CANYON CREEK’S home prices are rising and don’t expect to see that changing even though we are in the dog days of summer and many are gone on vacations to take a much needed break.
Median prices rose precipitously in the first half of 2021. Inventories are at record lows, developers and builders cannot build quick enough to meet demand and interest rates are still low!
Lending parameters are strict and there are more credit-worthy borrowers because they are equity and savings rich. Real estate in Austin as well as in Canyon Creek has been undervalued for years. We’re in the process of a price shift as more, great jobs and people move to our area.
With only a handful of properties to choose from buyers are finding the market incredibly challenging with the dramatic appreciation in prices. Newcomers arriving from NYC or San Francisco come with impressive salaries at their disposal. In July, 10 listings closed with an average price increase of 51% compared to last year. The average square footage increased 6% as buyers elect to purchase larger homes so they can spread out to meet their demands.
THREE homes for sale out of 1,300+ homes
SIXTEEN homes Under Contract
TEN homes SOLD
Our homes are appreciating quickly, sold comparable data more than a month old are not relevant. We have less than a month of inventory.
Looking at pending properties in Canyon Creek gives us an indication of what the traffic will bear and level of the buyer’s appetite. More hopeful buyers are accelerating their home buying timelines. Building equity is more important as most consumers want to swap volatile monthly rents with steady monthly mortgage payments. We may not be seeing the number of offers as in the spring when the market was in such a frenzy. Buyers are feeling they can take a breath before submitting their highest and best offer and this is good for a healthy transaction.
Thinking of selling or making a move? Even in this market there is a strategy and method to selling. We can help you over the hurdles with no stress, just candid, reliable advice. Let’s collaborate with solid planning to address the most important items to ready your home for market to obtain top dollar. Contact us and let’s see how we can help YOU!