May home sale activity was very similar to the activity we experienced in May of 2017. Overall, 10 home sales closed. The median sale price was $360,000 with 14 days on market, and nearly three and a half months supply of inventory, which is more than twice the amount of inventory on the market last year. As of the writing of this blog post, there were six homes pending sale, and 21 homes actively being marketed for sale in Lochwood.
Here's a recap of what sold in the neighborhood in May of 2018 and a comparison to May of 2017.
Last month I included an article about a study done by Trulia which found that our year-over-year price appreciation was declining. This month, I have included a similar article that quotes a local housing analyst and the Real Estate Center at Texas A&M. This is now three sources who are all saying the same thing. Home prices in the Dallas/Fort Worth area, especially in the high end market (above $500,000), are beginning to level off. Click here to read the full article.
This trend started in 2017 in the Park Cities and has been trickling down to lower price points for the past year. Looking ahead, as interest rates and inventory continue to rise, we will continue to see less price appreciation. Therefore, if you’ve been waiting to sell your home so that you get the highest price for it, then the time to sell is now.
Please contact me if you would like a comprehensive and honest assessment of the market value of your home. I’m never too busy for your calls or questions.
Realtor, Senior Real Estate Specialist, Lochwood expert and resident