Although last weeks stats below are still showing signs of continued weakness in demand, the outlook amongst many agents for an increase in activity is positive.  We have had more calls and activity this week than in the last 4 to 6 weeks.  In addition, I went to a Real Estate Forecast Summit for Austin last week and the vital signs of the Austin Economy are good.  I feel as if all the national media about the over saturated markets in the West, the Northeast and Florida have created a feeling that we are in the same situation.  We are not...we have a healthy economy and a very affordable home market compared to all the other markets out there.  What we are seeing is what we typically see after a record year in real estate sales.  The market is going back to a normal market and the prices are going to adjust to a normal supply and demand.  So if you are a seller you are facing a new reality and you need to adjust your expectations.  If you are a buyer you have a better selection of homes to choose from and your prices have improved now that there is less scarcity in the market place.  If you are both a buyer and seller now is the time to buy as interest rates are great  your options on what to buy have gotten better!
 
Last Weeks Numbers:
The total number of active listings are hovering around 25% increase over last year and this week is no different.  New listings are up this week from 2006.  This week the number of pending and sold homes are down from 2006.
 
(compared to the same week in 2006)
New listings last week are up 35.73%
Pending contracts last week are down 63.20%
Scolds from last week are down 44.15%