The market is slowly beginning to improve. As I mentioned last week, we have enough time in under the stay-at-home order that it makes sense to start comparing longer periods of time from this year to last year.
The number of new residential listings across the entire Austin MLS is down 27.4% so far in the month of April (through April 20). In my opinion, this is really a resilient market given the coronavirus situation. While real estate can and is being conducted, we are still listing almost 75% as many homes as we did last year.
As for contracts signed, they are down 30% so far in April compared to last year (through April 20). I usually don’t report contracts from the day prior because so many agents are slow to update the status in the MLS, but even given that, Monday the 20th had the most contracts of any day since March 17 (and I am very certain when the dust settles it will surpass that day).
I see this in my own clients as well as I prepare to bring one house to the market this week and another next week with more waiting in the wings.
Mortgage lending continues to be the wildcard as I’ve mentioned before. However, with proper due diligence, that can be handled quite effectively.
Let me know if I can assist you at this time.