The previous week in Lewisville, TX saw a shocking statistic. 11/1/21-11/8/21 recorded 20 closings while the same period for 2022 brought just 4 closings. This change represents an 80% drop in SFR sales YOY.
Further metrics in 2021 included $186.21/sqft, 9 days on the market and a sales price of $374,800- all on a median basis.
In comparison, this week has resulted in $221.38/sqft, 19 days on the market and a $600,000 sales price.
The past few weeks as we have profiled different markets in DFW, we have seen a similar trend where inflation has continued to drive up sales prices despite demand continuing to decrease as Fed rate hikes have curbed the market of buyers able to weather increased monthly payment plans.
Going back to Lewisville, this week could be an outlier- an 80% drop in sales represents an extreme shuttering of the market that has not been seen in places such as Dallas, Irving or Coppell.
Days on market has been the metric that has taken the majority of the brunt so far... look for this to change with prices beginning to plunge by end of 2022.
How can they not if we are to continue seeing similar weeks to this one?!
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Talk soon. Eddie.
