Coronavirus Market Stat Update 6
The number of new listings in the MLS on Friday, March 27 was 183. Compared to the average of the prior four Fridays, that is down 37%. Because agents don't timely change the status of homes that go under contract (something I will never understand), I look at the four days prior to yesterday to get a good idea of the number of contracts. Looking from Monday to Thursday, there were 354 contracts. Comparing to the average of the prior weeks using that same four-day period, the number of contracts is down 39%. Overall, during this four day period, the number of new listing on the market was 588 while 354 contracts were written. This seems to support what I mentioned yesterday that sellers are currently more willing than buyers to participate in this market. Of course, this weekends activity will put that theory to the test.
The number of homes withdrawn from the market yesterday was 12 while the number changed to 'temporarily off market' was 39, both the lowest of any weekday this week.
Both Austin and Travis County seem to be clamping down on businesses that are open which are not considered essential. It would certainly be more difficult for them to enforce against real estate agents who are out showing houses than against a store that is open.
As a reminder, all of my listings have video tours and have for more than 15 years (yes, I've been doing video tours that long). Here is a video of one of my current listings. With coronavirus, I see a lot of agents saying they will do a Facetime to show buyers their listings. How quaint. If you need to find a house soon, we can still do it during the shelter-in-place order. Thinking of selling your home? Then let's start with a Zoom video call. Stay healthy!