Time flys! Here is August's Market Report.

It's especially important to know when you have every source around you telling you something different, and the media laying a story that they want you to believe. 

 Sending these updates allows me to stay diligent in looking at the data, but also sharing it because I PROMISE you, those cash-offer letters you receive in the mail are guaranteed to be a lowball. 

Here's your August data (and what it actually means):

Average Sales Price: 

August 2023 - $539,234

August 2022 - $513,848

July 2023 - $539,752

Nitty Gritty: Average sales price did not change much from July 2023, but has increased $25,000 from August 2022. 

Days on Market (current):

August 2023 - 50

August 2022 - 23

July 2023 - 45

Nitty Gritty: We are creeping back up. We have not seen 23 DOM since August 2022. It gradually increased until it maxed out at 64 in February 2023, then decreased to 45 in May and has since stuck around there. I expect this to gradually increase again through the Fall and Winter market. 

Number of New Listings: 

August 2023 - 8,200

August 2022 - 8,241

July 2023 - 8,040

Number of Sales: 

August 2023 - 6,080

August 2022 - 6,855

July 2023 - 5,983

There's a better way to put this into perspective – 

Jan-August 2022 had a total of 66,943 new listings. 

The total number of sales for the 8 months was 49,720.

Jan-August 2023 had a total of 60,812 new listings. 

The total number of sales for the past 8 months comes in at 46,257.

2022 Percentage Sold - 74.2%

2023 Percentage Sold - 76.1%

Sales as a whole may be down, but more of the inventory is actually selling compared to last year. Rates have remained high all of 2023. 

What seems to matter right now:

Pricing and presentation. Annoying, I know. 

There are many agents that won't tell you how important it is to price your home correctly based off your needs and what the market is currently presenting because they don't want to lose your business. Doing this sets the seller up to lose vital time in the first two weeks on the market. 

This market is weird and nuanced. Here as a resource for you!

Reminder - these stats reflect Tarrant, Collin, Dallas and Denton County, specifically Residential SFH. If you would like neighborhood specific update, respond and let me know and I will share it with you.