Is Our Market Hotter Than It’s Ever Been?

The DFW real estate market is the hottest it’s ever been. All across the area, sales are up and inventory is down.

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What’s happening in the DFW area market right now?

In short, everything still looks to be extremely positive. How long is it going to continue to be this good? We don’t know. We don’t own a crystal ball, and our market doesn’t move as fast as other markets. We have a three-to-six month lag before we really see how things are going to react in the market.

Here are some key figures to know that paint a clear picture of where we’re at and how far we’ve come since this time last year:

• The median sales price has risen 9.7% to $220,000. 
• The average days on market has dropped 19.2% to 42 days.
• Closed sales have risen 4.9%. That’s 107,686 residential home sales and roughly 215,000 transactions in total. 
• The level of inventory has dropped 10% from 5.5 months to 2.7 months. The lower this number is, the hotter the market usually is.
• New listings are up 2.9%. In the entire MLS, there were 137,847 new listings. Since only about 108,000 properties sold, though, that means 22% of the properties that came on the market failed to sell.

We’re in the hottest market the DFW area has ever seen.

So, even though we’re in the hottest market the DFW area has ever seen, there’s no guarantee that your home will sell. You still need to prepare it right, market it correctly, and set the right price for it.

If you want to geek out on some more numbers with us or you have any questions about buying or selling real estate in the DFW area, please get in touch with us in any way you can. We’d love to help you!

What Does the DFW Housing Market Look Like?

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Selling a home? Click here for a FREE Home Value Report

Today, I’m covering a market update for the Dallas-Fort Worth area during the first quarter of 2016.

Right now, the median sale price rests around $207,000. This is the exact middle. If you took all the properties, you’d look at the one priced exactly in the middle. That’s up by 9.8% from about  a year ago. The price per square foot is also up by 8.6%. It’s $101 per square foot.

How long does it take for a property to sell in our booming marketplace? On average, it takes around 20 days to sell in our MLS. From a year ago, that’s a 14.3% decrease. Remember that all of these statistics vary based on different circumstances, as well as specific neighborhoods. We’re giving you the overall health.

If you’re a seller, and your home has been listed for over 20 days, there’s a good reason why it isn’t selling. It’s probably overpriced. It’s nearly impossible to underprice your home in today’s market. You have to pay attention to strategic pricing.

Sales are up by 7.3% compared to 2015. Over the last year, 106,258 homes were sold. The key reason for all this activity is based on inventory. How many active listings are there compared to how many homes are selling per month? We only have 2.8 months of inventory currently! That’s down by 15.2%. That means it’s still a spectacular time to sell.

If you have any questions about this topic or more, give me a call or send me an email. I’d be happy to help you!