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Latest news on the Canyon Creek Real Estate market in September 2023….

What you need to know now…..

What it means for you…..

Due to the relentless, scorching summer Austin weather that persisted into September, and August buyer apathy, there was a decline in property closings for September. However, there is a silver lining as five properties entered into contracts in September and are scheduled to close in October. The current inventory level stands at a modest 2+ months. 

Listings have been lingering on the market for a bit longer, but it’s important to exercise patience. Interestingly, properties with unique and desirable features, often referred to as “unicorn properties,” are bucking the trend and selling relatively quickly. These are the homes that are impeccably maintained, situated on tranquil streets or cul-de-sacs, and may include amenities such as a pool or back onto a lush green belt and are priced at market value.

In the current real estate landscape, accurate pricing of homes takes on paramount importance. The key to attracting offers lies in listing properties within the price range of recently sold homes, ensuring they are presented in their optimal condition, and implementing an exceptional marketing strategy. It’s crucial to emphasize that buyers are no longer willing to consider properties with inflated list prices.

u Canyon Creek Real Estate in September 2023 saw a decrease in Home Sales of 50%!

u Average Sold Price in September increased year-over-year by 13%. But keep in mind only one home closed and there are now 5 homes under contract and closing in October, so there will be more relevant home sales to digest.

u  The list to sell ratio was 95% in September 2023 and 95% September 2022. If I used the initial listing price of the home closed in 2023, the list to sell ratio would have been 88%! With feedback the home was listed way too high, it was dropped to a more realistic price, and immediately received an offer.

 u  We need inventory that is presented well and priced according to the recent sales!

CANYON CREEK HOUSING MARKET HIGHLIGHTS: September 2023

The 13% surge in home prices should not be misconstrued as an indicator of an equivalent increase in your property’s value. Instead, it mirrors the sales price of a newer home (according to Canyon Creek Standards) that adjusted its price to remain competitive in a market with limited inventory, ultimately securing an offer and closing the deal.

For a more comprehensive understanding of the actual trends in home prices, we’ll need to await the release of the third-quarter statistics. Stay tuned; the upcoming report will provide a more accurate picture of the evolving housing market.

It’s essential to take a realistic approach when determining the listing price for your property. Buyers are enthusiastic about making purchases but are cautious about overpaying, given economic uncertainties. The hope is that prices will stabilize soon, encouraging both buyers and sellers to embrace a more pragmatic approach. This shift can lead to a healthier and more stable real estate environment for everyone involved.

ACTIVE LISTINGS

SIX homes out of 1,380+ homes  

PENDING LISTINGS:

FIVE homes

SOLD LISTINGS:

ONE home

Sellers, the more effort you invest in preparing your home for the market, the better your chances of attracting compelling offers. Stand out from the competition! There’s nothing quite like a fresh coat of paint, impeccable curb appeal, and stunning photographs to captivate potential buyers. Always keep in mind that it’s the first impression that catches the buyer’s eye – so make it count!

Our mission is to empower our clients with comprehensive market insights and the expertise of seasoned professionals. Are you considering listing your home at this moment? Do you have any inquiries or uncertainties? Let’s have a conversation about your objectives and goals to determine whether 2023 or 2024 is the ideal time for you to take the next step in your real estate journey.