Since last week, all categories in both the For Sale and Lease housing markets have decreased. This is seasonal and expected during Thanksgiving week. There was a severe drop in the number of price decreases this week. Again, this change could be a result of Thanksgiving week or Sellers choosing to wait.
An important shift was the higher number of Sold in proportion to Pending. It takes about two weeks to close a cash transaction. It takes 30 to 45 days to close a financed transaction. There is another category on the market titled "Active Contingent," which tracks houses that are waiting on loans. However, it's normally in the low hundreds.
Logically, there should be a significantly larger number of houses Pending than Sold. Additionally, there should be more New Listings than any of the other categories. Since more houses Sold than are Pending, there's a potential for a noticeable drop in Sold properties during December. This decrease is also seasonal, but it would mean a possible pause in this unusual market. It's worth watching.
I’ve Got Your Six!
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com
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