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6/1/24-Real Estate Market Overview: Quick Stats and Trends
Our 90-day analysis focuses on the real estate market across seven key regions in Texas: Collin, Dallas, Henderson, Hunt, Kaufman, Rains, and Rockwall Counties. This comprehensive overview provides insights into the current trends and dynamics affecting these areas, highlighting key metrics such as total closed sales, pending sales, active listings, inventory levels, and average days on market.
Understanding these numbers is crucial if you are planning or needing to list your home. Knowing the potential amount of time it may take to sell is important for planning purposes. Given the current trends, it may be wise to consider listing your home sooner to accommodate your needs and timeline.
At Coldwell Banker, our homes sell 20% faster than those of our top-tier competitors. If selling your home is in your near future, I am happy to provide you with all the information you need to make an informed decision and guide you through the process.
90 Day Trend Analysis:
Total Closed Sales Count: 3,006, Uptrend: 15%
Total Pending Sales Count: 4,373, Uptrend: 27%
Total Active Listings Count: 9,256, Uptrend: 1%
Months of Inventory (Average): 4 months,
Days on Market (Average): 61 days, Uptrend: 5%
Sale Price to List Price (Average): 96%, Uptrend: 3%
Analysis and Implications
The real estate market in the covered areas (Collin, Dallas, Henderson, Hunt, Kaufman, Rains, Rockwall counties) is showing significant activity with rising trends in sales and pending sales, as well as a moderate increase in active listings. The average days on market are also increasing, indicating properties are taking slightly longer to sell.
Potential Shift Towards a Buyer’s Market
Months of Inventory:
With an average of 4 months of inventory, the market is approaching a threshold. Typically, 6 months of inventory is considered a balanced market, where neither buyers nor sellers have a distinct advantage. Less than 6 months indicates a seller’s market, while more than 6 months suggests a buyer’s market.
Increasing Days on Market:
The 5% increase in the average days on market suggests that homes are not selling as quickly, which can be a sign that the market may be shifting.
What This Means:
A shift towards a buyer's market means that buyers might have more negotiating power, potentially leading to lower prices and more favorable terms. More inventory and longer days on market can give buyers a greater selection of homes and more time to make decisions.
The current trends suggest that while the market is active, there are signs it might be transitioning towards a buyer’s market. This shift could offer more opportunities and advantages for buyers in the near future. Keeping an eye on these trends will be crucial for both buyers and sellers to make informed decisions.
While I do sell homes throughout DFW and surrounding areas, if you would like a market overview in an area not listed here, please send me an email at Amanda.Allen@cbrealty.com, or a text at 903-603-0648, and I will get it out to you today.
Amanda Allen,
Coldwell Banker Realtor, Heath TX
GRI,MRP,SFC
(903) 603-0648
