We’re officially halfway through 2021, and what a year it's been thus far. Like many other areas around the country, Dallas-Fort Worth has experienced a historic shortage of inventory, paired with consistent, high demand. It's been a tough road for many buyers, whether they are entering the market or making a move after selling their existing home.
This begs the question — what can we expect for the rest of the year?
As we always say — we don’t have a crystal ball — but, we are starting to see indicators that things are slowly improving. First, let’s start with new sellers on the market. So far in June, we’ve seen an average of 2,411 new sellers hit the market each week.
Looking back as recently as March, this figure was at an average of 1,652 new sellers hitting the market per week. This 46% increase in the weekly average is a positive indicator that seller confidence is increasing.
That leads us to active inventory, or the number of active homes on the market. In June, we reached 7,000 homes on the market for the first time since January, with 8,000 homes on the market within close reach. Using a similar comparison to what we did with new homes on the market, the number of active homes on the market is up 38% compared to where we finished in March.
While the increase is meaningful, context also matters. At this time last year, the number of active homes on the market was 17,374. The takeaway: we’re seeing improvement, yet we still have a long way to go to get back to what has historically been considered the norm — and it likely will not happen overnight.
Finally, let’s take a look at the number of contracts written in our market. Looking week over week, the numbers are quite stable at the moment, with weekly totals ranging from 4,100 to 4,700 contracts written over the past 90 days. This shows us that demand remains high, yet stable. This should come as no surprise given the fact that interest rates remain low, and DFW continues to be a highly sought-after city metro for relocation.
What does all of this mean for you as a buyer and/or seller?
For buyers, if you were discouraged by what you found in the early spring, now may be a great time to revisit your search. Competition is still high, but with the increase of new homes hitting the market, you may have better luck now.
For sellers, it’s still a great time to list your home. Average home values in our MLS are up 19.6% since January, and demand remains high. If you were concerned about where you would go after your home sells, the increase in inventory and options like our Cash Purchase Program are both reasons to be more confident than before.
If you have any questions about the market, want to know what your home is worth, or would like to start a home search, our team of experts is standing by to assist you!