We've been talking about the lack of housing inventory for the past six months. We have a huge demand for houses and the ones on the market that are properly prepared, priced, and show-ready are under contract in a matter of weeks (in a few days below $200k).
The question we get asked the most is "why" is this happening.
It's simple math! Take a look at the chart above--over the past 12 months we seen new listings rise 2 percent, yet closed sales are up over 17 percent. There's more good news. Days on Market has dropped from 95 days to 71 days and the average sales price is up 2.5 percent over last year. Even more significant is the Months of Supply which is down 36.8 percent to just 3.4 months.
What's the take-a-way for home sellers and buyers?
If you are looking to sell, this is the best time in years. Selling now allows you to move up or move down taking advantage of the market condition not only in selling but also allows you to take advantage of the historic low mortgage interest rates.
If you're looking to buy, you need to move quickly. Gone are the days of searching for months and coming back to see how much prices have been reduced. Wait a few weeks and the house will be under contract. The same is true for making low offers just to see what happens. We're seeing multiple offer situations on many houses.
Looking to sell or buy a home in the North Texas area? Click here to search for homes for sale in north Texas.
Contact us at 214-227-6626 if you need more information or want to work with an award-winning real estate team in the north Dallas suburbs.
Photo licensed from ShutterStock | Chart created by the Collin County Association of REALTORs
Originally posted at http://www.thebranchteam.com/wordpress/2012/09/30/north-texas-inventory-shortage-its-simple-math/
Comments(2)