We wanted to fill you in on the national real estate market and some good points for our local real estate market.
Click here to view PDF slides from our National Real Estate conference with KW (just ended this week) for those of you that want to dive into the economics.
For the rest, here are the bullet points for breezy reading.
Local Real Estate: (as written by our very own John MacLaughlin, Courtney Crowell, Elisabeth Hawila & Taylor Havins)
- Houses in January, ’19 are on the market an average of 71 days versus 55 days in January, ’18.
- The average list price in January, ’19 is $357k versus $355k in January, ’18; however, the actual closing price remains the same at $346k.
- All counties are selling on an average of 97% of the list price.
- In all counties, the list price for homes over $300k are in a Buyer’s market.
- Cash investors looking for houses less than $200k need to be ready for a quick purchase as inventory is extremely low.
- For all buyers wanting under $300k, Tarrant and Dallas counties are closing the quickest.
- With Tarrant and Dallas moving the quickest, you can expect to pay at least 97.5% of sales to list price in Dallas and 98.1% in Tarrant.
- Typically houses selling for over $500k sit on the market for over 80 days.
- Houses for sale in the summer months sell twice as fast as in the winter months.
National Real Estate Market:
- In 2018, the number of homes sold decreased by 3% nationally compared to 2017
- The average national home price is $309,000 (DFW is $307,794 for 2018)
- The average home price appreciation was 5% which is not sustainable long term. Being closer to 3-4% will keep us closer to what the market will bear.
- It’s predicted that appreciation will be closer to 3-4% for 2019
- Nationally we are still in a Seller’s Market (Dallas/Fort Worth is one of the first markets in the country to shift)
- Inventory is lower because interest rates are so low you can’t replace your current home for the same interest rate you had 5 year ago.
- December had a 10% drop in sales year over year.
- We’re not likely to go above 5% this year on interest rates
- New construction is up but we are still missing a gap of 4.7 million homes that weren’t built from 2008-2012.
Seychelle & Team