Market Update: As we continue to navigate our way through the days of “shelter in place,” there are some key stats from this past week that stand out.
Let’s take a closer look at these stats, and how they influence the North Texas market.
Market activity in the past week:
- We have nearly 19,000 homes currently active on the market
- Last week, we only had 1,823 new listings hit the market
- This was a 7% increase in new listings week over week
Here’s where things get interesting…
- Over the same period, 3,316 homes went under contract
- The week before, we had approximately 2,800 homes go under contract.
What does this tell us about the market?
First, it tells us that consumer confidence is still up. Buyers are still looking to move forward with their home purchases, and are adjusting to the new showing processes that have been put in place. This in itself is a great sign.
Next, the difference between the number of homes going under contract and the number of homes coming on the market tells us that there is a shortage, and a significant one with a gap of 1500 homes. For sellers, this means that you have a very interested pool of buyers, and less inventory, presenting a great opportunity for those currently on the market.
If you are considering selling your home and would like a free home valuation, you can easily submit information about your home HERE, and one of agents will run a comparative market analysis for you.
Stay healthy and safe, and let us know if there is anything we can do to support you and your family during these times!
Seychelle, Barb, and the whole VPP team
To check out the rest of the VPP Blog for real estate news, tips, and resources, click HERE.