Did the stay at home orders convince you that it is time to buy a home or upgrade to a larger one? You’re not alone – a new report from Zillow shows Austin homes are being phased out at the fastest pace in more than two years.
In the week ending June 13, it took an average of 12 days for a home in the Austin area to transition from available to pending. That is three days less than at the same time last year and three less from the same week in May. To show how fast the market is moving, it’s even one day less than the week before (end of June 6th).
Thanks to the COVID-19 pandemic, stocks are still low. In May, buyers compete for the lowest inventory this month has seen in years. But as “the new normal” arrives, buyers seem eager to make up for lost time with quick deals.
As is usually the case, Austin is ahead of the curve when it comes to glowing real estate.
In mid-June, an offer was accepted for the typical house sold in the United States 22 days after it was listed on the stock exchange. That’s as fast as homes have been selling since early June 2018 when they typically sold within 21 days. Even at the slowest point of spring – late May – that national number rose to just 31 days, just six days slower than late May last year.
“Buyers shopping today may be greeted by desperate sellers, but instead they will discover homes that are selling like hotcakes in the fastest market in recent history,” said Jeff Tucker, an economist at Zillow. “The market slowed in April, but anyone shopping this summer needs to be prepared to keep up with today’s lightning-fast selling pace.
“The question is whether the pace will slow after buyers catch up with planned spring moves or whether this fast-moving market will stay hot thanks to persistently low interest rates and buyers battling record-low summer stocks.”
Elsewhere in Texas things aren’t quite as desperate, but home sales in the Lone Star State are still moving relatively fast.
In San Antonio, it took an average of 32 days for listings to be pending. That is two days less than last year, four days less than last month and no change compared to the previous week.
The moves in Dallas-Fort Worth moved within 28 days, one day from 2019, six days from May and two days from the previous week.
Houston homes are only available for 26 days – three days less than last year, nine days less than last month, and four days less than the week ending June 6th.
Columbus, Ohio is the quickest place to sell homes – in just five days. Cincinnati, Ohio (six days); Kansas City, Missouri (six days); Seattle (seven days) and Indianapolis (seven days) are right behind. Pittsburgh has seen the most dramatic acceleration lately. Sellers typically accept an offer 17 days earlier than this time last year and 40 days earlier than a month ago.
By far the slowest market is New York, where real estate typically spends 70 days on the market before accepting an offer, more than three weeks longer than last year. Miami (55 days) and Atlanta (38 days) are the next slowest.
Zillow points out that more homes are entering the market – new registrations are up 14 percent nationwide compared to the previous month – which shows that sellers appear to be gaining confidence in buyer demand. Inventory remains incredibly tight and sales are quick. Hence, buyers should be ready to act quickly when they find a home they are interested in.