Real Estate
Sponsored by

December Housing Data Across Texas

6,705 Views | 59 Replies | Last: 1 yr ago by mts6175
LostInLA07
How long do you want to ignore this user?
AG
There is a bathroom in each bedroom. Unfortunately we didn't spring for the car wash!

I was also shocked because we ended up having to recently rent an investment home instead of sell it due to the slow market. Not sure what was going on this weekend.
zagman
How long do you want to ignore this user?
AG
Sounds like you've got a pretty great house. Congrats on the offer. Did you list it lower than market expecting a rough market and you're actually getting market price?
Full Speed Ahead - Fire At Will - Gig'em

"I have never enjoyed any position more than being president of Texas A&M University." Robert Gates 11/08/06
LostInLA07
How long do you want to ignore this user?
AG
I think we listed it slightly low (probably about 10-20k low) hoping to generate interest and were pleasantly surprised.

The contact price is about $30k over the comps on our street from this summer. We definitely didn't expect to get last summer pricing when we listed.

We also had 4 additional showings today for backup offers.

Weird market when I have one house I can't even get anyone to go look at and another people out asking for opportunity to send backups.
Buck Compton
How long do you want to ignore this user?
AG
mts6175 said:

Red Pear Jack said:

What area?
Lochwood sold, Saint Andrews under construction
Which one in St Andrews? The one where they tore out the middle of the house completely a few weeks ago or just the one that was gutted over the past few months and is almost done?
mts6175
How long do you want to ignore this user?
AG
Buck Compton said:

mts6175 said:

Red Pear Jack said:

What area?
Lochwood sold, Saint Andrews under construction
Which one in St Andrews? The one where they tore out the middle of the house completely a few weeks ago or just the one that was gutted over the past few months and is almost done?

I'm assuming gutted and almost done, I'm not sure which one is the other. 11061 Swaffar
Buck Compton
How long do you want to ignore this user?
AG
mts6175 said:

Buck Compton said:

mts6175 said:

Red Pear Jack said:

What area?
Lochwood sold, Saint Andrews under construction
Which one in St Andrews? The one where they tore out the middle of the house completely a few weeks ago or just the one that was gutted over the past few months and is almost done?

I'm assuming gutted and almost done, I'm not sure which one is the other. 11061 Swaffar
Yep. My in-laws live in the area. The older lady that lived in that house was nice but the inside of that house hadn't been touched for decades. Hope you guys get a good number for it!

If you're ever back in the area checking on it, go look at what they're doing to the house on Erhard Dr. Took everything down except the exterior walls on 2.5 of the sides of the house. Brick is even gone from those, just studs and sheathing remaining up, and we can't figure out what their end game is.
Red Pear Felipe
How long do you want to ignore this user?
Sponsor
AG
Austin Market

December 2022 Housing Report

Quote:

In the month of December, closed listings across the MSA declined 31.5% to 2,435 year-over-year as sales dollar volume decreased 36.1% to $1,357,155,494. Median sales price dropped 3.7% to $457,426. New listings declined 15.1% to 1,828 listings, active listings skyrocketed 275.4% to 7,493 listings, and pending sales dropped 22.8% in December to 1,949 sales. Last month, homes spent an average of 73 days on the market, 47 more compared to December 2021.

"December tells us a lot about how the market has shifted and started to rebalance as there was a sales price drop and a staggering increase in how long homes take to sell. If you are interested in purchasing a home, now is a great time to work with a REALTOR to find something that works for you and your budget."



I currently have two listings at the moment. One sat on the market for 40 days before received an offer. There were multiple showings on the property during the first 30 days.That house is currently Active-Taking Backups. My other listing in northeast Austin has been on the market for almost a month and has had only had 2 showings. There are certainly deals to be made as many sellers are starting to offer buyer credits. I also recently executed a contract on a 14 acre property just outside of 130. The sellers were able to get it for $100K below value.


A few notes below:

  • Median Price for Austin-RR decreased 3% to $457,426.
  • Active Listings skyrocketed 275% increasing inventory to 2.7 months.
  • Days on Market shot up 47 days to a total of 73 days.
  • Median Price for Caldwell County had the highest increase at 6% to $313,990.


Austin-Round Rock


Bastrop County


Caldwell County


City of Austin


Hays County


Travis County


Williamson County

Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear RealtyAustin Monthly
Red Pear Felipe
How long do you want to ignore this user?
Sponsor
AG
double post
Red Pear Realty
How long do you want to ignore this user?
Sponsor
AG
Quote:

A lot of Sellers are sticky on their pricing, but deals can still be had. This month, I helped one of my fish buddies get a home for what I believe is a solid 15% less than market value, and there is nothing wrong with the home...it's move-in ready. Don't be emotional about deals, and be ready to move on if you can't get at least fair pricing.

The appraisal came in just shy of 7% over our contract price. I feel even better about my 15% estimate now, because if the appraiser will admit to 7%, you know it's more.
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Red Pear Luke (BCS)
How long do you want to ignore this user?
Sponsor
AG
Careful now! Last thing we want is to rustle the Texags appraiser natives and start another texager vs appraiser fight. It's an argument as old as time just like Carolina vs Texas BBQ
Red Pear Realty
How long do you want to ignore this user?
Sponsor
AG
If I got blamed for an entire great recession I'd be stingy with values too!
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Red Pear Realty
How long do you want to ignore this user?
Sponsor
AG
Houston Rentals

  • LOOK AT THE INCREASE IN THE NUMBER OF RENTALS YEAR OVER YEAR. ABSOLUTELY INCREDIBLE. YES I'M SCREAMING THIS.
  • When interest rates spiked, folks poured into rentals. When they go back down again, this market is going to go bananas.





https://www.har.com/content/department/newsroom?pid=1914
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Red Pear Medina
How long do you want to ignore this user?
Sponsor
AG
San Antonio Data is always fashionably late!

Before we hit hard numbers, here's what I'm noticing:
- Buyers are still very busy. Typically, these months are slow for the RE market. I've experienced the opposite in the SA area, especially for lots and land.
- Interest Rates are affecting a lot of Buyers, but the market is still moving in a good direction from month to month in San Antonio area.

Month over Month Data from Nov - Dec:
Total Closed Sales: 2,294 --> 2,472 [+7.75%]
Average Price: $372,126 --> $379,869 [+2%]
Median Price: $314,625 --> $324,000 [+3%]

Month over Month Rental Data:
Average Rental Price: $1,772 --> $1,820 [+2%]
*Nationally, rent rose 7.7% in 2022, and is expected to raise another 6+% in 2023. If you're renting, it's time to think about home ownership - there are lots of options available.


Year Over Year San Antonio Data:




-www.sabor.com
-https://www.simplifyingthemarket.com/en/2023/01/04/avoid-the-rental-trap-in-2023/?a=992486-e0ee468d79272364bd3419c7f35b54c2


Surrounding areas incoming...
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Red Pear Medina
How long do you want to ignore this user?
Sponsor
AG







If you'd like data on another area of Texas, just ask!
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
ravingfans
How long do you want to ignore this user?
AG
How about Dallas and North Texas suburbs?

Thanks for all the info Red Pear!
ravingfans
How long do you want to ignore this user?
AG
Red Pear Realty said:

Houston Rentals

  • LOOK AT THE INCREASE IN THE NUMBER OF RENTALS YEAR OVER YEAR. ABSOLUTELY INCREDIBLE. YES I'M SCREAMING THIS.
  • When interest rates spiked, folks poured into rentals. When they go back down again, this market is going to go bananas.





https://www.har.com/content/department/newsroom?pid=1914


With this data, what is the recommended investment play?

Buy a property and refinance when rates ease (if ever)?
Red Pear Realty
How long do you want to ignore this user?
Sponsor
AG
I think we are compressing a coil right now, and when we release it, the market is going to go crazy. The longer we compress it, the crazier the reaction will be. I'm a buy and hold investor but the better play might be to buy and sell before we create the next recessionary "compression".
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
JobSecurity
How long do you want to ignore this user?
AG
Red Pear Realty said:

I think we are compressing a coil right now, and when we release it, the market is going to go crazy. The longer we compress it, the crazier the reaction will be. I'm a buy and hold investor but the better play might be to buy and sell before we create the next recessionary "compression".


When I see that my immediate thought is do some kind of immediate value add, rent it out for 3-5 years even if it doesn't cash flow well and sell when the market explodes again?
Red Pear Realty
How long do you want to ignore this user?
Sponsor
AG
I would agree, but I personally wouldn't do a deal that didn't cash flow even in today's times. That increases your risk a lot.
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Red Pear Jack
How long do you want to ignore this user?
Sponsor
North Texas has been posted in Pg. 1 but if there are any specific counties you're after let me know.
MoseJanitor
How long do you want to ignore this user?
Randall/potter counties? Thank you!
Red Pear Medina
How long do you want to ignore this user?
Sponsor
AG
MoseJanitor said:

Randall/potter counties? Thank you!

Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
mts6175
How long do you want to ignore this user?
AG
Buck Compton said:

mts6175 said:

Buck Compton said:

mts6175 said:

Red Pear Jack said:

What area?
Lochwood sold, Saint Andrews under construction
Which one in St Andrews? The one where they tore out the middle of the house completely a few weeks ago or just the one that was gutted over the past few months and is almost done?

I'm assuming gutted and almost done, I'm not sure which one is the other. 11061 Swaffar
Yep. My in-laws live in the area. The older lady that lived in that house was nice but the inside of that house hadn't been touched for decades. Hope you guys get a good number for it!

If you're ever back in the area checking on it, go look at what they're doing to the house on Erhard Dr. Took everything down except the exterior walls on 2.5 of the sides of the house. Brick is even gone from those, just studs and sheathing remaining up, and we can't figure out what their end game is.


So I finally drove by and know the house you're talking about. They actually started on that house before I even bought the one on Swaffar, and I suspect they ran into many of the same issues I did. I had to completely re-brick mine because of years of foundation shifting cause the brick to separate from the brick ties in the wall, which there was not nearly enough of in the first place for adequate support. I also had to gut the entire house down to the studs on the inside and we reframed a lot of it, a lot due to structural changes made, but also just due to age. I've had to completely replace the electrical system, plumbing system, all windows, doors, HVAC, etc. basically I've had to rebuild the entire house from the inside out.

I'm not 100% sure on the other house, but I suspect it has been much of the same that I got into on this project.
Red Pear Jack
How long do you want to ignore this user?
Sponsor
How much did that cost?
mts6175
How long do you want to ignore this user?
AG
Red Pear Jack said:

How much did that cost?


Would have been a lot. Lucky for me, I have guys that work for me that do masonry….
Refresh
Page 2 of 2
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.