Austin Real Estate Market Update JUN 2022

This time last year my monthly real estate market update started with the sentence, "The Austin Real Estate Market continues to surprise us with some areas seeing over 40% appreciation in median home prices - I see you Dripping Springs!"   Well, what a difference a year makes!  While the annual appreciation from June 2021 to June 2022 has been good, we have officially seen a drop in the median and average home prices month over month and based on what we are seeing in the market real time, I expect to see another decline at July month end.  

Check out the annual appreciation in your area here >>  HEAT MAP  <<  

 

June 2022 was the slowest June for home sales that we have seen in the past 5 years.  A 20% decline from last year which was a record breaking month for home sales and a 4.39% drop from 2019 which was the next slowest June in the past 5 years.

This time last year, I stated, "We continue to see low inventory with the number of homes for sale down 70%.  Buyer demand is still very strong which is driving up prices - average home prices are up 41%, overall.  Our supply of homes is only 1/2 month which means homes are selling quickly, over asking and in multiple offers."

Today, we are seeing the largest influx of homes coming on the market that we have probably ever seen - a 315% increase over June 2021.  We are quickly reaching 2018-2019 inventory levels and as I'm writing this on July 22, we have officially reached 8,000 homes on the market.  

What does all of this mean for you?

Fewer buyers and more homes to choose from is great for buyers especially after 2 years of a highly competitive market and competing (or not being able to compete) for the few homes that were for sale.  If you are seller, the opportunity to sell is still a good one and you can still benefit from the appreciate we've have these past two years, but your reality check is that the days of multiple offers and selling in a few days are gone.  The homes that are selling are staged, in great condition and priced well.

 

Call me, if you or someone you know is looking to buy or sell real estate in the Austin area, I'd love to help!

Lori Wakefield REALTOR Keller Williams Realty 512.657.4455 lwakefield@kw.com www.loriwakefield.com 1921 Lohmans Crossing, Austin TX 78734 Oh, by the way, I'm never too busy for you, or your referrals! IMPORTANT: The contents of this email and any attachments are confidential. They are intended for the named recipient(s) only. If you have received this email by mistake, please notify the sender immediately and do not disclose the contents to anyone or make copies thereof.

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