Yesterday, Friday the 20th, 293 new listings hit the market in the Austin area. That is just two less than the previous Friday. We continue to see the number of homes coming to the market not dropping as we get deeper into the coronavirus situation. The number of homes put under contract in the early part of the past week is also consistent with what we’ve seen on the market recently. Because of the lag time in marking homes as under contract, it will take a few more days to see how the end of the week did for contracts.
One small indication of apprehensive sellers is the number of homes withdrawn from the market. There are two main reasons a house is withdrawn: 1) Sellers part ways with the agent so they can hire another one and 2) The seller decides not to sell at this point in time. The number of homes withdrawn this past week was up a bit over the prior week (78 versus 71). Since we don’t know why people took withdrew their homes, it hard to say if it is coronavirus related, but I will be watching this number closely.