As October inches toward completion, with recent rate hikes and an average mortgage rate that has continued to surge, an interesting comparison is September 2022 vs October 2022.
The criteria gathered specified 9/1/22-9/24/22 along with 10/1/22-10/24/22. Below are the results for Dallas County SFR Real Estate.
At this point in September, 1,130 closings saw $199.99/sqft, 15 days on the market and a sales price that was 98.25% of the original listing price- all on a median basis.
Turning towards October, 897 closings have resulted in $196.85/sqft, 17 days on the market and a sales price that was 98.13% of the original listing price. These stats also were gathered on a median basis.
Which statistic is the most insightful? It's arguable. While buyers benefit from another decrease in $/sqft and increase in days on market, the key stat seems to be closed sales.
Down 20.6% versus this time in September, inventory seems projected to continue rising and saturating the pricing of our real estate market.
All statistics are from TAR and NTREIS.
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Talk soon. Eddie.
