Austin Market – October 2022
We have officially entered the Thanksgiving season and temperatures have become chilly. We actually had to turn on the furnace for the first time. We are very grateful for all of our clients who have become friends. If you have anyone who needs our assistance, please reach out. Inventory in the Austin Metropolitan area continues to increase, and we are now at around 9,604 active homes, condos, and townhomes, 4,326 under contract or pending, and 1,809 sold properties (for the last 30 days). We are at 5.31 months of inventory. If you have been thinking of buying it still makes sense to buy in Austin if you need a place to live. We will likely see year over year pullback on pricing in the spring since May 2022 was the high watermark for prices. However, we are unlikely to see annual depreciation since the market has relatively few “forced sellers”. As a buyer, you will have lots of homes to choose from and you will have more leverage than buyers have seen in 10+ years. Mortgage rates are high, but you can buy at better prices and most lenders have multiple programs that can assist in bringing the interest rates down, or there is the option to refinance later.
Home Sales – Units Sold in October 2022
Home sales have decreased in October 2022 by 28.90% across the five-county area, whereas Travis County has had a 34.15% decrease and Williamson County a 29.65% decrease. The uncertainty of our economy is one of the contributors of the sales decreases and of course the time of year which has been historically slower than the spring season. It will be interesting to see where the market heads in 2023. We are also noticing the centrally located neighborhoods such as Allandale, are still very active. In the last 60 days, 6 properties have sold, there are 6 under contract, and 23 active properties. The properties that sold in October sold between $5,000 and $125,000 below asking price.
Average Sold Price in October 2022
The market saw a sold price increase of 7.48% this October when compared with the same time last year. The average sold price went from $569,034 in October of 2021 to $611,582 in the month just completed. Williamson County saw a price increase of 8.86% from $480,361 at this time last year to $522,933. Travis County saw a 11.18% increase from $669,303 to $744,111 in October 2022. We also saw the sold to list price ration come in at 96.99% in the five-county area and 97.05% in Williamson County. This is a common question people are asking nowadays, will average sold price come down? Some professionals see no year over year decreases in 2023 while some see a decrease of up to 15%.
Average List Price in October 2022
The overall market also saw an 12.26% increase in list price from this same time last year. The average list price went from $561,705 in October 2021 to $630,587 in October 2022. Travis County led the way with a 16.17% list price increase, from $661,399 in October 2021 to $768,344 in October 2022. Williamson County had an 14.04% increase going from $472,489 to $538,826.
See the below chart for additional information and feel free to ask for more detailed information on particular areas.
Austin News
A new housing community is springing up in the popular Austin suburb of Dripping Springs. Lookout, a multi-family rental development is now under construction and expected to be completed in late 2024. Among the 241 rentable units will be one-, two- and three- bedroom apartments as well as townhomes. The project is geared towards young families and young professionals and boosts a seven acre footprint and panoramic Hill Country views.
A new mixed used development aiming to ease Austin’s affordability crisis is coming to the Northeast Austin intersection of East Braker Lane and Wedgewood Drive. The $65 million joint venture from a local non-profit, BiGAUSTIN. ASPIRE will be diversified, multi-use, mixed-income development that provides underserved residents an environment to survive and thrive. The housing component is expected to have 112 efficiency units, 165 one-bedroom units, 106 two-bedroom units and 24 three-bedroom units.
Here are 10 festive Thanksgiving feasts and specials to goggle up this holiday. As every year, Austin restaurants are ready with their Thanksgiving traditions. There are plenty of options both in-person and at home, and even some that allow pickup early enough to travel (if driving with a whole dinner is really your thing). Most of these 10 options offer fixed price, set menus to accommodate a total pivot to a different type of high-quality cooking, but a few keep things simple for potluck guests and holiday rogues.
Every submarket is different, and activity varies by neighborhood. If you need any additional help feel free to reach out.
Stay healthy!