According to the most recent statistics provided by the Austin Board of Realtors, the residential resale housing market in Siena Round Rock saw huge growth in the third quarter of 2020. Homes sold for higher values, in a faster amount of time and the competition was fierce.
The Siena housing market saw unprecedented growth as we came our of the COVID shelter-in-place orders. Home sellers saw intense competition for their listings and significant price increases. Inventory for future Siena residents is almost non-existent.Kyle Pfaffe, Siena neighbor and real estate expert.
In Q3, the median sales price for resale homes rose 7% to $289,000 versus the same period in 2019. Also, the average price per square foot, a better measure of overall value, increased 19% to $121/foot. The demand for homes in the Siena community is driving home values higher and devouring any available inventory.
Overall activity in the Siena housing market also sharply increased – 43 resale homes sold in Q3, a 30% increase. During this same time, over $12,500,000 worth of real estate was sold in Siena, which was 40% higher than 2019! The number of new listings increased 14% to 42 and homes sold in 37% less days than they did in 2019 – in an average of only 49 days.
These numbers are even more significant when we compare them to Q2 – April through June. During that time period, the Siena housing market was mostly flat – homes sold for a higher median price but in the same amount of time, at the same price per square foot. The same number of homes sold versus Q2 and but there were actually less new listings.
With the extremely limited inventory in Siena, the market should continue to be very hot, with home prices increases and and the time to sell shrinking. I’ll be keeping an eye on how this will affect the Siena market for 2021 – if you are curious about your homes value or are considering a move in 2020, contact me and I’ll be happy to discuss this with you.
By your Siena Real Estate Expert & Neighbor Kyle Pfaffe