As the market slows in the second half of 2022 Highland Park West Balcones Area (HPWBA) is also seeing a slowdown in activity. Pricing is still showing significant gains over 2021, and YTD numbers indicate much higher list, sold and $ / sq ft prices, though they probably peaked in the first half of the year.
Looking at the year-to-date numbers compared to prior years, though, the market is still showing strong price appreciation over 2021.
A few highlights:
- Median sold prices are up over 40% vs the same time in 2021, and median sold $ / sq ft is up over 20%. Sold prices are up significantly more as the homes sold this year have been larger (~3400 sq ft vs. ~2700 sq ft in 2021)
- The median sold price in 2022 YTD is sitting at $2M right now. Wow!
- The number of transactions is down substantially vs. 2021 – 17 vs. 29 (-40%), and the number of new listings this year is also lower, though only down ~15%
- Currently there are 9 active listings in the neighborhood, and 2 sales in the last 30 days, indicating 4.5 months of inventory (MOI). However, there is only one home currently under contract, and the 9 active listings have a median days on market of 55 days, so it is definitely taking longer to find buyers.
Lastly, just to make you feel a little better that even if the market cools a bit, and yes maybe you missed the absolute peak of the market… you have still seen massive appreciation in the last few years.
If you are interested in learning more about what is going on in the market, or are curious what your home’s potential market value is, please contact me and I’d be happy to help!
Note: All data comes from the Austin Board of Realtors’ MLS report, reflecting activity through October 31, 2022.
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