Given our position as a technology-centric real estate company based here in Texas, we’ve been asked to share some of our insights, and some of our market data.
April was brutal. No other word to describe it. In May, we felt the effects of the stay at home orders and uncertainty in the market. Across Texas, home sales dropped by 20-30% due to the lingering effects of a terrible April for executing new contracts. (May stats below)
- Dallas saw a 12.3% decline in active listings and 23.3% decline in closed sales
- Austin saw a 18% decline in active listings and 29% decline in closed sales
- Houston saw a 20.2% decline in closed sales
There is good news though. June has shown a “check mark” shaped bounce back. As fears of the market eased and buyers showed up in droves throughout May, we are seeing huge gains already in June. According to Zillow, homes are flying off the market at the fastest rate in 2 years. All major markets in Texas saw a decline in median days on market
The infographic at the top of the page courtesy of Mike Delprete shows that many buyers who waited on the sidelines in April due to either the fear of leaving home, or the potential of declining home values have returned. After consecutive weeks of growth and data points showing no decrease in home values, buyers surged back into the market as we are in the height of peak summer season. Mortgage rates have fallen as low as 3.25% and are coaxing buyers off the proverbial ledge.
What does this mean for home sellers and investors in Texas? Amazingly, it’s still a great time to sell! We are seeing multiple offers consistently on appropriately priced homes. Supply is still down, which means we have not shifted out of a sellers market and confidence in the housing market maintaining its stability is strong.
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