At first, I did daily updates looking at weekly numbers compared to the previous week so we could see how coronavirus was changing the market in the short term. Then I started to comparing weeks to the corresponding week last year so we could see that impact. We’ve now reached the point with enough data now to compare more than one week to more than one week last year. However, I will start that comparison next week because Easter was last weekend but in 2019 was in the upcoming Sunday so I want to make sure I get the Easter effect in these comparisons. With that said, let’s get to the most recent numbers.
For the week ended April 16, there were 785 new listings in the MLS which was down 32% from the same week last year. The 785 is down 4% from the previous week this year, but, again, Easter was in the mix this week. I believe more homes will be listed in the coming week.
As for contracts, for the week ending April 15, there were 576 contracts accepted. This was down 39% from the same period last year. Once again, it takes agents a few days to enter these so I don’t include yesterday. Also, in a few days, that 576 will show a slight increase so 39% isn’t the final number. The 576 is down less than 2% from the previous week this year but I expect it will be right about flat once all contracts are reported.
I’m still optimistic the number of listings and contracts will rebound soon. The main issue continues to be the impact mortgage tightening will have. If you missed the interview I did with Michael Scott a few days ago on this subject, you can find it here: https://www.realestateinaustin.com/mortgage-update-with-michael-scott/