Denton County saw a significant increase in single-family listings throughout October 2022, totaling at 3,120. This represented a 140.9% increase as sales decreased 22.6%- a modest figure in comparison to Dallas County which we covered in yesterday's update.
The county saw closing prices rise 13.3% YOY to $457, 361 as inflation continued to be a challenge for the overall Texas and national real estate markets. Look for this stat to begin correcting in early 2023 as supply continues to grow and demand dwindles. Sellers will need to begin adjusting and curbing their expectations if they are to divest of their properties.
The biggest opportunity in October's county-wide results might be in the supply/demand for Denton County. Months inventory increased from 1-month in 2021 to 2.5-months in October! Coupled with days on market increasing 14 days to 37 days, it should encourage sellers to begin adjusting their expectations for their net proceeds.
Buyers are gaining opportunity by the day as well. While interest rates are still well-above 2021 stats, increased days on market with months/inventory surging, should allow buyers more room to negotiate and even offer beneath listing amounts in some cases.
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Talk soon. Eddie.
