September sales figures will close out by September 5th, so next week we will be able to see a month over month comparison on sales figures for North Texas. As a whole we are looking at about a 2% rise in the number of home sales over last year YTD. Additionally, we saw 551 homes expire in the MLS on October 1st. This is the single largest month of expired homes in the MLS so far this year. What does this mean? That Sellers need to start looking at their sales prices more realistically if they aren’t getting the traffic they desire.
For Buyers, this means a slight softening of the market for Fall, which is normal for this time of year. You will see 3-5 offers on a home instead of 15-20 offers on the same home during the summer sales cycle.
While other parts of the country are seeing shifts starting in their real estate market, we are still seeing a Seller’s market in most price points. The $500,000 and up market is starting to see inventory rising. We are at a 5.8 month supply of homes for listings over $500,000, once we hit 7 month’s supply, we are in a swing of a Buyer’s market.
With interest rates still low, now is the time to take advantage of prices before interest rates tick up. Look for a quick video next week to explain the differences in interest rates on home prices.
Also, we are getting questions quite frequently on if Zillow Zestimates are accurate in Texas. Here is a quick blog read on a real life home valuation experiment we did this weekend for Zillow and home values. To see the results – read this: http://dallas.vanpooleproperties.com/blog/is-zillow-accurate-for-home-values-in-texas/
For PDF of the market update: VPP DFW Market Update 10 3 2016