Central Texas Housing Report - November 2022
Prices appear to have made a big leap compared to October 2021, but I think the stats are misleading. Watch this month's installment of "How's the Market in Steiner Ranch," to find out why I think it's off. If you'd prefer to review the monthly stats in text or table format, they can be found below the video.
If you are looking to buy or sell a home in Central Texas, contact me via email or at 512-650-7300. If you prefer to read instead of watch, here are the chart and transcript.
Prices across the area continue to decline so let’s jump right to the numbers.
The stats I’m providing are resale homes only in Travis and Williamson Counties. This is different than the stats released by the Austin Board of Realtors which also includes Hays, Bastrop, and Caldwell Counties. Plus, their numbers include any new construction homes listed in the MLS.
In October, 1277 resale homes closed in Travis & Williamson Counties which was down 45% from October 2021. The median price in October increased year-over-year by 5% to $500,000. However, this is 17% decline from the peak median price of $600,000 that we hit in May. In real estate, the primary way we measure home values is with the median price. However, there are other numbers worth examining. The average price of a home increased by 10% year-over-year to $638,422. However, that is down 14% from the peak in May. The average price per square foot increased by 3.7% to $309, but is down 15% from the May high-level mark.
The number of available homes in October was 5,978, up 145% from last October. During October, 2,043 new listings hit the market which is down 19% from last year.
The average sales price to list price ratio was 97.35%. For homes that closed in October, the average days on market was 41, up from 18 last year. The October sales ranged from a low of $127,500 to a high of $10,700,000.
All eyes continue to be on inflation and the Federal Reserve’s response to it. Mortgage interest rates are twice as high as the start of the year. Looking at the market today, I expect that prices will be lower at the end of 2022 than they were at the start of 2022. I expect the medium and long-term for housing in the Austin area to do well. But the short term is obviously different. I don’t know how low prices will go or when we will reach that point. But, even in past markets far worse than this, there are always buyers and sellers.
I expect prices will continue to decline over the next two to three months. Probably beyond that, but I’m only comfortable looking a short time ahead. Historically, the next few months see the fewest real estate sales and I expect this year to be fairly typical in that regard. If your situation includes a sale or purchase of a home in the near future, I’d appreciate the opportunity to talk to you about it.
If you have any real estate related questions, please don’t hesitate to call or text me at 512-650-7300 or email me at [email protected] Thanks for watching “How’s The Market in Central Texas.”
Statistics based upon information from ACTRIS for the periods cited.