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Hi Austin Texas, it is time for your housing market update for the week of November 7th, 2022.
Welcome to the Austin Weekly Market Update where we’re going to dive deep into the Housing market – Let’s dive into the numbers!
austin market report stats Highlights Include:
- As of Monday morning there were 10,021 homes for sale in Austin Texas. Let’s get in the numbers and the housing market conditions because the media around the globe is having a field day creating story and boosting their ad revenues.
- There are 784 new listings that came to the market up in the week prior.
- There are 1853 home price decreases (116 less houses had price decreases vs last week).
- There are 219 home price increases down from 133 last week which tells me Sellers are starting to understand the effects of mortgage rates and economic forecast.
- There are 191 properties that fell out of contract now back to the market that is almost flat from the previous week.
- There are 332 properties that went Under Contract.
- There are 398 Pending properties for Sale.
- When we add up the “Under Contract” and “Pending” 730 homes are currently in the process of being purchased.
- We saw 696 homes Sold which is slightly up from the previous week (17 more).
- 364 were withdrawn which means they are no longer for sale.
- 249 homes had listings that expired (up from last week when 237 home listings expired). Expired means that the house was for sale for a specific period and that it did not sell. It is currently off the MLS. This tells us that Sellers and their Agents who are not following the market closely did not adjust for the market.
- 130 Homes are now on hold. (slightly up for homes on hold vs last week).
We are tell tales today. From pandemic to pandemonium? Maybe… in some markets… Austin remains “flat” for sold and properties under contract these past 2 weeks.
Mark is fed up with The Fed! He drops notes on our economy with thoughts on the future.
Austin Housing Prices?
What’s happening with our Austin homes For Sale and where are those price decreases really occurring?
Quick Look
$350,000-$999,999
31% of total homes for sale
15% of these houses had price decreases
$500,000-$1,000,000 Listings
40% of total homes for sale
30% of these houses had price decreases
$1,000,000+ Listings
15% of total homes for sale
Only 1% of those houses had price decreases.
Mortgage Brokers – Preying On Consumers?
Mark shares more on The Fed and what he’s seeing for Mortgage Lending Rates today and the foreseeable future. The Fed does not control our Mortgage rates!
Builders Incentives for New Construction Homes?
During the Pandemic, many (not all) guaged consumers (and REALTORS® quite frankly). People lost their deposits, paid untold premiums, landed themselves in “new home lotteries” and many lost their deposits and the ability to purchase their new construction homes when Builders demanded (contractually) exorbitant price increases on a “take it or leave it” exchange.
Today, the long lists of Buyers having already purchased or taken themselves out of the market, the market has shifted, affordability looks different for most Buyers and Builders are offering incentives to purchase and pushing hard to “move product” before end of year.
That said, there are always end-of-year opportunities with new build construction. And, if you plan on living in your home for some time, then new build construction may be for you.
When working with a well connected and experienced Agent you may realize greater savings than those published. And, you want someone advocating for YOU from start to finish. Remember, the Builder works for the Builder. You walk into that Sales Office and it’s their job to make everything look good… like you’re getting the best deal. Only, Are you?
Have questions? We’d love to hear from you!
I’m Jennifer S. Goodman Living in Austin Texas. And, whether you’re thinking about moving in 7 days, 7 weeks or 7 months, I’d love the opportunity to help you make your next best move.
Mark Karetskiy is a Mortgage Lender at Movement Mortgage. You can find him at Mark10k.com.
Thanks so much for tuning in, we’ll catch you next time!
