We now have one full week of the state and city opening back up after shelter in place. Here's an important market update on what we're seeing for North Texas real estate.
Let's take a look at the numbers:
Coming into 2020, our market was running 7% ahead in number of contracts written compared to last year. During shelter in place (March 15 – May 1), we dipped in number of contracts written down to 74.86% of contracts written year over year. Last week, our first full week out of shelter in place, we saw contracts written at 4,782 homes put under contract, which represents 99.17% of what we saw the same week in 2019.
In regards to homes coming on the market, we had 2,380 homes hit the market this week and 2,635 homes hit the market the week prior. Comparing these figures to the number of homes going under contract, this shows we’re running into an inventory shortage. There were 2,300 more homes put under contract than homes that came on the market last week. This is going to be important for us to watch as it will be a leading indicator of our market for summer and fall.
Stepping away from the numbers, our real estate market remains strong. There are still great options for buyers and sellers benefit from the fact that the buyers showing interest come well vetted. We have also rolled out our Buyer Protection Program and Safe Sellers program to help bring peace of mind and safety to our clients’ real estate experiences.
We’re here to help and be a resource for you all as we move forward.
Warmest wishes,
Seychelle & Team
Would you like more information or have specific questions about selling your home?
We would love to have you join us for our Virtual Home Seller Workshop next Tuesday, May 19th from 6-7pm. You can register for the workshop HERE.
