Enjoy this Flower Mound Real Estate Market Report which is a comparison of the month of July 2018 over the same month in 2017. For details behind the figures, please contact Kris Wise with Keller Williams Wise Advantage Group at 972-829-9040 or firstname.lastname@example.org.
A Look at the Housing Stats
Median home price is UP again this month as compared to last year by 7.4%. The median home price in Flower Mound is at $419,250. Active listings are UP this month by 23.7% to 345 homes on the market. Closed sales are UP this month by 26.3% to 144 this month. The majority of the homes sold in Flower Mound this month are between $300,000-399,999 which represent 27.5% of all homes sold. The next highest group for homes sold last month is $400,000-499,999. Months of inventory is UP to 3.2 months as compared to 2.6 months last year. Days on market is UP from last year to 11 more days to go under contract.
What Does this Data Mean?
Prices have been on a roller coaster ride over the last 12 months and even though the median home price is up as compared to last year, it’s $20,000 lower than it was last month. We saw the higher priced homes started moving again in the last couple of months and even outpaced the under $500k homes. Now we are seeing the lower priced homes winning again which is a sign that a shift is coming. When you have an almost 25% increase in the number of active listings, this is the initial indicator of a shift in the market. The increase of closed sales sounds incredible when you look at it compared to last year. However, when you look at it compared to last month they are the same which is concerning. The high months of inventory is VERY concerning. This is heading into the territory of a balanced market which is 4-6 months of inventory. We haven’t seen a figure this high in a long time.
What does this mean if you’re buying a house in Flower Mound?
Buyers now have more to choose from when it comes to homes on the market. Buyers are now able to make lower offers given the days on market and slower sales. This is great news for buyers today because they don’t have to make offers while still in the driveway at a showing. The market is becoming more balanced and that is great news for buyers.
We’re going to be honest with you. This is not great news for sellers. As we have warned for a while now, the market was cooling and if you were planning on selling then NOW was the time to do that. For sellers who listened, you are happy. For those of you who waited a bit you may find yourself with a 6-10% price reduction in order to get your home sold. We knew the strong seller’s market wouldn’t last forever and this leading indicator says we are shifting to a buyer’s market. We will continue to watch this over the next several months to see if this slowing is simply a seasonal adjustment due to school starting or if we are starting a longer term trend towards a slowing market.
Home Value Estimate
If you want to know what your home might sell for find out using this home value estimator.
Flower Mound Homes for Sale
Below you will find the most recently listed homes for sale in Flower Mound at $419,250 or less