It is definitely still a seller’s market and according to a majority of real estate economists recently surveyed by Zillow and Pulsenomics LLC. They consensus is that it will stay a seller’s market until 2020. However, it appears to be slowing a bit
“For the past several years, home sellers held all the cards at the negotiating table, fielding multiple offers while buyers faced stiff competition and a fast-moving market,” said Aaron Terrazas, Zillow’s senior economist. “Conditions are starting to show signs of easing up, but the effects of years of limited construction still linger.”
In the north Texas market seller’s aren’t seeing as many multiple offers as last year especially with homes priced about $500,000. Homes, on average, are staying on the market an additional 5 days when compared to July of last year. Prices have increased, on average, 6-7%. The areas statistics very form city to city; for example, Frisco home prices are up 7.1% while the number of homes sold decreased 13% from July 2018. On the other hand, number of homes sold in Celina is homes is up 14%, but the home prices are down 4%.
No matter the differences, our area real estate continues to be strong. Please contact us if you would like resent market statistics for your area. We are always here to help!