Each week, we usually get together and recap our market’s performance from the week prior, but now that May has come and gone, I thought we’d take a final look at last month’s overall performance and discuss some of the trends worth noting.
Let’s first focus our attention on closed sales, which reached 10,600 for the month of May. That’s a slight dip from where we were this past April. Between May of 2018 and May of 2019, we saw a year-over-year decrease of about 6% or 7% in the number of homes that sold in our North Texas market.
Our pending sales also saw a steep dropoff in May with just 8,600 units going under contract or exiting their option period, compared to 11,300 in the same month a year earlier—a 20% drop year over year.
As for the total number of listings, our market had 16,300 this May versus 16,100 at the same time last year.
With closings and pending sales down and listings remaining relatively flat (at worst, modestly up), our inventory has arrived at a 12-month high in terms of inventory. Across our whole market, there are more than 33,000 homes for sale right now, which tops the peak our market hit last August. For comparison, we had a little over 28,000 homes on the market in May of last year.
We’ve been squarely in a seller’s market over the last few years, but our surplus of inventory is giving buyers more choices and, with greater momentum, we’re quickly moving toward a balanced market.
Remember: Anything less than six months’ worth of inventory is indicative of a seller’s market, and though we’re currently at 3.6 months’ worth, inventory levels are higher than they’ve been in about the last five years. All in all, now is a fantastic time for buyers to dive into the market.
If you’re a seller, bear in mind that more homes are sold in our North Texas market than at any other time of year. Don’t let the summer selling season to pass you by.
We talk a lot about North Texas’s market conditions on the whole, but real estate is hyperlocal, so you’ll want to have an expert in your particular area at your side.
If you have any questions or would just like to have a conversation about the state of the market, please get in touch with us. At BlueFuse, our goal is to make real estate awesome for you. We’ll talk to you soon!