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

If you listen to the media than you’re probably thinking the 2022 real estate market should be labeled ” The Good, Bad and the Ugly.” We are so glad to live in Austin, Texas where we enjoy robust job growth and economic expansion. I don’t think that label applies to Canyon Creek.

u Have we felt the effects of inflation? Yes

u Are properties sitting on the market longer? Yes

u Are prices escalating like the last two years? No

I’ve seen the pendulum swing over decades but in my opinion nothing compares to the roller coaster ride of 2022. First quarter started out with a seller’s market feeding frenzy, even though the predictions stated prices would drop and the real estate market was headed for a correction.

Second quarter we started to see the effects of the rise of interest rates and inflation getting out of control. Third quarter, the days on market became longer, numerous price reductions occurred, as unrealistic sellers continued to price homes too high. But we have to remember August is seasonally a slower month, with last minute vacations, kids heading back to school and parents getting college kids off to college.

Fourth quarter, interest rates continued to rise, inflation still escalated and a more balanced real estate environment prevailed.  Approaching the holiday season, which normally we see slower sales with people traveling and getting ready for Thanksgiving and Christmas, it was not a surprise to end the year with home sales down.

 Upon reviewing the numbers:

u Sold prices climbed 60% from 2020 to 2022

u Number of homes closed decreased by 28% from 2020

u Square footage remained relatively the same

In 2020 the highest price sold was $755,000 and in 2022 the highest priced sold was $1,300,000 (2 homes closed at this price). There were 7 homes that sold over a $1,000,000 in 2022. That alone is amazing!

There are 4 Active homes as of December 31, 2022 (out of 1,330+ homes) and 1 Contract Pending home. We need well priced and eye-catching listings.  Remember “the eye buys.” I’m optimistic about First quarter in 2023 and you should be too!

I’ve called Austin home since 1981 and Canyon Creek since 1994. Sharing firsthand knowledge and helping clients through the home selling or buying process with ease, comes from 31 years of real estate experience.

Melissa Stout is my daughter, grew up in NW Austin, graduated from Westwood HS and UT and has been with our NW Austin Coldwell Banker office for over 7 years working with me.    

 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.