf.  During the same time last year the average home was under 2,800 sf and had a price of $520k. The change in prices for the six month average is an increase of 2.2%.  Most of the price gains are in new construction homes though, not resale homes.  As an example, there is a 1,700 sf 3 bedroom 2 full bath new construction home on a greenbelt in the Greyrock Ridge section of Circle C listed for a mind bending $284.62/sf or $483k! Wow!

As for June 2018 versus June 2019: See table below to see the monthly stats year over year.

 

	June 2018	June 2019	% Change
Homes Sold	37	41	Up 11%
Average Price	$522,700	$536,566	Up 3%
Average Size	2,828 sf	2,826 sf	Flat 0%
Average $/SF	$184.84	$189.89	Up 3%

 

The upper and the lower limits

We’ve talked a lot about the average home in Circle C Ranch, but what about the upper and lower limits?  The most expensive home sold in the past six months was a $1.25M new home featuring 5,300 SF.  The least expensive home sold in the past six months was a $350k home with just a little less than 1,500 sf.  That’s quite a range in price and square footage!

The Takeaway

We are behind our run rate from 2018 and home prices are climbing albeit at a slower rate than we’ve seen in the past.  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 Ridge and Avana.  Looks like they are still going strong and I expect that Greyrock, Avana and Hillside Estates will be built out in early 2020 – the models are for sale in Greyrock Ridge if anyone is interested.

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.