DFW Spring market has arrived. December's market update!
Spring market is here. It's normal for it to roll out late January, however this year we are seeing a whole bunch of movement due to interest rate relief.
I am connecting with Buyers almost every single day. I can't tell you exactly what will happen in the future, but as of right now – it's time to take advantage of the upcoming market if selling your home is on your mind.
Here's some details:
Average Sales Price:
December 2023 - $513,621
December 2022 - $480,300
November 2023 - $512,280
What I'm seeing: Normally we see a down trend in Avg SP starting in August, through January/February. We saw a substantial decrease in 2022, but 2023 has been quite different, even with units sold at a 10+ year low. With interest rates in high 7s and even 8s, we still saw an increase from November to December, and a 7% increase in values.
Median Days on Market (current):
December 2023 - 38
December 2022 - 29
November 2023 - 36
What I'm seeing: An 2 day increase in days on market doesn't surprise me considering the Holiday season kicks off in November. Even with homes sitting a teeny tiny bit longer, sales prices still increased!
A home sitting on the market 30-60 is not a long time. Soon, we will get back to the time where 90 days is acceptable. Many markets in the US are already there. DFW remains hot because people are pouring in. I bet you notice in traffic every day!
Number of New Listings:
December 2023 - 4667
December 2022 - 4250
November 2023 - 6118
Number of Sales:
December 2023 - 4717
December 2022 - 5037
November 2023 - 4499
What I'm seeing: An expected decline of new listings from November to December, though we had a slight increase in sales.
None of this surprises me for a couple of reasons. Interest rates started declining in November after hitting 8%. This created quite a bit of movement for buyers so it makes sense that sales went up in December even though many buyers took a break through the Holidays.
We will definitely see more listings hit in January. I am already seeing a night and day difference, and with the Feds claiming there will be 3 additional rate decreases, buyers aren't messing around. They would rather get in a home with better buyer terms and refinance when they do drop.
All buyers are tired of multiple offers and depleting their savings accounts.
If you're transitioning, and hoping to buy and sell, now is the time to start strategizing. Click here and we can get schedule a Goals call!
Reminder - these stats reflect Tarrant, Collin, Dallas and Denton County, specifically Residential SFH. If you would like a neighborhood-specific update, respond and let me know and I will share it with you.