The numbers have changed a bit so let’s take a look. For the seven days ending yesterday, Thursday, April 9, the number of new listings in the Austin MLS is down 33% from the same week last year. This seven day moving average has been steadily increasing over the past few weeks. With over 800 new listings during this time, though, there are still a lot of sellers entering the market.
The change in the number of contracts is not changing much, though. Over the seven day period ending Wednesday, April 8, the number of contracts is down 35% over the same period last year. This is an improvement over what we saw about a week ago when it was around 40%. Perhaps buyers are getting more comfortable with the new processes of viewing homes.
I’m starting to get the sense that we are seeing a change in attitude towards real estate sales. I expect we will start to see a bit of improvement either next week or the week after. As always, let me know if you have any questions.