Plum Creek Market Update
August 2017 Edition
Hello Plum Creek Neighbors!
So often local real estate professionals update their clients/customers about the real estate market with broad strokes using data that encompasses the entire Austin Metro area, Hays County, or the City of Kyle.
I plan to create a new Market Update each month for our neighborhood so if you are interested in receiving the following brochure monthly you can sign up at the very bottom of this page.
Plum Creek Neighborhood Market Update Brochure
Single-family home sales volume for July 2017 in Plum Creek has drastically decreased for the second year in a row. Last year for the month of July sales decreased 37 percent and this year sales fell another 53 percent to $1,769,474. This is directly opposite to what the sales volume has done in Hays County which, in July 2017, experienced the highest gains across the five county MSA. Year-to-date, 22 percent of the single-family homes that sold in Plum Creek were for less than $200,000, 44 percent sold between $200,000 and $250,00, 30 percent sold between $250,000 and $300,000, and only 3 percent of the homes sold were $300,000 and above.
Single-Family Home Sales
Plum Creek single-family home sales decreased 50 percent year-over-year to 8 homes sold in July 2017 compared to the 16 homes that were sold last July. The total amount of homes sold in Plum Creek during July 2016 through July 2017 was 148 homes, a decrease of 15.9 percent if compared to the 178 homes sold during July 2015 through July 2016. The median price for single-family homes in Plum Creek grew just .2 percent year-over-year to $224,050 in July 2017.
Months of Inventory
Hays County has one of the highest inventory levels across the five county MSA at 3.6 months while housing inventory in Plum Creek increased slightly by 0.45 months to 2.7 months of inventory which happens to be the same inventory figure for the City of Kyle.
In July 2017, single-family homes that sold in Plum Creek are on the market an average of 25 days, an increase of 3 days compared to last July, but, when considering homes that are still active or either pending, expired, or withdrawn the average is average days on market for all listings is 42 days.
The Bottom Line
Housing inventory is creeping up and homes are taking longer to sale, but the amount of homes selling is continuing to decline, which could mean that the market in Plum Creek is becoming more balanced. Another takeaway is that the appreciation of home prices have started to stall which could result in a correction in home prices.
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