Most of the reported area remains in a Sellers’ Market except Van Alstyne, which hit a Buyers’ Market with six months of inventory. Van Alstyne also has the highest year-over-year inventory increase of 93.5%. Plano and Melissa have the least inventory at 1.7 months and more than a 50% year-over-year inventory drop in each city.
Frisco has the most Active homes at 405 while Gunter has the fewest at 33. There was only ONE sale in Gunter this month. At only 1.7 months of inventory, Melissa has the lowest YOY months of inventory percentage at -56.4%. Aubrey and Anna are flat at 0% YOY. All other cities and all counties showed positive growth. Dallas and Collin counties are still near 30 days on market while Denton County is at 37 days. Denton County is generally the most affordable this month at $203 per square foot (psf) while Collin County gets $214 psf. Dallas County has the most Active properties with 4,596. All three reported counties are close to getting a median 97% of the original listed price.
The Fed will end the bank term funding program (BTFP) on 11 March 2024. This emergency lending program was a response to customer withdrawal runs and the failures of Signature, Silvergate and Silicon Valley regional banks as well as Credit Suisse in Europe in March 2023. BTFP allowed banks to use bonds as collateral to borrow from the central bank.
New safety rails were installed to minimize liquidity problems that led to the downfall of Bitcoin-friendly banks in Silicon Valley. However, the end of BTFP could create higher lending rates and constrain credit availability. It could also possibly lead to higher mortgage rates and more strict credit rules while many folks were waiting for rates to drop.
Nonetheless, the Federal Deposit Insurance Corp. (FDIC) is still limited to $250,000 per customer per institution. If customers didn’t resolve this situation in the last year. It could be a problem for some when BTFP is removed.
Without getting too deep in the weeds, the Overnight Reverse Repurchase Agreement – a low-risk injection of liquidity into the system by banks and the Fed - is also expected to end this year. It could end as early as March but is most likely to end later in the year. In short, if you’re waiting for rates to drop, you may wait a long time. Get a house now.
I've Got Your Six!
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com
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