The following article from Arren Kimbel, with the Dallas News, takes a broad look at days on market. Each area of Dallas is experiencing the market differently. The lower priced properties (from $300,000 and below) are still selling very quickly. Often within the first few days of coming on the market. (if priced right from the beginning)
The market is reflecting that the higher priced homes are taking longer to sell, creating a higher days on market number (seen as DOM on MLS printouts) It makes sense that there would be fewer buyers for the higher priced homes. In fact the month supply of housing has grown to 4.4 months for houses $400,000-$500,000 and it increases by one month supply for each $100,000 up to a 10 month supply of houses $1,000,000 and above.
The same tried and true pricing strategy holds true today as it always has…If a house is priced right and looks good inside and out, it will sell. Three things sell a house, location, condition and price. I can change two of those things, price and condition to reflect the location. Seller’s need to take a realistic look at the market and price their house accordingly.
-Mary Beth Harrison
North Texas homes are on the market for less and less time, according to a Dallas Morning News analysis of single-family home sales data.
It’s typical for average days-on-market to fluctuate with seasonal demand. But overall trends still indicate a decline in how long it takes a typical North Texas home to sell.
For example, it took an average of 91 days to sell a home in the first six months of 2011, compared to a yearlong average of 89 days. Those figures have both dropped steadily each year, seasonal ebbs and flows or no.
A home’s longevity on the market hit its average nadir in 2017, when demand in Dallas-Fort Worth was, conversely, at its peak. It only took an average of 43 days to sell a house in the first six months of that year.
But the market is showing some signs of softening. The decline in days-on-market started to plateau last year and actually reversed through the beginning of this year. It took an average of 46 days to sell a house in North Texas from January-June this year.
This corresponds with other early indicators of a slowdown in the price appreciation and supply constraints typical of the regional residential real estate market over the past several years.
The market made a dent in a long-standing supply deficit in April-June of this year, adding more than three thousand homes in inventory since the first quarter. Sales and price gains have also slowed down, and builders started 12 percent more homes between the second quarter last year and this year.
This is not to say that the market is back to normal; experts say that demand is still absorbing fresh supply of homes. But, at least for a moment, North Texans can stop and catch their breath.
Information Courtesy of Arren Kimbel-Sannit – Dallas News