Eleven Oaks Realty is proud to present their January 2015 Round Rock Real Estate Price Report measuring activity in the Round Rock single family home market.
Round Rock Housing Inventory Down 14%
The biggest story in this month’s Round Rock Real Estate Price Report comes by way of inventory, which is more limited than inventory in Austin. In January 2015, we saw 1.5 months of inventory on the market, compared to 1.7 months of inventory in January 2014, marking a 14% decrease in year over year numbers. Inventory at or below 1.5 months in Round Rock is something we haven’t seen since last Spring, which is an indicator the busy Spring home buying season started earlier in Round Rock than in Austin.
What does this mean to buyers? Buyers looking to get better deals should start their home search now. The earlier in the season you can buy, the more chance you’ll have at being able to negotiate with a seller. As we get further into the busy home buying season, we will start to see more buyers in the market, which will lead to multiple offers, overbids and ultimately drive prices up. Get started with your home search now to save money. Then, when your friends are frantically on the house hunt during the busy season, you’ll be settled into your new home!
What does this mean to sellers? If you’re thinking about selling, get your home ready to sell now. Buyers are ready to make great offers and there are more of them in the market than at this time last year. Wait until Spring and, though demand will increase, so will supply, which will give buyers more choices. At the same time, don’t put your home on the market before it is ready to meet its new owners. Sellers who spend time getting their homes ready to sell end up selling their homes for significantly more money. Work with a professional Realtor who knows what buyers are looking for so they can help you position your home as the best one on the market.
Round Rock Median Home Price Up 22%
The median home price of a Round Rock home in January 2014 was $191,000 compared to $233,500 in January 2015, marking a 22% increase in year over year numbers. Buyers seem to have a tremendous amount of confidence in the direction of the market and are willing to pay more this year than they were last year, which should be great news for Round Rock sellers.
Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Round Rock Home Values Report.
Number of Homes Taken Off the Market Up 44%
In January 2014, there were 25 single family homes taken off the market compared to 36 in January 2015, marking a 44% (11 home) increase city wide. We saw a 40-50% drop in number of Round Rock homes taken off the market from December to January. Given December is a popular month for homes to be taken off the market, we expect to see a drop off from December to January and this year is no different.
If you need to sell and your home was priced right but it still didn’t find a buyer, maybe there was something else going on. The biggest culprits we see are incorrect info in the MLS and poor marketing. Check out our Round Rock Home Marketing Plan to see how your homes would be marketed if we listed them. If you’d like our opinion on why your home didn’t sell email us at info@11OaksRealty.com.
Having trouble selling your home? Check out our Round Rock Home Not Selling resources page to find out why.
Number of Sold Homes in Round Rock Up 10%
In January 2015, Round Rock saw a 10% increase in the number of homes sold from January 2014 to January 2015. In January 2015, we saw 143 homes sell in Round Rock compared to 130 in January 2014 marking a 10% (13 home) increase in year over year numbers.
Time to Sell Home in Round Rock Down 12%
In January 2015, it took 47 days to sell a home in Round Rock, on average, compared to 53 days in January 2014, marking a 12% (6 day) increase in year over year numbers. This decrease shows buyers are making decisions faster than they were last year.
Round Rock Homes Under Contract Up 12%
In January 2015, 202 homes went pending (under contract) in Round Rock compared to 181 in January 2014, marking a 12% increase in year over year numbers. It seems more home buyers got started with their home searches earlier than they did last year.
Number of Homes on the Market Up 4%
In January 2015, we had 539 homes for sale in Round Rock, compared to 519 in January 2014, showing a 4% (20 home) increase in year over year numbers.
Number of Homes Listed for Sale Up 6%
In January 2015, we saw 205 homes introduced to the market compared to 193 in January 2014, marking a 6% (12 home) increase. It seems smart Round Rock home sellers are taking advantage of increased prices and getting their homes on the market earlier.
Supply Up 4% and Demand is Up 10%
This month we saw a 4% increase in supply (number of properties for sale) and a 10% increase in demand (number of sold properties). Though supply was up from last year, demand was up more, which should be good news for sellers.
Median for Sale Up 12% vs Median Sold Price Up 22%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Round Rock, we saw a 12% increase in the median for sale price and an 22% increase in the median sold price of a single family home in year over year numbers. Sellers think their homes are worth more and buyers are willing to pay even more.
Source: Clarus Market Metrics, ACTRIS Sold Data
January 2015 Round Rock Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for January 2015 Round Rock home sales below. The most expensive home that sold in January 2015 sold for $680,000 and the least expensive home sold for $90,250. Homes ranged in size from 896 sqft – 6,426 sqft with an average size of 2,435 sqft. The average price per square foot for a home that sold in Round Rock in January 2015 was $103.21 with the lowest being $60.52/sqft and the highest being $188.62/sqft. It took, on average, 53 days to sell a home in Round Rock and sellers received, on average, 95.58% of their original list prices.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||Jan 2015|
|Property Type||Single Family Homes||Number Sold||148|
|Source:||ABoR Sales Data||Area||Round Rock|
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to buy, buying when its a sellers market may hurt you on the buying end, but you’ll make it up on the selling end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
Looking strictly at the numbers, it appears the recommendation for this month is – it’s time to sell. With 1.5 months of inventory on the market in January and demand up 10%, sellers who position their homes as a value will have no trouble finding a buyer. And, with the median sold price up 22% from last year, we know the buyers that are currently in the market are willing to pay significantly more for a home this year than last year. If you’re considering selling, work with a Realtor who can help you get top dollar for your home. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. The busiest time of year is just around the corner. Do what you can to prepare your home now and you’ll be ready at the perfect time. For more info about our Home Selling Program, check out Sell My Round Rock Home.
If you’re a buyer who is ready to buy, work with a professional Realtor who has strategies for getting your offers accepted. The earlier you can start the home buying process, the less you’ll pay. We expect demand and prices to increase as we head into Spring, which is just around the corner. If you’re looking to buy, we can help you find the right house in the right neighborhood for you and your family. We know the market and know how to make the process as stress free as possible. For more info about buying a home, visit Buy a Home in Round Rock.
Questions About the Round Rock Real Estate Price Report?
Do you have questions about this Round Rock Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Round Rock real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.