Siena Round Rock Market Update Through September 30th, 2017
The market for real estate is alive and well in Siena Round Rock! The end of the quarter is a perfect time for us to look back on the resale market in Siena. This report will have some new home sales information but will focus on resale for a number of reasons. First, if you are reading this, you likely own a home in Siena and are not considering purchasing a new home right now. Second, The data we have for new home sales in incomplete – many new homes that are sold are never reported on the MLS. Third, new home sales are different from resale in that someone will almost always pay more for a home no one has lived in compared to the price they will pay for resale. Now for the numbers…
Thus far in 2017, 19 homes have been sold on the resale market for an average price of $284,841 for $115/sqft. During the same period in 2016, 8 homes were sold for an average price of $275,788 for an $116/sqft. In 2017, homes have sold for 97.4% of their list price vs 96.5% of list price in 2016. Also, 11 homes have had their listings expired or withdrawn in 2017 without being sold.
While the overall numbers can provide some insight into the resale market for Siena Round Rock homes, I think it is more valuable to split them up into 1-story homes and 2-story homes. The prices and values of these two types can be very different primarily because of the difference in their size. See the chart below for that information with the combined information that was listed above.
While this report focuses on resale homes, there is some data from new homes sales that
is relevant because of the way that the new home market can impact resale values – see my article on selling your home in a new home community for more explanation. The average list price of single story new homes listed in the MLS is $264,990 and the average sales price is $259,994. The average list price for two-story new homes is $304,401 and the average sales price is $300,000. Also, look below for a chart of the number of new homes actively listed in the MLS for each month since 2016. Right now, we have around 70 new homes for sale listed in the MLS – 3 times more than what was available last summer.
So what does all this mean for Siena Round Rock homeowners? Home values in Siena Round Rock are continuing to rise, but at a slower pace than 12-24 months ago. The large number of new homes available on the market will continue to put pressure on resale home values – especially as the builders don’t take as many price increases, which can push people to the value in “nearly-new” homes. The number of homes available on the market is also impacting the average time it is taking a home in Siena Round Rock to sell. On average, homes are taking 11 more days to sell so far in 2017.
I hope this information has been helpful! If you have a question about selling your Siena Round Rock home, the real estate market or anything else I can help with, please contact me and I’ll be happy to help any way I can!