An overview of the changing market conditions in our real estate market.
Today I wanted to share a mid-year market update with you.
There are many areas in the DFW market where we still see multiple offers. However, instead of receiving 10 or more offers, there are usually only two or three.
Prices are still high, but not every home now sells for above the asking price. There are a few homes that sell below list price. This doesn’t mean the market is crashing. We’ve simply passed the surge of demand created by the pandemic. The days of buyers standing in line and throwing out crazy offers are likely over.
Inventory of available homes for sale still remains low. We’re at 60% of the pre-pandemic level, but it has been steadily increasing each month this year. Many homeowners who are seriously thinking about selling their homes may become motivated to get their homes listed as they see the shift in the marketplace.
We are also anticipating more inventory will come from builders. Many local builders stopped their traditional construction and started building spec homes earlier this year in an attempt to regain their profit margins. These spec homes should be nearing completion in the next four or five months, so we should have more inventory before the end of this year.
The market is still heavily skewed towards sellers, but we might be seeing the first signs of it returning to a more balanced market with increased supply and moderate prices. If you’ve been thinking about buying or selling a piece of real estate, I would love an opportunity to speak to you and offer you my experience and insight. You can call me at any time at 972-984-0511.
