Plum Creek Neighborhood
September 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.
However, as the saying goes, real estate is all about location, location, location! Which means that home values and markets will differ by neighborhood, by street and even by the size of the home.
Realtors are extremely busy and have 100’s of things to accomplish in 1 day which is why most Realtors share pre-made city/county level market info that will reach the widest audience yet still provide information that’s “relevant”.
I have lived here in Plum Creek for the over 13 years and I love our community. Which is why I have committed extra time and effort to create the following info-graphic exclusively from Plum Creek real estate market data.
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
Download the PDF version of the PLUM CREEK MARKET UPDATE BROCHURE
Single-family home sales volume in Hays County experienced the highest gains across the five-county MSA of Austin in August 2017. In fact, Brandy Guthrie, the current President of the Austin Board of REALTORS®, stated that “The Central Texas housing market just experienced the strongest summer selling season on record. Let’s see how the real estate market in Plum Creek compares.
Single-Family Home Sales
The number of single-family home sales in Plum Creek increased from 15 sales in August 2016 to 17 homes sold in August 2017. Not that it matters, but with an increase of 2 sales, that is considered an increase of 13.3 percent. During the same time period, according to the Central Texas Housing Report by the Austin Board of REALTORs, the City of Kyle’s single-family home sales jumped significantly by 26.5 percent. Throughout the past 12 months, 134 home sold in Plum Creek which is a decrease in sales of 14.7 percent compared to the 157 homes sold during August 2015-16 period.
Months of Inventory
Plum Creek experienced a decrease in the months of inventory to 2.2 months during the month of August. Meanwhile, most of Central Texas showed an increase in the months of inventory. Hays County’s months of inventory increased by .3 months to 3.6 months of inventory and the City of Kyle increased it’s months of inventory to 2.9 months. Despite the increase in months of inventory, the local market in Central Texas is still considered a seller’s market. According to most economists, a balanced real estate market is about 6 months of inventory.
In August 2017, single-family homes that sold in Plum Creek were on the market an average of 39 days, an increase of 5 days compared to last August. But, when accounting for all homes that came on the market, the average days on market was 53 days. The number of active listings in Plum Creek during August 2017 decreased despite having an increase in New Listings, Pending Listings, Sold Listings, Withdrawn Listings, and Expired Listings compared to August 2016.
The Bottom Line
All of the information above is pretty helpful in helping you understand the current market. So here is the take away about the current market activity. Plum Creek has seen a slowing of the appreciation of home values as well as an increase in the average days for homes to sell, which both are indicators that the market in Plum Creek is moving towards a more balanced market. It’s not just Plum Creek that is showing these signs of normalization but all over. Here is what Dr. Jim Gaines, Chief Economist for The Real Estate Center at Texas A&M University, had to say:
“The Austin-Round Rock MSA looks like it is moving toward a more normalized housing market. Similar to what we’re seeing across the state, housing inventory levels are slowly increasing, despite continued increases in sales volume and median price. That could indicate that in the latter half of 2017, we will likely experience some slowing of the home price increases that have become common in recent years – not price decreases, as the relationship between home buying and selling activity begins to balance out.”
The Austin Board of REALTORS® also provides market statistics for all of the surrounding zip-codes. You can view that information HERE.
So there you have it! I hope you enjoyed this edition of the Plum Creek Neighborhood Market Update. If you have any questions about how the current market effects your homes value, please call me or click the link below.
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