We have recently documented preliminary results for several DFW Counties and projections for their February results in the Housing Market.
The wait is over!
Today we begin our official breakdown from MetroTex, looking at the DFW Metroplex as a whole.
While the median sales price for closings in DFW increased 1.6% to $384,169, astoundingly housing sales or closings were nearly identical to February 2022, resulting in a .8% decline.
This means that despite mortgage rates being more than double what they were last year and the median sales price increasing, purchasers are continuing to invest in DFW Real Estate.
It's worth noting that the median sales price reflects how inflation has continued to increase despite the Fed's recent efforts to continuously increase borrowing costs.
With listings increasing 146.7% versus February 2022 and a healthy months inventory of 2 months, it's clear that the DFW Market is heating up and leverage has continued to accumulate on the buyer's side.
With Days on Market increasing 33 days to 63 last month, it is clear there's a divide between sellers and their expectations. While some might deem it worthy to not reduce their listing amount and play the "waiting game" with their property, clearly on the other end of the spectrum there are motivated sellers that are negotiating with purchasers, allowing for concessions and even accepting offers beneath the original listing amount to get their property closed.
The major takeaway from this report is in the sales/closings metric. We have seen months recently that have included sales being down 15%-30%+ in counties such as Dallas and Denton. To fast-forward and see that most recent results include sales being nearly-identical to 2022 reveals a healthy market with an upcoming, exciting Spring and Summer 2023!
For more information, click on "Contact" above!
Talk soon. Eddie.
