Dallas County reported results for March '23 in the Housing Market.
With March historically being one of the most productive months annually, the results were eagerly awaited.
When we compare to March '22, when historically-low mortgage rates brought a Housing Utopia for sellers, the market now reflects a different and more-balanced picture.
March of 2023 saw the median closing amount decline 4.4% vs. the same period in 2022 to $343,000.
This coupled with a 81.9% surge of listings in the county totaling at 3,314 has brought relief to purchasers despite increased lending rates YOY.
The influx of inventory has increased Days on Market to 42 from 26 YOY, affording purchasers the opportunity to view more properties and not "rush" the process in most cases.
Lastly, closings declined 16% YOY, representing a realistic figure as affordability has significantly adjusted YOY.
As we near the end of April, it will be interesting to see how April results fair- the month has been similar to last year in regards to "multiple offer situations" and properties going "under contract" in less than a week.
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Talk soon. Eddie.
