Third Quarter 2022 Canyon Creek Market Overview

By
Real Estate Agent with Coldwell Banker Realty ~ 512.750.6899

 

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)

Inflation

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.

 

Homes Sold 

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!

                                                                                                               

 

 

    

Posted by

Austin TX Canyon Creek Real Estate Agent

(512) 750-6899
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Canyon Creek Neighborhood

I specialize in Listing and Selling homes in the NW Austin Area. I use my experience to guide clients through the process, whether selling or buying. It’s a beautiful thing when your career and a passion come together. I love what I do!

Comments (13)

Roy Kelley
Retired - Gaithersburg, MD

Families on the move will love your outstanding local community reports.

Oct 04, 2022 07:17 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Dorie,
Canyon Creek certainly continues to be a hot market!

Oct 04, 2022 07:23 AM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

23 days on the market is still an awesome number.  Your market seems to be staying steady like ours.  Hope you have a wonderful day!

Oct 04, 2022 07:46 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Hi Roy Kelley Thank you!

Oct 04, 2022 08:20 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Hi Carol Williams ..our days on market for Active Properties are now longer and we are seeing price reductions.

Oct 04, 2022 08:21 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Norma J. Elkins : I wish I could say its staying that low but the Active properties are on the market longer now.

Oct 04, 2022 08:22 AM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Sellers are starting to get concerned that they may have missed the market. I have one young couple who have put off their search for a home right now due to the increased prices and the rise in interest rates. We are seeing a lot of price decreases on listings.

Oct 04, 2022 08:57 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

We are seeing a slowdown here on the Space Coast, mostly fueled by interest rates with limited options for buyers. They are renting and driving our rental rates through the roof!

Oct 04, 2022 09:49 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Hi Nick Vandekar, 610-203-4543 : We are seeing many putting on the breaks in making a decision both for buying and listing.

Oct 04, 2022 05:43 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Same here Jeffrey DiMuria 321.223.6253 Waves Realty !!

Oct 04, 2022 05:43 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Great report, Dorie... you could easily replace Canyon Creek with any number of Charlotte area neighborhoods and the story would be the same.

Oct 05, 2022 04:27 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

I agree Nina Hollander, Broker !

Oct 05, 2022 05:05 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Canyon Creek home buyers and sellers are sure to value your real estate market report, Dorie.

Oct 08, 2022 06:47 PM