Austin Market Update for August 2022
Here is the Austin Market Update for August 2022 and we hope you are enjoying the summer in Austin as we begin the new school year. . Inventory in the Austin Metropolitan area continues to increase, and we are now at around 9,447 active homes, condos and townhomes, 5,570 under contract or pending, and 2,306 sold properties (for the last 30 days). We are at around 4.10 months of inventory which we haven’t seen in a long time. It seems we are moving towards pre-pandemic sales activity and inventory. This increase in supply indicates the beginning of a more attractive market for buyers. We are also starting to see home builders offering incentives and price adjustments. However, we are also noticing that sellers who are not getting the price they believe is reasonable for their property are opting to keep their property as an investment property and a rental.
Something important to consider is also the time of year. Austin summers have historically been slow. It gets so hot here and not many people look for homes during the summer, people go on vacation to escape the heat. It’s been different the last two years because of COVID. People haven’t been able to travel. Our market has been so busy with people moving in. It seems that we are approaching a more normal market and Austin is still very attractive for many people.
Home Sales – Units Sold in August 2022
Home Sales have decreased in August 2022 by 26.30% across the five-county area, whereas Travis County had a 32.95% decrease and Williamson County an 28.23% decrease. The recent increase in interest rates is the main reason for sales decrease. Even though interest rates are still historically low, many buyers have seen extremely low interest rates during the pandemic. We are now moving to a more normal market where buyers and sellers can work in a more cooperative way.
Average Sold Price – August 2022
The market saw a sold price increase of 11.13% this August when compared with the same time last year. The average sold price went from $592,225 in August of 2021 to $658,126 in the month just completed. Williamson county saw a price increase of 11.80% from 496,605 at this time last year to $555,194. Travis county saw an 15.60% increase from $695,495 to $804,007 in August of 2022. We also saw the sold to list price come in at 98.46% in the five-county area and 98.71% in Williamson County.
Average List Price – August 2022
The overall market also saw a 16.78% 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.
See the below chart for additional information and feel free to ask for more detailed information on particular areas.
Austin News
Austin is about to have a new highest building, The Waterline, that overlooks the Austin skyline. The mixed-use project will be 74 stories high and 1,022 feet high. The building will also be the tallest in Texas, eclipsing he 75 story JP Morgan Chase tower that is in Houston. Current details of the Waterline project that have been released to the public show that the property will have 700,000 square feet of office space, 352 high-end apartments and 251 hotel rooms.
If you have lived in Texas long enough you realize how much Texans love their local H-E-B. H-E-B has now announced two new home décor lines; Haven + Key and Texas Proud which promise “hundreds of items” for shoppers, according to a release, including “timeless woven textiles, inspiring décor, and versatile furniture and accent pieces.”
Most people think of the Circuit of the Americas (COTA) and either think of F-1’s racing the track or the motorcycles zooming around the track. Starting on September 13th the bicycles are taking over the track. Tuesdays at 6 pm, anyone who owns a bike can take the activity to the max on the 3.41-mile track. After pedaling their hearts out or enjoying a leisurely coast, riders are invited for drinks and food truck snacks.
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!