16 Jul Onion Creek Neighborhood Q1 (1st Quarter) Market Update
Local news reports that 150 new people move into the area every day and 40 people move out so that gives the Austin area a net gain of 110 people per day! That is huge and especially to someone like me who grew up in King City, California which had a population of 5,000 at that time. But even amidst all the intensity of the market, I am always amazed at the tremendous value and the quality of the Onion Creek neighborhood.
I was just there yesterday morning going for a nice Sunday morning walk. You may have seen my short Facebook live video from yesterday where I just gave an overview about the actual market statistics for this neighborhood. So without further adieu lets look at the first quarter’s statistics (January through March 2018) for this neighborhood.
The median price was up to $378, 500 and that is 13.7 percent higher than during the same quarter last year. In the price distribution we can the the majority of the homes that sold had selling prices between $300k and $400k. This was 42.9 percent of the homes that sold. Second were the the homes that sold between $400k and $500k. These were 35.7 percent of the homes sold in Q1. Together these two categories amounted to over 78 percent of the homes sold in Q1. This left the lower priced homes below $300k as a smaller part of the selling market.
Active listings and closed sales were both down when compared to the same quarter in 2017. There were 19 active listings in this first quarter of 2018 and 14 closed sales. The days on market was 74 and days to close was 31 for a total of 105 days and that was an increase of 7 days. So sellers should always plan their home selling and follow-on housing considerations knowing that selling your homes requires a time commitment of several months.
Lastly, you can see that months of inventory on hand in this neighborhood remained unchanged at 2.7 months of inventory on hand.
Here is how this compares to the City of Austin overall in the Q1.
Austin’s median price Q1 – $340,000 (up 4.6% year over year)
Austin’s days on market was 56 with 36 days to close for a total of 92 (3 days more than Q1 in 2017)
Austin’s months of inventory was 1.8 (down .2 from Q1 in 2017)
Austin’s price distribution showed the majority of homes sold in Q1 were between $200k and 300k making up 30.5% and the next largest group was homes that sold between $300k and $400k with 24.7%.
So there you have it. Did any of this surprise you are is this what you expected? Will this affect your home selling or home buying decisions in the near future? Q2 reports ending with the month of June are not yet published but are due to be out soon. So check back here for that updated information.
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