DFW Market Update - Dallas, Denton, Collin and Tarrant County

Each month I break down the stats from the previous month to give all of my email subscribers the scoop on what is really going on in their market.

I wasn't surprised by May's data, but I do feel a substantial increase in inventory this week. This isn't uncommon, as June is the #1 month people move. July and August are 2nd and 3rd. 

Let's break it down.

Average Days on Market: 

April 2023 - 53 

May 2023 - 46

Expected, though 46 days on the market still blows my mind. I remember 5 months on the market and you still got a full price market. 90-150 DOM was normal. 

Average Sales Price: 

April 2023 - $512,471

May 2023 - $521,707

Increase from April, however - May 2022 ASP was $549,530. So if you're waiting for prices to drop…they dropped. 

List to Sold Ratio: 

April 2023 - 100%

May 2023 - 100.4%

Multiple offers are happening every single day. This just continues to prove that presentation and price really matter. The first week on the market is the most imperative, even more so right now.  

May 2022 had 10,945 new listings hit*. May 2023 new listing total came in at 9,587. April's new listing count was 8,274 so we are seeing more comfort in making the move, wherever that may be.  

Now - Total # of Sales:

May 2023 - 7,491

May 2022 - 7,743 - Remember, people were on a buying FRENZY still because, you guessed it, lack of inventory. This number is roughly 300 units (homes) less. This is an increase from April's total at 6,259. 

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