Monday, May 4 – Austin Metro Area Real Estate Update
496 new homes emerged on the market in the past 7 days. This is the largest number of new listings since shelter-in-place began and a 22% increase from last week.
512 homes went under contract in the past 7 days. A 15% increase from last week. Pending sales continue to raise after last weeks largest total of the year.
305 homes sold and closed in the past 7 days. A 50% increase from last week.
75 homes withdrawn or temporarily taken off the market. This is a 34% increase in homes withdrawn from the market since last week.
Week One – Texas Reopening
Well, I won’t say we’ve made it through the worst of it but simply that we made it through an “Austin shelter-in-place directive.” May 1st started a new “reopening” phase for us in Texas and while not all businesses are open some restrictions have been loosened and we are all beginning to think through how to safely navigate this next chapter.
The stats above continue to show buyer and seller confidence in the Austin area real estate market. Last week we had the largest number of pending contracts for all of 2020 and this week we saw the largest number of new listing emerge since shelter-in-place orders here in Austin. Pending sales increased again for a second week and the first round of pending sales from late March finally made it to closing last week. These numbers are providing consumer and industry professionals greater confidence in our 202 real estate scene.
All of this continues to support the predicted “pushed back” Spring market for the Austin area which may, for the first time in years, lead to a busier than usual summer. I always tell my clients that we see a slow down after July 4th until school starts back up. This has been the trend for years here in Austin and I joke with my clients that buyers are off vacationing and getting relief from the Texas heat which is not far off from the truth.
Regardless of the pace at which our 2020 real estate seasons move I can assure you one thing. That until there is more information, increased testing, and/or a medical breakthrough the Agent Jill Team and our Austin Real Estate Association will continue to remain cautious in our activities and committed to community safety so we can get back to normal as quickly as possible.
To learn more about Governor Abbott’s reopening orders visit this site.
Interest Rates & Loan Qualification Updates
As of 3pm on Monday rates are still resting at 3.25% for a 30 year Conventional loan and 2.875% for a 15 year conventional Loan. Refinance rates are between 3.5 & 3.75%. This is the second week of stabilization of rates and a good sign for both buyers and sellers.
Our lenders are reporting that cash out loans are getting really hard to find as banks do not want to loan on cash outs. They continue to observe the same increased activity that Realtors are seeing with buyers entering the market. As always our preferred lenders are available to discuss changes in the mortgage scene and answers your questions. You can connect with them at the link below.
TEXAS RESIDENTS DON’T FORGET – Property Appraisal Protest Deadline is coming up May 15th.
It’s property appraisal season and this is your reminder to file a protest if you so choose.
Agent Jill always recommends a check in this time of year to evaluate values and ensure your county is not over valuing your home for the current year.
Join us on ZOOM for a discussion on the 2020 protest season
Topic: Client Property Appraisal Protest Discussion
Time: May 7, 2020 07:00 PM Central Time (US and Canada)
Meeting ID: 848 5618 3672
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Meeting ID: 848 5618 3672
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PROTEST DEADLINE REMINDERS
Reminders for 2020 Property Appraisal Deadline to Protest
The deadline to file your protest for the 2020 protest season is May 15, 2020.
To learn more about protest procedures visit the following link
Due to COVID-19, WCAD is offering extended deadlines on the following:
Business personal property renditions without penalty – May 15th
To Learn more about Williamson County Appraisal procedures visit the following link
Deadline for online protest is May 15th.
To learn more about the protest process in Hays County visit the following link
Austin Metro Market Overview
The Austin Metro area market is seeing a change in tide and when the market shifts in either direction even the slightest I tune in with greater observation.
Here’s what I know. Our busy season was in full swing when the pandemic hit Austin. The stats are clearly showing us that some people hit the “pause button” but as soon as they felt safe to proceed they came out in large numbers.
I’ve been writing about this extensively, but it bears repeating. For many people “life circumstances” (like a move, job changes, family growth and needs) did not allow them time to pause even during COVID-19 so they continued on with transactions and property searches. Some in our market, however, did have the flexibility to wait and last week we saw evidence of their delayed participation.
I don’t need to tell you this is an unprecedented time, but I will reassure you that I’m in daily sessions with business and city experts, other professionals, and lots of data to process as we try to make sense of the Austin Real Estate future one week at a time. I’ll keep updating you with what we discover!