Dear Lochwood neighbor,
Hello and Happy Thanksgiving! This is my absolute favorite time of the year. It has finally cooled off, the leaves on all of the beautiful trees in our neighborhood are changing colors, and Thanksgiving is my favorite holiday. We get to experience food, family, fellowship, football, and it’s all centered around the feeling of gratitude….another one of my personal favorites.
Now, let’s take a look at how our neighborhood market performed last month. Year-over-year (table below), sales were up considerably from 5 total sales to 12. The number of days that a home was listed before going under contract was also up from 22 to 52. Inventory held steady between 3.5 to nearly 4 months. What is noticeable in this month's year-over-year comparison is the percent of original list price that homes sold for. That figure was down from nearly 97 percent in October of 2018, to 87.5 percent in October 2019. For the past four years, the percent of original price that homes have sold for has hovered between 92 percent and 100 percent. This is the second consecutive month that it has dropped and I need a few more months of data to determine if this is a trend or not.
Individual sales from October (below) look very similar to the sales that I reported in September….listings with a high count of days on market and those with significantly fewer days on market. The listings with more days on market typically sell at a lower percent of their original list price than those with fewer days on market. As of the writing of this letter, there were 39 Lochwood homes actively being marketed for sale with list prices that ranged from $250,000 to $659,900 and 96 median days on market. You can click the "Search" tab on my website to view the neighborhood homes, and homes throughout Dallas/Fort Worth, that are currently for sale.
As always, thank you for your time and for the referrals that you send my way. I am never too busy to help your friends and our neighbors achieve their real estate goals.
Please have a happy and safe holiday. I will be in touch again next month.
A Real Estate Practice Rooted in Gratitude + Empowerment