Did you know mortgage rates dropped from a national average of 7.89% in November 2023 to as low as 5.86% for well-qualified Buyers as of this morning? After a slow summer, houses are still available but expect Buyers to get the good ones soon while they have more buying power.
Please bookmark my Vendor List. You may need a mortgage lender or credit repair professional to buy a new home. You might need experts from electricians to a handyman or lawn specialists to prepare your house for sale. I also help landlords and tenants. I’ve Got Your Six for all your residential needs.
Most reported areas remain strong Sellers’ Markets with less than six months of housing inventory. Gunter and Van Alstyne remain Buyers’ Markets with 7.4 months of housing inventory each – down from previous months. Van Alstyne also has the highest year-over-year (YOY) inventory increase at 138.7% - down from 232% last month. All other markets are below 100% YOY with Melissa only showing a modest increase of 6.2%. Dallas, Collin and Denton counties all had YOY inventory decreases since last month but increased more than 50% from last year.
McKinney has the most Active homes at 966 while Gunter has the fewest at four. Prosper has the highest Median List Price and highest Median Sold Price. Frisco has the highest Median Price Per Square Foot (PSF) at $255 PSF. Aubrey has the most affordable Median PSF listings in the reporting area at $188 PSF.
Dallas County’s days on market are 24 while Collin and Denton counties have noticeably increased. Dallas County has the lowest median price per square foot this month at $207 while Collin and Denton counties are tied at $215 PSF. Dallas County has the most Active properties with 6,822. All three reported counties have a median closed percentage of the original listed price greater than 96%.
Plano got the highest median percentage of original price at 97.5% while the city of Denton closely followed at 97.0%. August traditionally marks the end of the cyclical house-shopping season. Most Buyers with families want to settle before school starts. A slowdown was expected. Anecdotally, there was an increase in housing activity as we moved toward September.
Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212 (call or text)
DFWmark@kw.com
DFWmark.com
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