Since last week, all activities have decreased. Even with 1,069 fewer homes Sold, the market remains inverted with more homes leaving than arriving. Strong buyer demand remains.
All activity in the Lease Market also declined. This is the first week in the last six months that more lease properties came onto the market than left. However, it is also the lowest number of Leased properties recorded during the same time.
I put together a set of trends happening in the entire North Texas Real Estate Information Services (NTREIS) market (below). The raw numbers verify that prices are very likely to continue to rise for the foreseeable future. Properties are simply leaving the market faster than they arrive largely due to near record low mortgage rates.
There is a high volume of New Listings (properties coming onto the market), but the total Inventory has been depleted via Closed Sales to the record low Days On Market. The Average Sale Prices and Median Price Per Square Foot are at (Collin County) or near (NTREIS) record high prices and on an upward trajectory absent a significant economic change.
The market will likely run away from buyers who are waiting. The prices will probably go up and the interest rates can’t remain this low forever. Serious buyers who can handle a few rejections will be rewarded with appreciation and equity down the road in this market.
I’ll have copies of this information at my open house on Sept. 12 from 1-3 p.m. at 11947 Bamberg Lane in Frisco as well as other information and treats. I’m also happy to explain these graphs in more detail over Zoom or a cup of coffee – my treat! Call, text or email when you’re ready for help when you sell or buy a residential property in this complex market. Let’s meet and talk!
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com
#DFWmark #REALTOR #MarketWatch #MarketTrends #SellersMarket #SellNow #RecordPrices #LeaseShortage #InventoryShortage #StrongDemand
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