Circle C Housing Market Update June 13, 2019

Circle C Housing Market Update June 13, 2019

Hey friends and neighbors!  It’s officially summertime…the temperatures are rising; the pools are open, and the kids are out of school.  Hopefully for you parents out there you have some camps planned or a trip to see family over the summer…and for the rest of you (empty nester’s or single’s) … skip the camp stuff and make time for something fun this summer!

The past six months and May totals

Well, if you have been keeping up with my blog, you know that I started forecasting fewer sales in 2019 versus 2018 due to the lack of inventory.  That is still the situation although, we do have approximately 60 homes on the market currently.  Still, for a community the size of CCR (~ 5800 homes), that’s very low inventory of available homes.  Disclaimer: some new construction and FSBO homes are not always visible so the number could be a little higher.

Over the past six months (Dec – May) we’ve recorded 155 homes sold… a run rate of ~ 26 homes a month over the winter months.  We’ll see more homes go under contract if seasonality effect holds true again.  It should, there are 67 homes pending currently.

Prices are up across CCR for the most part, up 4% versus same time last year or $18k.  That number is made up of price / sf and the size of home selling… up 1% or 19 sf at $5/sf more or 3% more than same time last year.  Formula: total price increase 4% = 3% price / sf + 1% size of home.  The average home sold in the past 6 months in CCR was 2831 sf, built in 2003, and sold for $187/sf or $528k.

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

 

	May 2018	May 2019	% Change
Homes Sold	53	27	Down 49%
Average Price	$506,876	$528,751	Up 4%
Average Size	2,728 sf	2,836 sf	Up 2%
Average $/SF	$185.66	$188.27	Up 1%

 The Takeaway

We are behind our run rate from 2018 but there appears to be a bubble of pending homes in the queue so there may be time to recover.    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 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.

Something New in the Hood

Homes by AVI is building the first “Condominium Regime” in our community at La Crosse @ Circle C Ranch (east of St. Augustine School on LaCrosse Blvd).  The 8.28-acre site will be home to 25 3-story condos per the Homes by AVI website. The first condo listed was unit #5, but it was withdrawn in December 2018. Today, Unit #1 is listed for $439,900 or $230/sf and 1905 SF.   The 3-story condo’s promise a potentially great view toward downtown.  Condo fees are set at $238/mo. in addition to the HOA fee of $674/annually.  Residents will enjoy all the amenities offered to other Circle C residents including 4 pools, parks, playgrounds, hike and bike trails, the community center, food truck night, movie night, etc.

It’s been an interesting year already folks. I hope your summer plans are all set, and everyone enjoys the warmer weather and stays healthy!

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.