How is the real estate market doing in Siena? How much is my home worth? How fast is Siena growing? I receive questions like these from Siena Round Rock home owners on a regular basis. Now that 2017 has come to a close, I want to share with you a quick update on the real estate market in Siena. This report will focus mainly on resale homes, as that is the information most valuable to Siena residents, but I will add some notes on new construction at the end.
The real estate market in Siena Round Rock was much more active in 2017 than in 2016 – something that certainly can be expected as the community grows and homeowners’ equity grows over time. Please see the graphic below and then scroll down for some more info and analysis.
In 2017, 92% more resale homes sold in Siena, something that is not unexpected as Siena grows and gets older. The median price for resale homes in Siena increased 6.2% in 2017 to $274,500 but the price per square foot of homes sold in Siena decreased by 2.4% to $114.03.
Also, the average days-on-market for resale homes was 49 days – 10 days longer than in 2017. The increase in days on market is likely a result of two things. First, home sales in the whole Austin area slowed a little bit as inventory increased and the number of buyers didn’t grow as quickly as it had been. Second, Siena has 4 new builders operating in our neighborhood and as a result, there is more builder inventory than there has been previously.
It seems that builder prices have leveled off a little bit, which should be good for homeowners concerned about property taxes as values which being driven up by builder sales faster than anything else. That leveling off also means that home appreciation will slow as well. Click here for an INSTANT HOME VALUATION on your home. If you have other questions on Siena, the real estate market or anything else, contact me here or with the information below and I’d be happy to help any way I can.
Lastly, I want to share with you the sales information for 2016-2017 with ALL of the builder sales included. In 2017, 171 homes sold in Siena, a 24.8% increase over 2016. The median price was $279,900 which was a .8% increase. The average days on market for all homes listed in Siena shrunk 26 days to a total of 80 and the average price per square foot increased 5.1% to $120.70.
By your Siena Round Rock Neighborhood REALTOR, Kyle Pfaffe