Monday, May 11, 2020 / by Jenny Carroll
Contributed by John Rosshirt
Stanberry co-Owner & Associate Broker
One thing I have learned in 30 plus years as a real estate professional is that if real estate news is reported in the newspaper, it is already old news. Now I read online that listings in our area have dipped. Every single week I track very closely, on behalf of all our agents, the immediate data from our MLS (Multiple Listing Service). I watch the Pending sales (homes that have gone under contract) in particular as that is the most immediate reading of the market. Solds (sales that have officially closed and funded) are reported sometimes a month or more after the pending is recorded. Yes, unsurprisingly, there was a ‘dip’ in pendings, a 50% ‘dip’ from the previous spring weeks.
The highest peak of Pending listings on our MLS was March 10th. Declines in this important number happened for three straight weeks. And then, for the next three weeks, approximately the end of March to mid-April, it was steady at a level we'd had in January. Since that time Pending listings have been increasing to the point it is almost to the level we had in early March.
So there is a lot of real estate happening. What about new listings, or sometimes called available inventory? It is coming up from its ‘dip’. Inventory is entering the market because if there are buyers, it encourages sellers to list their homes. If there are not enough sellers to satisfy the buyers, prices will go up. It is hard to imagine our area having enough inventory to supply the demand of those that want to be property owners here. So for the foreseeable future, the market is strong. Not what we expected but nothing is these days.
The caveat here is that this information is from the entire residential MLS database and that covers many cities and counties in Central Texas. It does not cover all of some areas away from the city of Austin as there are additional MLS’s outside of our service area that overlaps into our area. This does not affect most of you but may affect some of you. What this reinforces is that you need an agent that not only knows your neighborhood but also can analyze the data for your area.
Austin and our surrounding metros are a unique place to call home. Because we have so many specific economic drivers, such a beautiful environment, and special culture, we are optimistic. We will work safely, appropriately for the current conditions, to get you the best real estate experience possible in the time that meets your needs. Let Stanberry Realtors be that resource for you. Give us a call today.