Latest news in Canyon Creek Homes Sales in Third Quarter
What you need to know……
How it impacts you……
Are buyers still absorbing inventory at the same pace as a few months ago?
No. The Absorption rate is under 2 months of inventory and 6 months is a balanced market. We are seeing a slowdown in buyer appetite fueled by several factors:
♦ Interest Rates
♦ Fewer mortgage applications
♦ Property tax concerns (I bet there are record protests this year at the county tax assessor)
♦ Buyer fatigue
♦ Home values
♦ Media noise (locally and a lot of national rumblings about a recession)
♦ Economic insecurity
The list to sell ratios are still strong but expect to see them slip as we head into fourth quarter. Buyers are scrutinizing their negotiating opportunities carefully.
Canyon Creek Third Quarter 2022
There are 10 Active homes found on September 30, 2022 (out of 1,330+ homes) and 3 Contract Pending homes.
Home Sales decreased by 81%
SOLD prices increased 11%
SOLD price/square foot increased 22%
Outlook for Home Sales in Canyon Creek
Moving into fourth quarter 2022 we will continue to experience inadequate inventory to meet the demand. However the rising interest rates and economic insecurity will hold the market back in terms of sales momentum! It’s not unreasonable to assume serious buyers will continue to actively look and secure homes. Buyers are motivated to beat the next round of increased interest rates. They understand the rising rents are outpacing monthly mortgage payments.
Seller’s pricing a home correctly is key! The “right” price brings buyers and fewer days on market and remember the eye buys! The number of price reductions is up considerably so don’t fall in that trap and over price!
I believe in Austin, and with the economic engine churning with businesses and people continuing to move here, we are in a good place to be.
We serve our clients by arming them with strong market knowledge and seasoned experience. Want to know what a buyer would pay for your home? We stay on top of the data to make sure we are at the forefront of the market to best serve our sellers and buyers! Call us for a conversation on how the balancing in our market might impact your plans. Let’s see how we can help YOU!