With the beginning of the New Year I thought it would be good to provide you with a update on the real estate market in our area.
The question always comes up “Is the market as hot as everyone says and are sellers still getting multiple offers in the first days of putting their home up for sale?” The short answer is yes, in some cases but not all.
Denton County’s real estate sales in 2016 will go down in the books as one of the strongest years we’ve seen in housing price increases. The real estate market in southern Denton County in 2017 is strong and our values in many sectors of the market should continue to rise.
As in all markets around the U.S., different price ranges and property types sell at different paces. In an analysis of current listings and properties sold in the Multiple Listing Service over the last year on at least 1 acre and located in the southern area of Denton County (area 41 of the MLS), we find the following when broken down into price range groups:
1mil and up 40
Average days on market: 133
1mil and up 39
Average days on market: 73
As you can see from the numbers above, all but the last price range shows way more sales than the current number of listings indicating an extremely high demand as well as an extremely low supply.
Only the top price range (1 million and up) do you see a slightly higher number of listings than there have been sales but still indicating a strong market.
To me the most interesting numbers are the average days on the market. The average days for active listings are 133 and the average days for sold properties are 73, almost half. These numbers have risen since my last update but I have found a couple in both categories that had very large days on market causing the totals to be skewed.
I believe this tells us that if you want your property to sell it must be priced on the high side but competitively, be clean and in good repair. Priced competitively is sometimes the hard part dealing with acreage properties and a rising market, when we know no two properties are alike.
Once a property is put on the market, based on the number of showings, and the type of buyer feedback you should learn quickly if you have priced it correctly.
Gary Kuhatschek is a broker at RE/MAX Cross Country REALTORS located at 1990 Justin Rd. in Highland Village. He can be reached at 972 317-9401 or by email email@example.com.