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9/4/24-North Texas Real Estate Market: 90-Day Trends and 24-Hour Insights
First, let’s take a look at my Exclusive Daily Stats Market Report from my MLS. This data is not shared with the public, but I provide it exclusively for my clients to offer a unique and detailed perspective on the current market trends that just took place in the last 24 hours. Using this source, we can stay informed with both the latest daily changes and broader trends to better navigate the North Texas real estate landscape.
This will then be followed by the 90-Day Market Snapshot for Collin, Dallas, Henderson, Hunt, Kaufman, Rains, and Rockwall counties.: This comprehensive update includes key statistics from the past 90 days, offering a detailed view of current market trends in 7 counties. The figures are sourced from the tax rolls of each county seat, giving you a thorough understanding of the market dynamics over the last three months.
If you would like a county report for a county
not mentioned, please reach out to me using
the contact information below.
💛🪙 9/4/2024
Here’s today’s quick overview of the last 24 hours in the real estate market across the DFW and surrounding areas, as captured by the North Texas Real Estate Information System.
New Listings: 63
Back On Market: 16
Price Decreases: 72
Price Increases: 3
Active Knockout (KO): 1
Active Option Contract: 31
Active Contingent: 8
Pending: 70
Closed: 28
Expired: 37
Canceled: 11
Withdrawn: 0
Hold: 8
Coming Soon: 8
Daily Price decreases are becoming more frequent. The high number of canceled and expired listings often indicates that sellers have set prices too high for the current market conditions. Sellers can either adjust their prices—evidenced by the 72 price reductions—or choose to let their listings expire or be canceled.
While there are various reasons for expired or canceled listings, the shift from a seller's market has led many to reconsider their pricing strategies. Sellers may be hesitant to lower their prices, especially if they require specific equity to purchase a new home at current interest rates.
Some sellers list their homes at a higher price with the intention of using their equity to have buyers cover their closing costs. This strategy can be effective as long as the property appraises for the listed price. While it carries some risk, it can be a viable approach for sellers seeking to offset their expenses.
🧨We're not experiencing that type of market for that type of strategy.
Be sure to work with a knowledgeable agent who understands both seller and buyer strategies. A skilled agent can offer valuable insights into market dynamics, pricing strategies, and negotiation tactics. They can guide you through complex situations, such as sellers listing their homes too high in hopes of offsetting closing costs, which may result in buyers covering these expenses. It's crucial to have an agent who performs thorough comparative market analyses (CMAs) to accurately assess property values and identify if a property is overpriced.
They should also advise you on how to set realistic expectations based on current market conditions, manage risks associated with pricing strategies, and ensure that your property is positioned competitively. Having an expert guide you through these processes can make a significant difference in achieving your real estate goals and ensuring a successful transaction for both parties.
Note: We are entering a new era in real estate due to the recent NAR lawsuit and the updated rules for buyer representation contracts related to home showings. Some buyers are finding these changes challenging. For more information, please refer to my previous article titled: "Understanding the New Real Estate Viewing Requirements: A Guide for Homebuyers."
🏘️🏡🪙90-Day Market Snapshot for Collin, Dallas, Henderson, Hunt, Kaufman, Rains, and Rockwall counties:
Total Closed Sales Count (Monthly Average): 6,622Trend: Up 13%
This increase indicates a real estate market still moving along with rising sales activity across these 7 counties, however, houses are staying on the market longer.
Total Closed New Construction Sales Count (Monthly Average): 919Trend: Down 14%
A decrease in new construction sales suggests a potential slowdown or reduced inventory in this segment, a trend that has persisted since my previous market update. This ongoing decline indicates that new construction may eventually need to lower their prices or enhance their incentives to remain competitive. As pre-owned home prices continue to decrease, offering more value for the money, new construction will face challenges until adjustments are made to better align with market conditions and re-enter the competitive landscape.
Total Closed Pre--Owned Sales (Monthly Average): 5,549Trend: Up 18%
The increase in pre-owned home sales indicates a rising demand for existing properties, which is making the resale market more active. This surge is driven by falling home prices. If this trend continues, we may see a market correction before it potentially shifts into a buyers' market.
Average New Construction Sales Price (Monthly Average): $343,858Trend: Down 3%
A slight decrease in new construction prices could present valuable opportunities for buyers interested in newly built homes. With numerous new subdivisions emerging, builders may face downward pressure on prices if sales do not keep pace with the growing inventory. If New Construction is what you want, be patient, the forced decline in prices isnt here yet but it appears to be on the horizon.
I hope you found these statistics informative!
The data indicates a still steady market with an increase in overall closed sales but longer time on the market. However, the decline in new construction sales and prices may suggest shifting market preferences or inventory constraints.
As always, I’m here to help with personalized assistance. For a free Comparative Market Analysis (CMA), contact me at 903-603-0648 or amanda.allen@cbrealty.com.
For in-depth real estate articles and updates, visit AmandaAllenHomes.com, click on "Insights and Updates," and explore all the tabs. Don’t forget to sign up on our website for the latest market news delivered to your email!
Thank you for your trust. If you have any questions or need further assistance, feel free to reach out. I'm here for all your real estate needs.
Warm regards,
Amanda Allen
Coldwell Banker Realtor
903-603-0648
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