Plum Creek Neighborhood
October 2017 Edition
Hello Plum Creek Neighbors!
So often local real estate professionals provide their clientele with updates about the real estate market using broad strokes that encompass market data of 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 home.
That is why it is more important that you receive micro-level market details instead of the typical real estate data that you can easily find in a Google search.
Below you will find my market research that I’ve compiled, calculated and analyzed for you so that you can have the kind of useful and relevant information that is most valuable to you. I did this so I can serve the community that I love and care about because I also have lived here in Plum Creek for over 13 years.
I plan to create a new Market Update each month for our neighborhood. So if you are interested in receiving the following information on a monthly basis you can sign up at the very bottom of this page. I hope you enjoy!
Plum Creek Neighborhood Market Update Brochure
Download the PDF version of the PLUM CREEK MARKET UPDATE BROCHURE
According to the September 2017 Central Texas Housing Market Report, most counties in Central Texas experienced a decrease in the number of Single-family home sales this September, while also seeing a continuation of increasing inventory levels. This years decreased sales figures isn’t necessarily indicative of a downturn in the real estate market if you consider that September 2016 had record breaking sales activity. Let’s see if the same can be said of the Plum Creek real estate market.
Single-Family Home Sales
The number of single-family home sales in Plum Creek increased from 9 sales in September 2016 to 10 homes that sold in September 2017, an increase of 10 percent. During the same time period, the City of Kyle’s single-family home sales decreased by 12.8 percent. Last year the average sales price in Plum Creek declined but has now rebounded to $232,630 – an increase of 7 percent compared to last year. However, these past 12 months, Plum Creek has had a 10.5 percent decrease in the amount of homes sold as well as a decrease of 7.2 percent in total sales volume.
Months of Inventory
Plum Creek’s months of inventory fell to 2.6 months compared to September 2016. While, Hays County’s months of inventory increased by .5 months to 3.5 months of inventory and the City of Kyle’s decreased to 2.3 months. As a whole, the local market in Central Texas is still considered a seller’s market. According to most economists, a balanced real estate market is around 6 months of inventory.
In September 2017, single-family homes that sold in Plum Creek were on the market an average of 18 days, a decrease of 13 days compared to last September. But, with all homes that went on the market considered, the average days on market in Plum Creek for September 2017 was 45 days. Plum Creek had 7 more new listings compared to last September and 1 more sold listing. At the same time, Hays County saw double-digit increases in new and active listings and sold homes are also taking approximately 6 days longer to sell than September 2016.
The Bottom Line
The sales activity in Plum Creek is still strong as indicated with the decrease in the average days on market and in months of inventory. However, the total decline in houses sold and total sales volume for the last 12 months shouldn’t be ignored. Low inventory is still causing the decrease in housing affordability in our neighborhood as well as the surrounding areas. Here is what Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of REALTORS® had to say about the current outlook on housing affordability around Austin:
“For 2018, slightly higher mortgage rates will further pressure affordability and therefore attest to even greater need for new home construction to tame home price pressure. Home sales, based on recent past job creation, should continue to modestly increase in 2018. But home sales in 2019 will depend critically on inventory availability.”
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.