November 2022 Market Review in Canyon Creek Austin, TX 78726
Latest news in Canyon Creek Home Sales in November 2022
What you need to know……
How it impacts you……..
We don’t have a crystal ball, but we do have experience, data and understanding of how to interpret the data. What we do know it’s frustrating to be positive when you’re bombarded with such negative headlines like “alarming inventory levels.” We have been looking at weeks and sometimes days of inventory and now are looking at months. In Canyon Creek we are experiencing 1 month of inventory. That is significantly lower than the 6 months which is considered a balanced market.
November sales were a result of homes that languished on the market (124 days) after considerable price reductions because they were not priced correctly when entering the market.
We must acknowledge prices are not going to continue to escalate like in the past 2 years. The market has shifted; however, we are still in a robust housing market in Texas. Pending sales are a good indicator of future sales. We can expect to see the same sales closing in December.
Homebuyers are frustrated by higher interest rates, home prices, inflation, and economic uncertainty. The holidays are upon us so many buyers are on hold but they will stop and look at an exciting property hitting the market. I listed a spectacular home on 9616 Cinnabar Trail the week-end before Thanksgiving. Melissa held an open House with 18 interested families in attendance and received multiple offers going over list price. Our Canyon Creek market is not dead!
In 2021 from Jan. 1 – Nov. 30th 72 homes closed. In 2022 45 homes closed, which is 38% fewer homes sales. However, the sold price increased by 12% in 2022 and both years, 5 properties sold for $1million or more and in 2022 there will be another closing over a million in December, making that 6 homes in 2022!
7 properties over the last 90 days have removed their home from market because of lack of showings and excitement. There are ways to correct this with proper pricing, show condition, networking and extensive marketing.
Three homes out of 1,300+ homes
Navigating the market is evolving on a weekly basis. Sellers’s the more you do to prepare your home for market the stronger your position will be to attract an offer. Stand out from the crowd! Nothing like fresh paint, stellar curb appeal and spectacular photos to catch the eye of the buyer. Remember the eye buys!
Pricing a home correctly is key! The “right” price brings buyers, fewer days on market and higher prices. The number of price reductions is up considerably so don’t fall into that trap by overpricing!
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 shifting market might impact your plans. Let’s see how we can help YOU!