Eleven Oaks Realty is proud to present their February 2015 Round Rock Real Estate Price Report measuring activity in the Round Rock single family home market.
Round Rock Median Home Price Up 16%
The biggest story in this month’s Round Rock Real Estate Price Report comes by way of median price, which is up in year over year numbers. The median home price of a Round Rock home in February 2014 was $195,000 compared to $225,500 in February 2015, marking a 16% ($30,500) increase in year over year numbers.
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.
What does this mean to buyers? The Round Rock real estate market has been on the upswing for a few years now and I don’t expect that to let up any time soon. Recently named the Best Affordable City to Live in the US, Round Rock has increased in popularity. Home buyers who are looking for more value for their money, but don’t want to sacrifice proximity to Austin and amenities are looking in Round Rock. If you want to buy a home in Round Rock, my advice is to get in the market as early as you can.
What does this mean to sellers? If you’re thinking about selling, understand it will take longer than it did last year, but you’ll also get, on average, 16% more for your home. Even buyers who are hesitant to pull the trigger are making great offers. As we head deeper into Spring, we’ll expect demand and pricing to go up. Get your home ready to put on the market now and you should have no trouble finding a buyer. 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 Housing Inventory Down 1%
This year we saw essentially no change in the amount of inventory on the Round Rock housing market. Again this month, Round Rock’s inventory was more limited than what we are seeing in Austin. In February 2015, we saw 1.4 months of inventory on the market, compared to 1.4 months of inventory in February 2014, marking a 1% decrease in year over year numbers. Round Rock is now at its lowest point in inventory since last April. It will be interesting to see if we dip below last year’s figures. Considering these are only February’s numbers, I’d say there is a good chance that might happen.
Number of Homes Taken Off the Market Up 5%
In February 2014, there were 19 single family homes taken off the market compared to 20 in February 2015, marking a 5% (1 home) increase city wide. In terms of number of homes taken off the market, we’re back down to Spring lows.
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 2%
In February 2015, Round Rock saw a 2% increase in the number of homes sold from February 2014 to February 2015. In February 2015, we saw 150 homes sell in Round Rock compared to 147 in February 2014 marking a 2% (3 home) increase in year over year numbers.
Time to Sell Home in Round Rock Up 7%
In February 2015, it took 41 days to sell a home in Round Rock, on average, compared to 38 days in February 2014, marking a 7% (3 day) increase in year over year numbers. Though time is up from last year, we’re still on the down swing from January, which is what we would expect.
Round Rock Homes Under Contract Up 5%
In February 2015, 228 homes went pending (under contract) in Round Rock compared to 217 in February 2014, marking a 5% increase in year over year numbers. A few more buyers are coming out this year than they were last.
Number of Homes on the Market Up 5%
In February 2015, we had 556 homes for sale in Round Rock, compared to 531 in February 2014, showing a 5% (25 home) increase in year over year numbers.
Number of Homes Listed for Sale Up 7%
In February 2015, we saw 233 homes introduced to the market compared to 218 in February 2014, marking a 7% (15 home) increase. As with buyers, it seems a few more sellers are out earlier this Spring than they were last.
Supply Up 5% and Demand is Up 2%
This month we saw a 5% increase in supply (number of properties for sale) and a 2% increase in demand (number of sold properties).
Median for Sale Up 9% vs Median Sold Price Up 16%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Round Rock, we saw a 9% increase in the median for sale price and a 16% 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
February 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 February 2015 Round Rock home sales below. The most expensive home that sold in February 2015 sold for $480,000 and the least expensive home sold for $102,000. Homes ranged in size from 916 sqft – 5,383 sqft with an average size of 2,288 sqft. The average price per square foot for a home that sold in Round Rock in February 2015 was $105.27 with the lowest being $53.13/sqft and the highest being $153.22/sqft. It took, on average, 35 days to sell a home in Round Rock and sellers received, on average, 98.36% 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||Feb 2015|
|Property Type||Single Family Homes||Number Sold||152|
|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 1.4 months of inventory and 5% more homes accepting a contract, sellers who position their homes as a value will have no trouble finding a buyer. And, with the median sold price up 16% 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.