DFW Housing Market Cools but Competition Remains Fierce
Key Takeaways from September 2017 Stats:
- Good news for both buyers and sellers
- DFW Market is continuing the trend of softening from a seller standpoint
- Continuing signs showing a movement towards a balanced market
- For all the details including historical trends, CLICK HERE.
A Closer Look at the September 2017 Market Statistics & Indicators
The number of new listings on the market increased by 6% when comparing Sept 2016 to Sept 2017. With that type of increase, it is obvious that more and more homeowners are ready to jump into the market to cash in on the once hot seller's market. Are the flood of new sellers too late to the party? That remains to be seen. But looking at the numbers and stats which follow, they might be getting to the party too late. Advantage - Buyer
The number of closed sales have decreased by 7.3% from last Sept. In August 2017, we saw a 2.3% decrease from last August. Could we be seeing a trend towards fewer closed sales? The fact that the number of closed sales are down in combination with the increase of new listings can only mean that buyers will have more options and might be able to negotiate more than they have over the past few years. It is likely still too early to say that the market is cooling, but it isn't too much to state the market has definitely "slowed" for the meantime. Advantage - Buyer
Median Sales Price
If you're a seller, here's your good news. Prices have continued to increase and this Sept vs last Sept is a whopping 6.2% increase. The increase is still a little lower than the 7.3% increase we saw in August, but with the numbers mentioned above, I wouldn't put all your faith in the Median Sales Price stat. The increase in new listings on the market gives you more competition for your home. More competition generally means prices decrease. Be careful by only paying attention to this stat if you are thinking of listing. As a potential seller, you should still get very good money for your property. However, overpriced homes will be ignored at this point due to the number of new listings, drop in closed sales and the greater inventory of homes on the market. Advantage - Seller
Percent of Original List Price
Another indicator in the favor of the buyers. The percent of sale's price to list price has decreased 0.6% from a year ago and it was down 0.6% in August as well. Bidding wars are becoming less and less common as the number of new listings rise and number of closed homes dips. This is definitely to the advantage of buyers. Advantage - Buyer
Inventory of Homes for Sale
In August, we saw an increase of 17.4% from last year. For September, that number has dropped just a bit to 15.2%. This stat continues to supports all the buyer advantages listed above and follows the trend of the market shifting toward the even mark - which is a good thing. Advantage - Buyer
To view all the details for the September Market Overview, including historical trends, CLICK HERE.
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