Pending after 26% drop from initial asking price.
ATH in that neighborhood is about $450k. So seller’s initial asking price is 7% higher than last ATH.
.
Hutto. Didn’t monitor Liberty Hill 
My feeling is similar. Both Hutto and Liberty Hill are fairly speculative in that they are quite close to the definition of a zoom town. Please note could be an isolated case.
1 Like
So is not just in Austin.
3 days ago…
Prices in my neighborhood is crashing.
ATH = $1.575M in early May 2022 - this is the greatest fool
2nd highest = $1.1M in early Mar 2022 - this is real peak
In 2021, all transacted at less than $1M
In 2020, all transacted at less than $750k
In 2019, all transacted at less than $650k
A house listed in end May for $1.275M, dropping asking to $1.05M, still no taker. Ignoring the greatest fool price, the seller still wants to sell at peak price. Comparing to the ATH (greatest fool) price, asking has crashed by 33%. Actually, not much change (less than 5% drop) from the real peak. This is the situation for most neighborhoods that I am monitoring.
2 Likes
Liberty Hill. If your friend has bought in Santa Rita Ranch, it is an upscale MCP* built by premier developers such as Scott Felder, Perry Homes and Coventry Homes. Long term should be good.
*Master Planned Community
Leander. Upscale MCPs are Travisso and Crystal Falls. House prices go up to few million dollars rivaling SV 
and WestLake Hills of Austin.
Crystal Falls. For the price of a typical ranch in SV, very luxurious house on an acre lot.
https://www.redfin.com/TX/Leander/913-Dream-Catcher-Dr-78641/home/45399417
Travisso. For the price of a typical ranch in SJ,
1 Like
…
Just out. Property tax for 2022… Drop slightly despite rising property prices. Homestead 
This year is less than 2% increase of Prop 13 of CA.
These things don’t matter much when 1-2% of homes change hands a year. Only 1-2% of people are making the high payment. Everyone who bought previously has the lower payment.
1 Like
For the price of a home in SJ, you get this type of luxurious lifestyle in Rough Hollow,
Now 
that Fed didn’t drop an atomic 
Amenities of Santa Rita Ranch in Liberty Hill. In SG, we call that full facilities condo Plenty of such condos in Singapore.
1 Like
Did a quick check, house prices have declined to Q4 2021 level. Stats should now show yoy and mom price decline. This is 15-20% from ATH in Q2 2022. That is, gave up gain in 2022. 10% more to decline?
2 Likes
.
Noticed by other too.
Wow, right on the spot. What’s your projection for next 6 months?
.
I no more decline. Anecdotal signs of increased buying activity, chance of going sideways is pretty high.
I am now in Katy checking on F&B and house prices. House prices peak in Aug and just started to drop, about 10%. My guess is influenced by oil prices. House prices hardly change prior to pandemic.
It seems like Fed will keep raising rates through 2023, to a terminal rate of 5.5%. If that materializes, I suspect prices can easily fall another 20%, to even below pre pandemic level. I hear property tax rates are super high in Austin and pandemic inflow of people is now reversing. Plus recession and layoffs. Does not bode well for Austin RE.
1 Like
.
New construction are usually in newly developed neighborhoods, tax rate can go as high as 3.5%. Tax rates of established neighborhoods are as low as 2.2%.
Still see many ex- Californians.
Wow that’s 3x higher than Bay Area. I guess this puts a permanent cap on home values in Austin.
.
Glasshagel states that “Austin’s long-term trends remain strong due to the level of job growth.” Companies that relocated to the market didn’t do so for just one cycle—the companies will be there on the other side of the market slowdown, and our team at Zonda is working through what all of this means for market resilience and longer-term housing demand.
Austin has continually been a top market for domestic net migration, with more people moving in than moving out. In fact, much of the growth in the market was from relocators competing with investors and locals for the growing, but still limited, housing inventory.
BTFD 