When analyzing Dallas County and how existing-home sales faired in comparison to October 2022, there were signs of optimism for both buyers and sellers.
While the median sales price was 8% higher than 2021, despite increased rates, when comparing to October 2022, there was just a $500 difference- $350,000 to $350,500 in November 2022.
Closings continued their decline, falling 11.5% versus October 2022- however, here is the optimism. Listings decreased 5% in November, helping to improve the equilibrium of supply/demand or sales versus listings available.
Months inventory remained unchanged at 1.8 months from October to November while days on the market increased 3 days to 35.
Most notably, when comparing November 2021 to 2022, the original listing price vs closing price dipped from 100.1% to 95.6% in November 2022.
Sellers received some breathing room with listings declining month over month, while buyers remain in more control than they have experience in a several years.
The key metrics above being days on market + original listing price vs closing price are both boding in favor of homebuyers in Dallas County.
For more information, click on my social media widgets!
Talk soon. Eddie.
