The Siena Round Rock housing market saw unprecedented activity and growth in the last three months of 2020, with huge increases in prices, number of homes sold and volume. The 3rd quarter of 2020 had reasonable growth but was marginal in comparison to the 4th quarter.
The Siena housing market saw incredible growth in October through December of 2020 – over 16% in median home prices! Is this sustainable and how will developments around Siena affect our home values? Only time will tell”Kyle Pfaffe, Siena neighbor and real estate expert.
In the 4th quarter of 2020 – October through December – the median sales price of resale homes in Siena skyrockets 16.7% to $320,000 from $274,250. In comparison, the 3rd quarter had a 7% increase. Historically, the time around the holidays in Siena has been a time where the housing market slowed down as sellers and buyers preferred to stay home, but not in 2020. A number of factors contributed to a 57% increase in the number of homes sold in the 4th quarter – 44 homes in all. Those factors include low inventory, more freedom of movement with virtual learning, a delayed market from COVID shutdowns, and sellers taking advantage of rising prices.
The average time it took for a resale home in Siena to sell in the 4th quarter was 13 days – 39 days faster than the same time in 2019 when homes took 52 days to sell on average. The number of new listings in Siena was 78% higher than 2019 and contributed to a 59% increase in sales volume for a total of $12.5 million in residential resale home sales this quarter alone. The only significant real estate statistic that did increase over 2019 was the average price per square foot which dropped 4.1% to $124/foot. However, this is likely a result of larger homes selling which can skew this number, not values declining.
The Siena Round Rock community is entering an interesting an uncertain time in 2021 with numerous changes on the horizon.
- New home construction in Siena will wrap up this year
- Multi-family developments in adjoining tracts are kicking off
- City of Round Rock and Williamson County road projects are in development
- KB Homes new Salerno project should break ground on new homes
- Other residential projects are in early development around Siena
Along with these looming changes, one has to wonder how the housing market will respond in 2021. The price increases and market activity has been squeezed largely in part by incredibly low inventory. New home builders around the Austin area cannot keep up with demand and resale home inventory has been held down by stay-in-place orders nationwide. I’ll be keeping a close eye on all of these factors and keeping the residents of Siena informed.
Once again this year, I am offering free Unique Property Reviews to Siena Residents. If you are interested in receiving this report for your home, visit the Siena Unique Property Review Page for examples and to sign up.
By your Siena Real Estate Expert & Neighbor Kyle Pfaffe