The summer real estate market has been an interesting one here in Flower Mound. Homes are selling fast and for top dollar which is a blessing to sellers. As the summer is ending, we are seeing a slowing in the market in preparation for the start of school. We saw Flower Mound real estate peak in May and slowing in late July. Here is my analysis of the data for July 2017 as compared to July 2016.
Median Price is up 6.5% as compared to July 2016 – We are continuing to see prices increase in the under $400K price range and that has caused the median price to go up to $394,000 in Flower Mound. As a comparison, the median price in July 2006 (considered the height of the market) was $246,500 with 170 homes sold that month. The median price started to rise in July 2013 at $301,000 with only 159 homes sold.
Price Distribution still favors the $200-$400K ranges and for the first time in a while, nothing has sold under $200K in Flower Mound. This trend is continuing to make Flower Mound not as attractive for first time homebuyers as surrounding areas like Lewisville. We are beginning to see more activity in the luxury market as well with homes over $750K moving again.
Active Listings are down a tad to 280 in July 2017. This is a stable number in recent times however the months of inventory went up slightly so that means that fewer homes are hitting the market. If the listing count went up and the months of inventory went up that would signal a slight oversupply. Since the active listings went down and the months of inventory went up, that means sales are slowing down faster than the slowing of the new listings. We felt the slowing in the markets we specialize in at Wise Advantage Group Keller Williams during July. It was like people went on vacation the week of July 4th and didn’t come back. August numbers are lower as well so far and we are still looking for that rush usually occurring just before the kids go back to school.
Closed Sales are down 16.2% which signifies a definite shift in the market. As I mentioned before, it felt like everyone stayed on vacation in July. I am watching August to see if this is an anomaly or a trend as we head into fall.
Days on market fell by 7 days to 24. This is an incredible number as it means homes are selling very fast. Sellers who price the home right are seeing the market respond with full price offers and favorable closing terms.
Months of Inventory increased to 2.6 (up from 2.5 in July 2016) which means it will take 2.6 months to absorb all the inventory on the market currently. This is still a seller’s market and a strong one.
So what does that mean for you? If you are considering selling and your home is in a “hot” price range then it is still a very good time to sell and owl of us at Wise Advantage Group Keller Williams are dedicated to helping you make wise decisions when it comes to your home. If you are thinking about buying a home then it is worth it to work with a local Realtor like Juli Gesino with the Wise Advantage Group Keller Williams to make sure you are not overpaying in this market. It is very easy to get caught up in the frenzy and overpay for a home. If you are neither selling or buying then sit back and enjoy the ride as we see records being set right here in Flower Mound.