Austin Market Update – July 2022
Hope you are enjoying the summer in Austin as we begin the new school year as we present the Austin market Update – July 2022. Inventory in the Austin Metropolitan area continues to increase, and we are now at around 8,990 active homes, condos and townhomes, 5,937 under contract or pending, and 2,255 sold properties (for the last 30 days). We are at around 3.99 months of inventory which we haven’t seen in a long time. We also noticed that buyers who are ready to buy are the ones active in the market right now. It seems we are moving towards pre-pandemic sales activity and inventory. The Austin housing market still favors sellers, however; buyers have more negotiation power now than before the pandemic. The great thing about this is that Realtors® are now starting to list properties at a lower price than it would be listed at during the springtime.
Homes are still selling as long as the property is priced competitively, is showing read and well presented.
Home Sales – Units Sold in July 2022
Home Sales have decreased in July 2022 by 30.90% across the five-county area, whereas Travis County had a 36.25% decrease and Williamson County an 35.74% decrease. Our thoughts on the decrease are buyers still getting use to interest rates in the 5% range and the fear of recession.
Average Sold Price in July 2022
The market saw a sold price increase of 8.69% this July when compared with the same time last year. The average sold price went from $611,604 in July of 2021 to $664,733 in the month just completed. Williamson county saw a price increase of 11.98% from 499,249 at this time last year to $547,757. Travis county saw a 8.69% increase from $742,598 to $831,586 in July of 2022. We also saw the sold to list price come in at 99.57% in the five-county area and 100.03% in Williamson County.
Average List Price in July 2022
The overall Austin housing market in July also saw a 15.78% increase in list price from this same time last year. The average list price went from $576,650 in July of 2021 to $667,624 in July of 2022. Travis county again led the way with a 19.41% list price increase, from $700,354 in July 2021 to $836,301 in July 2022. Williamson county had a 16.91% increase going from $468,394 to $547,588.
Here is a little review of some of the numbers for the Austin Market for July
- Active Listings are up 217% over this time last year.
- New Listings are up 19% over this time last year.
- Pending sales are down 31% over this time last year
- Inventory is up 1.5 months from this time last year to 2.1 months of inventory.
See the below chart for additional information and feel free to ask for more detailed information on particular areas.
Austin News
A new restaurant is coming soon to Round Rock. Whiskey Cake Kitchen and Bar will hopefully open in the spring of 2022. Whiskey Cake focuses on offering seasonal, locally sourced farm-to-kitchen creations. The menu features dishes made from scratch.
The Austin Real Estate market tops Texas with the highest price for new homes. New data from HomesUSA.com shows that a newly built home in the Austin metro was $541,079, while Dallas-Fort Worth landed at $501,327 and Houston was 419,573. In the Austin-Round Rock region new homes jumped 22.2 percent from last June to this June. The good news is from May of this year to June of this year the price dipped slightly, by less than 1%.
It is not just the Austin Residential real estate market that has been hot. Austin has been among the hottest markets in the Southwest for warehouse and distribution center construction. Data showed that Austin had nearly 8.3 million square feet of industrial space under construction. The rise of e-commerce is the driving force behind industrial construction. Austin ranks third in Texas behind Houston and Dallas.
Keep in mind that real estate is hyperlocal, and everyone has different needs so please reach out to us if you have questions over your specific market or situation. We love to help!
Stay healthy!