Monday, May 18 – Austin Metro Area Real Estate Update
445 new homes emerged on the market in the past 7 days. 6.4% percent increase from last week.
586 homes went under contract in the past 7 days. 18.6% increase from last week. HIGHEST SINGLE WEEK NUMBER OF PENDING SALES FOR 2020.
266 homes sold and closed in the past 7 days. 41.2% increase from last week.
71 homes withdrawn or temporarily taken off the market. 4.3% increase from last week.
Austin Metro Area Overview
Austin metro area pending sales are on fire for a fourth straight week. This past week was our highest single week of pending sales for all of 2020 blowing past May 4th’s record of 512. We’ve been talking about Austin’s economic resiliency over the past 8 weeks and we are seeing it in action this week. Austin now has a 30 day trend of increased active and pending sales and we are nearing the number of sold units reported by this time last year. We are still slightly behind 2018 as of May 18th but I project our busier-than-normal summer activity will have us back in line with 2018 sold units by August.
OPEN HOUSES RESUME
Following Governor Abbott’s executive order and Report To Open Texas – phase one loosening of social distancing restrictions – the Austin Board of Realtors restored its open house feature on the MLS. ABOR continues to encourage Realtors to take extreme caution in how we proceed with our real estate activities. They are advising agents “that when a tour or open house cannot be conducted virtually, we should take extreme caution when interacting with colleagues or clients in person. This includes employing the Texas Department of State Health Services safety and sanitization measures required to keep everyone safe.
The Agent Jill Team is taking open house events case by case and working with clients and communities to determine what is best for the situation. We have created extensive virtual touring options for prospective buyers and understand the need for limiting in-person contact until a vaccine is readily available for our community. Honestly, we’ve been unleashing some serious creativity around this subject throughout the entire pandemic. If there is a need we will find a way to get people in to see a home. Most of us have adapted to the safety precautions of mask, gloves, hand sanitizer, and keeping distance. The dancer/choreographer in me would say we have all learned the steps now and feel more confident doing the dance. I see our community displaying her confidence every day when meeting at homes or in client consultations. Austin is masking up and extending courtesy everywhere I turn.
Texas Reopening – Phase Two – Announced Today
At 2pm today Texas Governor Abbott announced the state’s next step in its Coronavirus response. It’s called, “Texas Ready for Phase Two” and the Governor laid out the details of the second phase of loosening restrictions on social distancing and the reopening of Texas businesses. I’m happy that our Texas officials defer often to medical professionals and data when making health decisions.
Nobody loves a checklist more than me so I also love the state provided a handy check-list for us to follow. Check it out!
Interest Rates & Loan Qualification Updates
As of 3pm on Monday rates are still resting at 3.125% for a 30 year Conventional Loan and 2.75% for a 15 year Conventional Loan. Refinance rates are resting at about 3.25% right now.
Our lenders are communicating that they still expect to see these rates go down a bit but we have now reached the projected rate from the end of March.
As always our preferred lenders are available to discuss changes in the mortgage scene and answer your questions.
Austin’s Need for Housing Inventory
In addition to a vaccine and testing, what Austin needs right now is more homes for the continued high housing demand.
If you have been wondering if now is the right time to sell, the answer is (maybe surprisingly) YES! If your home is under the $650,000 price range – YES, it is a GREAT time to sell. Mortgage interest rates have started to stabilize for the 3rd week in a row with lower interest rates expected so it is also a great time to invest in real estate when the right opportunity arises.
You know me. I will never engage in manipulative sales talk or hyperbole and you also know how much I value knowledge and education.
I am committed to always providing my community with information, facts, and knowledge so that they can make healthy decisions. My job is to help clients safely navigate real estate decisions and I promise to be honest about when I think it’s a good (or bad) time to start the journey.