The entire housing market in the Austin area has been growing at a rapid rate – almost out of control. Siena Round Rock is seeing even more explosive growth than the Austin area as a whole. Prices are up, sales are up, inventory is down and time to sell has plummeted. These generalitties are nothing new, but what do the actual numbers for the Siena real estate market show?
In the first three months of 2021, over $10,000,000 of real estate in Siena was bought or sold – double the amount of sales during the same period of 2020″Kyle Pfaffe, Siena neighbor and real estate expert.
To be exact, sales volume in Siena was $10.24M this year versus $5.43M in 2020. These were not sales that were pushed into this year from the end of 2020 – the last quarter of 2020 had a 59% increase as well! In January through March, the median sales price for a resale home in Siena was $360,000, an increase of $73,000 and 25.4%. The average price per square foot also increase 23.1% to $133/ft compared to $108/ft in 2020.
In the first quarter of 2021, 39 resale homes closed, a 69% increase over the same time last year. Clearly, many homeowners in Siena are taking advantage of the skyrocketing market in our community. Sixty-six new resale listings came on the market in Siena in the first quarter, almost double the number of homes listed in Q1 of 2020 (33). This jump nothing to calm the market in siena as homes sold in an average of only 4 days, 24 days faster than the average time on market in 2020.
While the Siena market has been HOT HOT HOT, where do we go from here? Are we in a bubble or is this just the beginning of a long, steep climb? I field questions like this from our neighbors in Siena on a regular basis. I believe that we will see this market continue to grow and inventory levels remain low through 2022 and then level out, at least compared to what we are seeing right now. I do not have a crystal ball, but have been watching the Siena market very closely for 5 years. Unless some nationwide factors come into play, we are in for continued growth.
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
Are you thinking about selling or have questions about your home that I can help with? Fill out this form at SienaToday.com/sell to start the conversation. You can also receive a Free, INSTANT Home Value Estimate on my website. Curious about other homes for sale in Siena? Check that out too with plenty of demographic, trend and other info.
By your Siena Real Estate Expert & Neighbor Kyle Pfaffe