Monday, Jun 1 – Austin Metro Area Real Estate Update
It’s hard for me to complete this Monday’s report with everything that is happening. So, before I share the weekly stats and news I want to take a moment to speak to my community. I stand with – and I am listening – to all of our neighbors of color right now as we grieve and process the events of this past week. I am here and ready to hear and learn from your stories and I will work to be a more active ally. My heart aches for where we are and I am prepared to face this challenge together.
406 new homes emerged on the market in the past 7 days. 11%% percent decrease from last week.
653 homes went under contract in the past 7 days. 12.4% increase from last week. NEW RECORD – HIGHEST SINGLE WEEK NUMBER OF PENDING SALES IN 2020.
381 homes sold and closed in the past 7 days. 46% increase from last week. Highest single week of sold homes since before the Pandemic.
93 homes withdrawn or temporarily taken off the market. 30% increase from last week.
Austin Metro Area Market Overview
Well last week just smashed our May 18th single week record for pending sales in 2020. Last week saw a 12% increase in pending sales which was already at a high point for our year. We also saw a significant increase in closed transactions that are more inline with pre-COVID-19 sold numbers. Last week was our 4th highest single week of sold homes in 2020. The top 3 single week records were all in late February and early May before shelter-in-place. So this is a good sign that lenders are successfully navigating the obstacles of these times. We’ve been on a 6 week trend now of increased activity and this past week continues to show buyer confidence in Austin real estate ending May with a positive picture.
We are all set for a busier than usual summer with the opportunity to catch up with 2019 sold numbers by September. Prices continue to rise due to low inventory so unless more inventory and more sellers bring new homes to our market we will continue to see multiple offers and values increase in the area.
Interest Rates & Loan Qualification Updates
Interest rates have lowered this past week. Right now you can get a 30 year conventional loan for 3% with a .25 of a point discount. 2.625% for a 15 year Conventional Loan. Refinance rates are now resting at about 3%.
Our lenders are communicating that they still expect to see these rates go down this year so it is best to keep an eye on things if you have plans to purchase before 2021. Mortgage qualification rules have changed throughout this pandemic with new Fannie Mae credit score, employment, and income review regulations. So a consultation with one of our local lenders can help you identify how to navigate new financial options for a home purchase so you can plan accordingly.
As always our preferred lenders are available to discuss changes in the mortgage scene and answer your questions.
Agent Jill Summer Project Journal
Phase Two of the Plant Tower – we mixed organic soil with potting soil this weekend and started the compost bin. We are waiting on the delivery of Uncle Jim’s Worms which I am NOT excited about. My husband and son may need to take over that section of the project.
Sunday morning we discovered that the squirrels have figured out how to take the lid off of the compost bin so we might set up a camera to watch those shenanigans. Once the worms are in place we can start to plant seeds for our flowers, herbs, and veggies. I need suggestions from my garden friends here. What has grown best for you in containers on your patio? I would love to have fresh herbs and some fixins’ for a salad but in the past I have battled with bugs and yard pests in keeping these alive. Tell me your garden success stories of favorite options for containers.