Here is a Monday Morning Austin Real Estate update. Data as of April 19th Midnight
New Listings Units are down 24.2 % Compared to 2019
Pending Listings Units are down 33.6% Compared to 2019
Reported Sold Listings Units are down 25.9% Compared to 2019
Withdrawn Listings Units are up 15.7% Compared to 2019
Expired Listings Units are trending up but Neutral Compared to 2019
New Listing Values are down 2.7% but Compared to 2019
Pending Listings Values Down and Trending Down 3.3% Compared to 2019
Sold Listing Values are Trending Down But Currently Up 5.1% Compared to 2019
Withdrawn Values are up 76.8% Compared to 2019 (Luxury Homes are the driver)
Expired Values are Down 9.3% Compared to 2019.
Total days to list and close a home are trending down significantly. Homes spend about 36 days in pending status on average. Active DOM are dropping fairly fast compared to last year. Pending Values and Sold Values are trending down right now. Still at record values, however there is pricing pressure. New listings are slowing way down the number one driver of this is CV-19.
We are continuing to see a turbulent time in the Austin MSA. We are seeing Luxury sales almost come to a complete stop (Luxury Homes are 2m+ in Central Austin and 1m+ in out lying areas). You can see the effect that this is having on the values in withdrawn sales.
Months of Inventory which is the Bench Mark in Supply have dipped to a record low of 1.4 Months of Inventory to 2.36m current Month to Date. Realtors finished March with 1.6m of inventory.
Realtors are still currently advising clients in Central Austin who have the luxury of time to continue to wait on making their next home purchase.