Market Statistics Update: March 2017

Market Statistics Update: March 2017

Spring has sprung and the real estate season is nearly upon us. Looking over the past six months of sales for Circle C, we see 160 homes reported sold at an average rate of $171/sf, or $482k. As of 3/10/2017, there were 42 homes active on the market at an average price of $548k. Similarly, there were 36 homes under contract at $514k.

Comparing the same time period (Sept 2015 – Feb 2016 to Sept 2016 – Feb 2017) year over year the number of homes sold has jumped approximately 7% and for an additional $20k, or +4%. This is not unexpected as we saw the rate of market increases slow down over the past 3-4 months. We expect the market for homes in SW Austin and Circle C to continue to price climb but at a slower rate than the past 12 months… something along the lines of 3-5% annualized. Current active homes similarly show a $26k increase in pricing, or up 5%. Interestingly, homes under contract (Pending) currently versus same time last year are down ($19k) or (4%).

Based on these current trends, it would be fair to expect a solid spring for sellers. It’s still a “Seller’s Market” out there but buyers are being less impulsive and more patient.

Be sure to check out what homes are selling for your neighborhood by clicking the market stats page. If you have questions, post them here or give our office a call.

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