Lochwood Market Update | June 2020

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Real Estate

Hello!

First and foremost, BIG BIG thanks to everyone who reached out to request information and who asked for help with your property taxes. I know that many of our neighbors have been successful in getting their proposed value lowered to the actual market value of their home. Please keep me posted as you hear back from the Appraisal District. I would love to keep a running tally of the money we have saved, collectively.

In talking with many neighbors over the past four weeks, I learned that some people think the prices I am reporting in this letter are the actual sale prices of homes in the neighborhood. The prices you see in the table below are the price per square foot for which the property sold. Texas is a nondisclosure state, which means that sale prices are not publicly disclosed anywhere. The only place that sale prices are disclosed is in the Multiple Listing Service (MLS) and as a member of our local MLS, I have access to sale prices. Being in a nondisclosure state means that neither I, nor any other realtor, can publicly disclose the sale price of a property, but I can give you the price per square foot, and if you ask me for a price analysis on your home, then I can disclose what comparable homes have sold for. I am not trying to mislead you. I am trying to keep you informed as to what is happening in the neighborhood within the rules of nondisclosure. I hope that makes sense. Call me if you want further clarification.

Lochwood Sales May 2020

Let’s get back to May 2020 homes sales in Lochwood. The list above shows all of the homes that sold along with the numbers of days on market before going under contract, and the percent of the original list price that the seller received. It's pretty clear that the closer a home is listed to market value, the sooner it sells. Homes that sit on the market longer, usually sell for a lower price.

Once again it seems as though the shelter in place order and COVID-19 had no impact on sales in our neighborhood. There were just as many sales in May of 2020 as there were in May of 2019. Additionally, the number of sales that are pending is higher this year than it was in 2019. The number of sales that have already closed in June of 2020 outpaces the number of sales we had in June 2019. Again, COVID-19 has had zero impact on our neighborhood market.

Lochwood trends

The number of homes for sale in Lochwood, Lochwood Meadows, and Lochwood Reserve is near an all-time low. If you’ve tried to sell in the past and were unsuccessful, or if you’ve been considering making a move, call me. Inventory is low, and money is cheap, which is why there are so many buyers in the market right now. I would love to meet with you to develop a strategy that insures your success. Have a wonderful day!

 

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