Home Sales – Units Sold in March 2022
Home Sales have decreased in March 2022 by 6.78% across the five-county area, whereas Travis County had a 2.38% decrease and Williamson County an 8.96% decrease. Our thoughts on the decrease are because of two very specific things happening in the market; lack of inventory and rising interest rates.
Average Sold Price in March 2022
The market saw a sold price increase of 17.09% this March when compared with the same time last year. The average sold price went from 566,091 in March of 2021 to 662,819 in the month just completed. Williamson county saw a price increase of 22.84% from 448,265 at this time last year to 550,645. Travis county saw a 10.42% increase from 713,762 to 788,147 in March of 2022. We also saw the sold to list price come in at 105.25% in the five county area and 105.57% in Williamson county.
Average List Price in March 2022
The overall market also saw a 18.67% increase in list price from this same time last year. The average list price went from 530,685 in March of 2021 to 629,734 in March of 2022. Williamson county again led the way with a 26.90% list price increase, from 411,034 in March 2021 to 521,617 in March 2022. Travis county had a 11.14% increase going from 671,636 to 746,470.
Here is a little review of some of the numbers for the Austin Market for March
- New listings in last 30 days are down 9.92% from last year. Year to date listings are also down 6.82%.
- Pending listings in last 30 days are down 17% compared to last year. Pending listings year to date are down 5.93%
What does this mean? These numbers show that our lack of supply continues to affect sales. We believe the number of new listings will continue to be down, since interest rates are continuing to increase. The increase of interest rates will slow the “move up” listings. A move up listing is someone who bought a home and whose situation has changed and they are now looking for something larger or more functional.
See the below chart for additional information and feel free to ask for more detailed information on particular areas.
Austin News
As we know the Texas housing market continues to move at a rapid pace and even with low inventory and rising prices Texas is opening the door to a large pool of first-time homebuyers. According to the, Homebuyers and Sellers Report, 32 percent of all homebuyers purchased a home for the 1st time. The homebuying article gives more statistics about the 1st time homebuyer.
Here is some great information on the five hottest zip codes for those first-time homebuyers. It is with no surprise that Pioneer Crossing, Wells Branch and Milwood make the list. The great thing about all these neighborhoods is they are well developed neighborhoods with tree lined lots, parks and they are close to shopping.
A massive development near Lady Bird Lake is one step closer to approval. It will be located at South Congress and Riverside and have 1,300 residential units with 55 being designated as affordable housing. Plans also include a hotel, office space and retail.