Monday, May 25 – Austin Metro Area Real Estate Update
453 new homes emerged on the market in the past 7 days. 1.8% percent increase from last week.
577 homes went under contract in the past 7 days. 1.5% decrease from last week.
238 homes sold and closed in the past 7 days. 11.11% decrease from last week.
69 homes withdrawn or temporarily taken off the market. 2.8% decrease from last week.
HAPPY MEMORIAL DAY
While I know some of our typical events for this special day were different this year I hope you all found some time for reflection despite the social distancing. For our family the quieter than normal day brought with it some story sharing of our family’s history with those who gave their last full measure of devotion. It was meaningful to raise up their stories and remember that these fallen soldiers once shared all the hopes and dreams that we have today which brought us closer to recognizing the impact of their sacrifice.
Austin Metro Area Overview
So, here we are, the point in a typical real estate year where I start preparing my sellers for the first signs of a cool down in our seasonal hot market. But COVID-19 has us on a different schedule this year and our weekly stats have been reflecting this. Last week marks the FIFTH straight week of higher than average pending sales and the SECOND busiest week of pending sales for 2020. Both our active and pending sales for the Austin Metro area saw little movement last week with less than 2% change. I continue to see buyer confidence in Austin real estate investing which is allowing sellers to list with confidence despite the changing lending landscape.
Again, I am predicting a busier than normal summer season and as long as we have inventory I expect us to catch up to 2019 sold activity by September.
Interest Rates & Loan Qualification Updates
Interest 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.
It’s Summertime, Ya’ll!
For this middle aged Yankee, Memorial day is usually the day I associate with the time I am allowed to wear my summer white shoes and attire. But for most it is a time for daydreaming about summer plans. I know this summer is going to be different than others with travel and summer camp cancellations. So I am going to initiate the Agent Jill summer activities idea initiative and share some of the things we are doing around our house and we want to hear about your fun projects too.
I’ll kick things off with a picture of our first summer project. Our new patio garden tower. This project is going to involve worms which I am NOT very excited about so stay tuned for how I handle that!