July home sale totals are in (it usually takes 7-10 days after month’s end to get all of the closings reported for the month) and we are seeing a slight market correction happening in North Texas home sales over $250,000 saw a month over month decline and starting at $500,000 and up, there was a more significant percentage decline. See the chart below for actual percentages.
Now take note, one month could mean an anomaly in the market. What will be significant is if we see this trend over the next several months and it continues compared to Year over Year trends. Also notice that we added to the month sales trends on page two, so that we can track sales and days on market compared to the month before. Most media outlets won’t see trends until the quarterly numbers are reported, this will allow us quicker analysis of numbers to watch these as each month’s sales figures close out.
If you are interested in maximizing your home’s value and want to get the most out of it, sell now. If you are a buyer in the $500,000 plus price point, there may be more deals to be had this fall than you saw last year at the same time. Sellers more than likely won’t adjust their expectations for several months, so be prepared for bigger price drops and multiple offers to continue when the price point hits a desirable point with the buyer pool. We will continue to watch the trends and will keep you updated on news to note in the North Texas real estate market.
If you know anyone looking for Real Estate assistance, please let us know at 972-608-0777 or Homes@vanpoole.com.