The number of new listings hitting the market in the Austin MLS is slowly increasing each week. Compared to April 19 (through yesterday), the number of homes listed is down 28.5%. This is a bit more than earlier in the week and it is driven by the numbers last year being quite strong. Usually at this time of year we start to see the number of new listings increasing each week. While that is happening again this year, the increase is certainly not as great. Again, I will say that given the stay-at-home orders, which have been in place for just shy of a month, I think the number of homes hitting the market is great.
Turning to contracts, the number of contracts accepted through Wednesday the 22nd was down 25.9% from last April (month to date). If you’ve been following these numbers with me, you’ll notice that the drop in contracts is now less than the drop in new listings and this is a new development. It shows us that buyers are indeed getting back into the market.
Overall, I continue to be very optimistic on the local real estate market and how it will emerge from the covid-19 situation. As more businesses open up I believe more buyers and sellers will be ready to enter (or re-enter) the market. The mortgage situation also got some good news this week so it looks like that area is improving as well.
I certainly understand that many people and sectors of the economy are not faring as well. However, as I said from the very beginning, real estate is a very big and (currently) very strong point in the economy. Real estate will help to lift us out of this temporary economic downturn. The amount of economic activity a real estate sale generates is large if you consider the number of people who participate in the sale of a house: real estate agents (and their employees and broker), stagers, photographers, videographers, handymen, landscapers, window washers, title companies, loan officers and their staff, inspectors, appraisers, and more. And if the house is new construction, magnify the number even higher.
If you are ready to buy or sell, or want to find out what would be a good time for your situation, contact me today at 512-650-7300 or just comment.