Hello friends and neighbors! I hope you enjoyed your Fourth of July weekend and got out to enjoy some of the firework shows around town. We watched the shows at Lake Palestine and again at Fair Park on Tuesday evening. Both were spectacular and great reminders of the history and heritage of our country.
This is the second month for me to blog about the Lochwood market. I hope you find the information helpful in understanding trends in the neighborhood and welcome your comments, feedback, questions, and recommendations for information that you’d like to see included in future summaries.
June was another booming month for home sales in Lochwood. In all, 16 home sales closed. There were also 16 home sales that closed in May 2017. Once again, 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 $351,000, which was 11 percent higher than the median sale price in June of 2016. The median number of days on the market was up from seven in May, to 19 in June. Total inventory equalled a 1.9 month supply, which was down from 2.4 months 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 quite are custom homes, so the values on this side of the neighborhood tend to be a little higher. Eleven of the 16 homes that sold in June were west of Sunland. The median sale price was $365,000 with 21 days on market. The highest priced sale was a fully-remodeled home on Colbert Way. This home was also quite large at 2356 square feet. Seven homes were pending sale and 10 homes actively being marketed for sale.
Lochwood (east of Sunland)
Five homes located east of Sunland Street sold in June. The median sale price for these homes was $240,000 with 20 days on market. The highest priced sale was a fully-remodeled, 3 bedroom, 2 bath home on Carissa, which sold for $251,000. Two homes were pending sale at the end of June and only four 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!!