Amazingly, if you told me what our market is doing right now six months ago, I wouldn’t have believed you. Hi, I’m Jay Acker with Real Estate By Design at Keller Williams Realty, and here is your fall update for Denton County.
Right now in Denton County, there are 3,665 homes on the market ready to move into. Our average sales price year over year from last fall is up 4.6%, and the average sold value is $345,248. The number of homes sold from last fall until right now is actually down 14.3%. The days on market right now are actually up 35% from a year ago from this time, standing at about 27 days on market.
The statistic that we found that shocked me the most was the fact that over the last 24 months, our months of inventory, (these are available homes on the market) has gone up over 30%, 3,665 homes in Denton County alone. That’s not even speaking about the rest of the North Texas. We are certainly seeing a market adjustment happening but what does this mean to you? If you’re a buyer there is typically a bit more inventory to choose from and there are often deals to be had in certain market pockets. In certain areas, we’ve even seen the average original list price on the market over the past few months come down, and it’s been on the rise for the last five years. This is a big shift in our market. Interest rates have gone up through 2018, we’re continuing to see rates go up, and expect them to go up in 2019. While you may want to wait, the rates might be up a quarter point to a half point by the time you’re ready to actually buy, so right now is a great time to purchase.
If you’re selling your home, the cooler months are a great time to sell in DFW and conditions are still VERY favorable for sellers despite the adjusting market. Generally, the buyers that are out there looking aren’t doing it for fun. They’re actually people who need to be into a home. On the seller side you’ve got a great audience looking at your listings. People will tell us, “Well, we want to wait until March or April to sell.” There is some value in that, but there’s also the fact that everybody else wants to wait until March or April. Your level of competition really shoots through the roof as we’ve seen over the past few years.
I hope you found this information helpful. If you’ve got questions about any of that statistical information we shared with you, or you’re maybe interested in finding out what your home might be worth, or you’re possibly interested in buying a home for the first time, or a repeat buyer, we would love to have a conversation with you. You can reach us at REBDgroup.com, or give us a call any time at 940-765-4705.