And the lists begin on the hottest real estate markets in 2020! Austin topped its first list according to Zillow Inc. when they named the Texas capital as the hottest housing market of the year. This was based on the results of a survey of 110 economists and real estate experts.
The Austin unemployment rate of 2.6% compared to 3.6% nationwide and an extremely low mortgage delinquency rate of .4% compared to the national value of 1.1% is just another reason to predict Austin will continue to outperform U.S. market expectations.
How does this phenomena affect home prices in Canyon Creek, a master planned community located in NW Austin?
Closed sales in 2019 dropped by 16% compared to just two years ago in 2017. Why? Residents don't want to move unless they have a firm plan in place, and know they can find a new home in Austin or surrounding communities. Prices raised an average of 6%, however the highest sale almost hit $700,000. That's $80,000 more than the highest sale in 2018! Properties located in Austin proper appraised at a higher rate but the inventory shortage and location to be closer in was a critical factor.....supporting the old adage location, location, location.
Canyon Creek homes are a spectacular value with steady appreciation and continue to hold value. We hear many buyers wanting to live closer to downtown or the rapidly growing Domain area, but affordability becomes a huge factor in securing the right home. As development pushes the Austin boundaries, Canyon Creek will eventually be viewed as a more reasonable commute and top performing schools will play a factor.
Schools in Canyon Creek are a real plus because residents are assigned to the highly accredited Round Rock School District with the exemplary Canyon Creek Elementary (ranked second in the state) located in the middle of the community. Annual HOA dues are currently $440 per year and covers maintenance of the main entrance, entrance into each section, open space, pool, the community center and tennis courts. The property tax rate is 2.309 per $100 evaluation.
You'll find 1,330+ stunning homes, ranging from the mid $300,000’s to the high $600,000’s including 2 gated sections offering detached garden/condo home living options; The Villas at Canyon Creek and The Enclave plus Canyon Creek West a David Weekly built community of 47 homes.
Whether buying or selling I know the intricacies of our community and our hyper-local real estate market. I strive for procuring the maximum dollar for your home in any market. You need a full service real estate agent who has a long-standing history of doing just that! I'm a Canyon Creek resident and lived in the community since 1994. You can also reach out to my daughter Melissa Stout at 512-554-6656, she grew up in NW Austin and knows the market well.