Now that we are in mid June, we are a month and a half from shelter in place being lifted here in North Texas. Here's a quick update on what we’re seeing in the market.
Let’s start with the week-over-week numbers first. We had 2,429 homes hit the market, which is almost break even with the same number of homes that came on the market a week prior, which means inventory is currently steadying at around 2,400 homes hitting the market per week.
Looking at sold homes from last week, we had 2,140 homes sell. What we look for is how many homes are coming on the market to replace the ones that are selling. When we first came out of shelter in place, we saw our number of sold homes skyrocket, while the number of sellers willing to test the market was much lower.
I’m happy to report that for the first time in several weeks, we actually saw a sold number that was less than the number of homes coming on the market, 13% less to be exact. This gives buyers a little bit of breathing room compared to recent weeks, and is particularly true if you shopping for homes in the sub-$500K range.
Now, what’s important to know is since we have come out of shelter in place, we are running 20% ahead in the number of contracts that are written year over year. Obviously, we had a dip at the start of COVID-19, down almost 27% for March through April, and even into the beginning of May. Although we were down, we are now seeing a spike!
Homes that are priced under $500K are seeing a lot of buyer demand, resulting in multiple offer situations. In the $500K-800K range, it’s a little bit more of an equalized market. Well priced properties are selling quickly, while the sellers that are testing the market at a bit higher price are taking a bit longer, and may be in need of price correction.
In the higher-end market, buyers are really thinking their final decisions through. They are taking a little bit longer to make decisions, but they are very decisive and clear on what they want and are willing to pull the trigger on the right property.
We hope this helps you when you’re looking at the real estate market here in DFW. We’re here to be your real estate consultant of choice and help in any way that we can, whether it’s buying, selling, or investing.
I also would like to personally invite you to our Virtual Homebuyer Workshop, TONIGHT, June 16th from 6:00 PM to 7:00 PM CT. We will be talking in-depth about the market, what’s going on here, where we are year to date, and — if I had my crystal ball — what we think might be happening in the next year to come.
You can register HERE.
We hope you’re doing well and staying safe. If there is anything we can do to help you, please don’t hesitate to reach out. We are here to be a resource and to help.
– Seychelle & Team