The spring real estate market is upon us. Inventory is creeping up and interest rates are very low again which should bring buyers back to the market. This blog summarizes the year-over-year performance of the market, and at the bottom of the page, you’ll see the link to take you to the detail for each of the properties that sold in February.
Sales were much stronger in February 2019 than February 2018.
According to MLS, there was no change in the days on market, however, I do not believe this to be completely accurate. Several of these listings were taken off the market and then re-listed, which “reset” the number of days on market that the listing accumulates.
Six of the eight homes that sold in February had on for more price reductions before going under contract. Some were more substantial that others. Like days on market, taking homes off the market, and then re-listing them can skew the percent of original list price that gets recorded in MLS. The best example of this is the sale at 12016 Loch Ness. This home was originally listed for $535,000 and ultimately sold for $455,000, which is only 85 percent of the original list price.
The inventory of homes for sale increased steadily throughout the majority of 2018 and began its seasonal decline in October after peaking at 3.6 months. Seller’s equity in their homes and desire to step up or down into their next home, along with buyer demand, will determine how much inventory increases in 2019.
Lastly, the number of listings that were cancelled or expired increased substantially. Some of these listings have been put back on the market, while others are waiting to see if the spring market comes back as strong this year. Please know this is something that is occurring throughout the DFW area as sellers adjust to competing with more listings for buyer's attention.
That pretty much summarizes what happened in Lochwood in February 2019. Click here for full detail on the listings that sold, including full sale price information. As always, please contact me via phone, text or email if you have any questions about what is happening in the neighborhood, or if you know of anyone who is looking to buy, sell or lease a home. I am grateful for your referrals.
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