After two years of buyers wanting things to slow down, they finally got their wish! Inventory and interest rates are back up to where they were pre-pandemic – not just in 78732 – all over Austin.
The number of new listings in 78732 actually decreased to 37 from 46 in both 2021 and 2020, however this year the number of properties under contract is way down. Only 8% of those properties have gone under contract as of today (8/5/22). In fact, 60% of the 78732 properties listed in June are still active today with an average DOM (days on market) of 47. 11% of those June listings are still under contract, 14.5% have closed, and the rest were leased or taken off the market.
The sale price to original list price dropped below 100% for the first time since January – but only to 98%. This will be lower in next month’s analysis.
The number of cash buyers in 78732 fell below 20% for the first time this year to 15%
While the market is changing, I still don’t foresee any type of “crash.” I highly doubt we will see any foreclosures in our area. I went back through all of my transactions over the past few years and there were only a couple transactions where the buyers put down less than 30%. The vast majority were cash or 50%+. Also, in the Steiner Ranch area, values went up almost 50% in the past year alone, so even a 25% drop is just like selling your home last fall, not like losing a decade of equity, which is what some buyers seem to be waiting for.
As always, if you would like data specific to your property or are ready to buy or sell, give me a call. To make an appointment to talk about your goals and see if we are a good fit, give me a call at (512) 657-7510. You can also click here to sign up for property specific market updates, or view the current report for 78732 here.