Most frequently hired Realtor® in Canyon Creek - YOUR TRUSTED RESOURCE.

Latest news in Canyon Creek Homes Sales in Fourth Quarter

What you need to know……

How it impacts you……

   

First quarter started out in a seller’s market, feeding frenzy. Second quarter brought a shift toward the end of the quarter, with the market beginning to cool as inflation soared and interest rates jumped. Third quarter the market continued to cool, as it usually does seasonally each year. By Fourth quarter buyers pulled back (as generally they do during the holidays).

   

The Absorption Rate is 2 months and 6 months is a balanced market, so we are doing well! We are seeing a slowdown in buyer appetite fueled with the economic uncertainty, higher interest rates, all the media chatter of rumblings of a recession and the seasonal time of the year where there are normally less sales.  

Canyon Creek Fourth Quarter 2022

There are 4 Active homes found on December 31, 2022 (out of 1,330+ homes) and 1 Contract Pending home.

 

Homes Sold 

Home Sales decreased by 40%

SOLD prices increased 15%

SOLD price/square foot increased 3%

 

Outlook for Home Sales in Canyon Creek 

 

Moving into the First quarter 2023 we will continue to experience inadequate inventory to meet the demand (we only have 4 active listings out of 1,300+ homes). The interest rates are moving downward but we can’t discount economic insecurity, which could hold the market back in terms of sales momentum.  Remember at the end of Fourth Quarter last year predictions stated home values and sales would plummet and that is NOT what happened!!

 

It’s not unreasonable to assume serious buyers will continue to actively look and secure homes. They understand the rising rents are outpacing monthly mortgage payments and comprehend owning a home is a long term investment.

Seller’s pricing a home correctly is crucial! The “right” price brings more buyers, an offer; resulting in fewer days on market. The eye buys! Don’t fall in the trap of over pricing and following the market down with repeated price reductions! Buyers are buying when the right price and condition are presented in the marketplace.

I believe in Austin and with the economic engine churning with businesses and people continuing to move here, we are in a good place.  

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? Let’s chat about your goals/intentions and figure out if 2023 is the right time for you to make a move.