We have experienced volatility in the national and local markets the past few months as the Federal Reserve has aggressively raised rates in hopes of tempering inflation.
The Dallas County real estate market has been no different as plunging sales and surging listings has retooled the paradigm for what was a sizzling sellers-market just months ago.
With supply/demand changing dramatically, we are seeing encouraging results. While October 2022 still showed year over year gains in sales prices- a testament to stubborn inflation, when comparing to September 2022, there are signs of progress.
September 2022 brought the following results: 1,613 sales, 3,351 listings and medians of 33 days on the market along with a sales price at $364,990.
Looking at October, sales dipped 14% to 1,387, listings were near-even at 3,375 and days on market remained at 33. Most encouraging was the median sales price decreasing 2.7% to $355,000- again, this is needed to adjust for higher borrowing costs/financing.
While August 2022 was near-even to September 2022 in terms of sales growth/decreases, October shows a clear adjustment for increasing rates.
Lastly, the statistic "Closing Price vs Original Listing Price" helps gauge on a grander scale, whether we are in a seller/buyer market.
September saw a CP that was 96.5% of the OLP while October landed at 96.3%. These are almost identical percentages, though October saw a median sales price that decreased almost $10,000 for the month.
It's clear that sellers are getting the picture and beginning to adjust their listing price accordingly- at least on a median basis.
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Happy Thanksgiving week!
Talk soon. Eddie.
