Here is the quick recap for April home sales in Dallas/Fort Worth.
Good news: The number of homes sold in April 2019 versus April 2018 were up almost unanimously across the board. (The only price points that were slightly lower in # of sales were $100,000-199,000, $450,000-499,000, $800,000-899,000 and $1-2 million). Does this mean we are out of the woods? No, however it does mean that our job market is still strong, our local economy is still growing and that homes that are priced competitively and in selling condition are moving.
Food for thought: Days on market also went up in comparison year over year. For every price point, the number of days it took to sell a home went up somewhere between 15-20 days on average. This means that when a home hits the market, it took anywhere from 15-20 days more to procure a buyer. Does this mean we’re in a market spiral downwards? No. It does mean the market is correcting to the affordability that buyers are able to utilize.
What Buyers are saying: If a home has been on the market a longer period of time, buyers are not as gun shy as they were 2-3 years ago…AS LONG AS sellers are adapting to the market. If a seller is sitting on the market without adapting condition or price for a long period of time, buyers are then asking questions. If the seller is responsive to the market, then buyers say, “well they wanted to test the market and have adapted their expectations if they didn’t quite get what they wanted.”
This is great place to be, where more balance has returned. This market is where buyer and sellers are more in line with expectations on both ends. It won’t last forever, but we can be thankful for cooperation and co-opetition while we can.
Happy selling and spring has sprung!
Seychelle & team