Hello friends and neighbors! I hope you find the summary that I’ve provided below helpful in understanding what happened in the Lochwood housing market in May. It’s all very positive. I’ve tried to add some trend information so that you can compare last months performance to years passed. Have a great day, and as always, contact me directly if you have any specific questions about any of the properties in the neighborhood.
May was a booming month for home sales in Lochwood. In all, 17 home sales closed. This number is inline with the sales volume we experienced in May of 2016 and 2015 as well. All but two of the homes that sold were either fully updated, or had some level of updating to the interior. The median sale price last month was $347,500, which was 6.9 percent higher than the median sale price in May of 2016. The median number of days on the market was 7. Total inventory equalled a 2.2 month supply, which is slightly higher than the inventory level from a year ago. As you know, a six month supply of inventory is typically considered a balanced market. Therefore, we are still in a strong seller’s market. In all, there were 22 homes available for sale at months end, and nine homes were pending sale.
Lochwood (west of Sunland)
The homes on the west side of Sunland tend to be a little larger and several are custom homes, so the values on this side of the neighborhood tend to be a little higher. Eleven of the 17 homes that sold in May were west of Sunland. The median sale price was $392,000 with 7 days on market. The highest priced sale was a fully-remodeled flip on Carissa. This home was also quite large at nearly 2300 square feet. Six homes were pending sale and fifteen homes actively being marketed for sale.
Lochwood (east of Sunland)
Six homes located east of Sunland Street sold in May. The median sale price for these homes was $227,000 with only 5 days on market. The highest priced sale was a 3 bedroom, 2.5 bath home on Lanewood, which sold for $238,000. Three homes were pending sale at the end of May and only five homes were actively being marketed for sale.
The strong sellers market that we have been experiencing for the past few years will continue through the summer of 2017 as demand for housing throughout Dallas/Fort Worth remains very strong. I believe we will continue to see young adults buying homes in the neighborhood as the Millennial Generation is our largest pool of buyers currently in the market. Additionally, investor demand for homes that have not been updated will remain strong as well. One note about that….many of you are under the impression that investors try to cheat you out of market value for you home. That is not true at all. Investors will absolutely pay market value for you home based on it’s condition. I have sold several unimproved (not updated) homes in the neighborhood to investors who have then “flipped” the properties. Each of these homes received multiple offers and sold over the list price.
I’ll be back next month with more information on our neighborhood housing market. Until next time, feel free to pursue homes for sale on the “Search” tab on my website. Or, you can always give me a call. I’m happy to answer any questions that you might have. Have a great day!!