Welcome to this month’s real estate market report for the North Texas counties of Collin, Dallas, Denton, Grayson, Kaufman, Parker, Rockwall, and Tarrant. Demand for single family homes continues in the highly sought after areas of North Texas. Single family home prices are climbing and inventory levels remain very low in all areas of North Texas. There is a great deal of competition for homes and in most areas sellers are receiving more than initial list price at closing. Find out more about the North Texas real estate market with this helpful report.
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North Texas Housing Stats
In the North Texas counties of Collin, Dallas, Denton, Grayson, Kaufman, Parker, Rockwall, and Tarrant. at the end of the first week of March, 2022, there was a total of 1,590 new listings offered to buyers. There was a total of 1,840 homes that went under contract, and a total of 2,157 single family homes were sold during the first week of March.
During the second week of March the total number of new listings to hit the market in the North Texas real estate market dropped compared to the previous week, falling from 1,590 to 1,565. While new listings decreased in almost all North Texas counties, Denton County had a week to week increase of listings from 414 to 437.
Contract activity did increase during the second week of March as there were 1,929 single family homes that went under contract versus just 1,840 the week before. Most areas had a week to week increase in pending activity, the biggest increase was in Dallas County which jumped from 490 to 549 pending listings.
Sales activity fell sharply from the first to second week of March, there were just 1,624 homes sold in the North Texas area, compared to 2,157 during the first week of March. There was a slowdown week to week in all North Texas counties, the biggest came in Dallas County which had week to week drop in closings from 621 to 473.
Overbidding for homes continues as the average percentage of list price received at closing is 102.1% in the North Texas area. Homes are on the market on average just 9 days before being sold, and there is just 0.8 months of inventory available to buyers.
What Does This Mean For Buyers?
Buyers are facing a very competitive and increasingly more expensive market for single family homes. The counties that make up the North Texas area are in high demand as a destination for all buyers relocating from in or out of state. Buyers who are submitting offers for homes should be aware that overbidding for homes is trending higher in all communities in North Texas. Buyers should act swiftly when a property is found and offer a bid that stands out to the seller.
Buyers must have financing in place and be ready to act when a property is found. Buyers who wait or are too picky may get priced out of the market or lose the opportunity to buy a home. Interest rates are climbing, while inventory is dwindling making it a challenging market for would be home owners. If you have any questions about buying a home here in North Texas, give us a call and we’ll be happy to help.
What Does This Mean For Sellers?
Sellers are continuing to enjoy a favorable market. Home values are rising and buyers are often times paying more than asking price for a home. Sellers should be aware of the value of their home and not underprice their property. While the trends over the summer months are favorable to sellers, as interest rates and home prices climb, a slowdown at some point may happen. Sellers who may have been hesitant to waiting to sell their home should get off the fence now and get their property listed and on the market.
If you are thinking of selling your home, give us a call today. We are experts at pricing your home correctly, marketing the best features of your property, and showing to qualified buyers so your home sells quickly to net you the most amount of money!
