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The Dallas residential market sees a huge jump in close-listing prices

The close-to-list ratio of 104.7% in DFW – 6.4% year-over-year percentage change – compared to 98.4% in May 2021.

DALLAS – According to a new report, homes are selling for more than the list price in Dallas-Fort Worth than any other nationwide market.

According to a recent Re / Max national housing report, the DFW housing market has the largest increase in the US year-to-year close-to-list price ratio.

The Close-to-List Price Ratio is the average value of the selling price divided by the list price per transaction. When the number is over 100%, the house is closed for a price higher than the list price. If it is less than 100%, the home sells for less than the list price.

The close-to-list ratio of 104.7% in DFW – 6.4% year-over-year percentage change – compared to 98.4% in May 2021.

The next highest percentage change is Burlington, Vermont, a 6.0% year-over-year change from 100.6% in May 2021 to 106.7% in May 2022.

Trenton, NJ, had the third-highest percentage increase year-over-year and Los Angeles was fourth.

Trenton’s close-listing ratio rose from 101.3% in May 2021 to 105.2% in May, a 3.9% change from year to year. The LA ratio rose to 103.3% in May 2022, a year-over-year percentage increase of 99.6% to 3.7% in May 2021.

In the DFW market, the current average selling price is $ 430,000 – 18.5% from April and 8.2% above last year.

Home sales in DFW were down 4.2% compared to last year. Active inventory in North Texas is 45.8% higher than last year.

Michael Coburn, broker / owner of Re / Max Town & Country, said the North Texas real estate market is changing rapidly as rising interest rates and stock market volatility make their mark.

“Since 2020, we’ve been in the crazy seller’s market where house prices are growing more than 20% year over year,” Coburn said. “It’s due to high buyer demand, low inventory of existing and new homes, low-interest rates, a good economy, low unemployment and a high stock market. The stock market is down 20% since January 2022, interest rates are now over 6% and The real estate market feels like someone has broken it.

Last year and early this year, real estate agents put the home on the market on Thursdays, and often offer as many as 25 to 100 offers over the list price by Sunday, Coburn said.

“Sellers sell a house listed in the neighborhood for $ 400,000 to $ 300,000, so they sell their house for $ 400,000 or more, for $ 450,000 to $ 500,000, and the next seller for $ 500,000,” he said. “In the last two years, the seller may have avoided doing it. Buyers and sellers didn’t care about the comps – it was free for everyone.

For now, though, sellers are looking at market trends, using accurate comps, and listing their homes at reasonable prices, Coburn said. They are seeing more price reductions and properties will stay in the market longer.

“It’s not a bubble that will pop in any way,” he said. “This is a long overdue correction in the market.”

Nationwide, according to Re / Max, closing in May 2022 is 8.5% lower than May 2021, although May has historically been one of the most active months of the year for home sales.

However, sales rose 5.8% in April.

Nationally, the average sales price of $ 430,000 increased 1.2% over April’s $ 425,000 and 13.2% higher than the $ 380,000 recorded in May 2021.

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