The median sales price in DFW hit an all time peak in June of 2018 at $270,000. We then watched a market correction take place driving sales prices lower starting in July and August which rounded out lower pricing going into the fourth quarter of 2018. We estimate this market correction to be much less than 2007 – 2011 numbers because the job market is much stronger in the North Texas area.
Sellers began to notice their homes were getting less traffic and fewer offers, so list prices started to follow suit of closings and declined in June and July of 2018. This trend has continued as sellers compete for buyers to come and make offers on their home. Look at the 4th quarter of 2018 to see the trends of sellers getting more realistic about their home’s sales price potential.
Median days on market are on the rise as we adjust to more homes active on MLS in North Texas. The lowest days on market in our MLS over the past 3 years was April 2016 with an average of 12 days on market. We are currently triple in days on market compared to the low point of time on market.
Buyers are wanting to offer lower than asking prices to force a market correction. We’re currently sitting at an MLS average of 96.5% of List Price to Sales Price close out percentage. Keep in mind that if a seller is pricing ahead of the market and is being more realistic on their pricing expectations, then the percentage or list to sales price will be closer to 99%-102% because the seller under priced their home to begin with.
As we predicted early last year, inventory is up across the MLS. This means buyers have more homes to choose from, so location, price and condition will become increasingly more important. Repair requests will also go up in value as buyers are tempted with more properties available in the market.
This is where we stand as we move into 2019. Stay tuned as we continue to keep you informed throughout the year on how the market is moving and how you can best navigate the DFW real estate market.
As always, we are always here to give you a personalized one-on-one evaluation and are happy to answer any questions.
Here’s to a prosperous 2019!
Seychelle and the Van Poole Properties Team