Market Watch - 25 Feb. 2022

The Multiple Listing Service (MLS) made several changes. Many fields were renamed. The terms “Sold” and “Leased” both became “Closed.” For accuracy, I changed “properties under contract” to “active option contract” to avoid confusion.

In Texas, buyers can purchase a “termination option” from property sellers in the contract. The option period is a short amount of time that allows the buyer to back out of the purchase for any reason. The length and cost of the option period is negotiated between the parties.

Inspections and other due diligence typically occur during the option period. If the contract moves beyond the option period, option fees are credited to the sales price at closing. If it terminates, the seller keeps the option fee.

Since last week, Properties Under Contract and Pending have increased while New Listings and Closed properties have decreased. The market remains significantly inverted with more Sold properties than New Listings.

The Lease market had decreases in New Listings and Closed Properties while Pending Properties were flat. The weekly data provided here is always pulled on Friday mornings, which was before the first of the month when most movement happens in the lease market.

Nonetheless, the lease market remains inverted. It’s likely that the spring lease season has already started, and leases will be difficult to find for most tenants.

The inventory shortage is the driving force behind the low number of closed properties. If more turnkey properties were on the market and/or priced properly, they would sell or be leased. It remains a strong market for both sellers and landlords.

I’ve Got Your Six!

Mark M Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

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