There is NO Shortage of Lots Available in River Chase!

There is definately NOT a shortage of lots available, for sale, in River Chase!  Here is the breakdown:

As of today, there are 134 residential lots available in the subdivision! 

• Available lot size range from 1 acre to 5.67 acre homesites.
• The LEAST expensive lot is a 1.07 acre homesite available for $31,000 (on Shady Hollow).
• The MOST expensive lot is a 2 acre homesite available for $179,800 (on Cambridge). 
• The average price per lot in River Chase is $61,135.
• The average number of "days on market" is 409, with a low of 3, and a high of 2008(!).

Currently, there is one lot under contract in River Chase:

• 519 Paradise Hills:  1.13 acres available for $49,900, on the market for 115 days. 

Since January 1, 2011, three lots have sold in River Chase:

• 1119 Shady Hollow:  1.05 acres sold on 1/21/2011 after 1085 days on market.
• 2264 Deer Run Ridge:  1 acre sold on 1/28/2011 after 16 days on market.
• 566 Cambridge Dr:  1 acre sold on 1/12/2011 after 318 days on market.

This data may seem a little scary.....out of 138 lots, only 3 have sold in the last 2 months, and only 1 is under contract???  There is a lot that has been available for 2008 days???? 

This data may not be as scary as it seems.  Like the residential resale market, residential lots tend to follow the same market season pattern.  Winter is typically a slower time for all real estate sales.  Also, vacant lots tend to stay on the market for more time than residential homes.  It is not unusual for a lot to be on the market for a year or more. 

What do all of these available lots mean for the River Chase real estate market??? 

I say:  a high number of lots is a good thing!  This means that River Chase, as a community, is still growing.  As lots are sold off, new homes will be built, and new families will be moving to the neighborhood.  This growth and positive flow means more attention to community, more new construction, more diversity for comparable properties, and more potential for increasing property values.

Of course, on the flip side, current homeowners in River Chase will be competing with buyers interested in new construction homes for a while, BUT, some buyers don't have time to build a house, or want to work through the building process! 

This topic will definately be explored more during the River Chase 1st Quarter 2011 Market Update post.




Please note: Data provided by Central Texas MLS is deemed reliable but not guaranteed.  Data does not reflect properties sold exclusively through by owners or builders who have not listed in the MLS.  Data does not necessarily reflect Keller Williams listings and sales.