More of the same despite interest rate hike…
Inventory levels remain low in 78732 with only 38 new listings in March vs. 48, 49 and 49 the previous three years.
As predicted, this caused our list price to sales price ratio to jump up to 107%.
The number of cash buyers dropped from 50% to 26%.
As of now, I have not seen the rise in interest rates affect sales in 78732. I expect we will see this have more of an impact in the lower price points at first.
Williamson County has already published their property tax values for 2022 and they went up quite a bit. We expect the same here in Travis County, and those values are expected to come out next Friday, the 15th. I think this will immediately impact the rental market and will be watching closely to see if/how it affects the resale market. Current landlords who lose profitability might decide it’s time to cash out, lowering available inventory, or they may just raise the rents – both will increase rent prices. Rents are currently at an all time high in Steiner Ranch.
This information is pretty consistent with what we’re seeing all over the Austin metro. The stats pulled on April 1, 2022 show the following:
- The 30 day rolling average number of new listings is down 9.92% compared to the same time last year.
- New listings year to date are also down 6.82% compared to last year. Supply is issue critical for pricing stability. Until we see months increase to at least 2 months we will continue to see values increase (we are currently at about .5 months of supply in both 78732 and the Austin metro)
- The 30 day rolling average of pending listings is down 17.0% compared to last year. Year to date, the pending properties are down 5.93%. We are seeing pending sales constricted by lack of supply.
As always, if you would like data specific to your property, give me a call. Also, having once again gotten all of my Steiner buyers and sellers under contract, I am taking on a few more for spring. To make an appointment to talk about your goals and see if we are a good fit, click here to schedule.