Enjoy this Flower Mound Real Estate Market Report which is a comparison of the month of June 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 10.3%. The median home price in Flower Mound is the highest we have seen it all year at $439,500. Active listings are UP this month by 30.4% to 330 homes on the market. Closed sales are FLAT with a 0% change from last year and are at 140. The majority of the homes sold in Flower Mound this month are between $400,000-$499,999 which represent 28.4% of all homes sold. The next highest group for homes sold last month is $500,000-$749,999. Months of inventory is UP to 3.2 months as compared to 2.3 months last year. Days on market is UNCHANGED from last year to 30 days to go under contract.
What Does this Data Mean?
Wow! That median home price is showing that the next price level of buyers are out in the market at a very strong level. Some people may tell you it is simply prices going up but in fact the inventory went up so that means that homes in the lower price points are slowing down and not selling as fast and as many, so the increased median price is more of a function of the price range of homes that are selling. This is concerning to see an increase in active listings by such a large percentage in a month that is usually highest for closings and homes under contract. To have a substantial increase in active listings like this, it is signaling a slowing of the market in general and will be something to watch in the numbers that come out in July.
We speculate that the flat change in the number of closed home sales also supports my analysis as to why we have 30% more listings than last year for the same month. The real story is the price points that had the most sales for June. We saw this a couple of months back where the price points with the most activity were in the $400-$750K ranges and that means that a lot of the inventory in those price points was sold so that makes room for new listings in this price range.
The months of inventory increase is also concerning as it means we have more inventory that is sitting on the market longer. That also means sellers may be on the market longer than they expected and it will take a market savvy agent to guide them through this additional time on the market so their listing doesn’t get stale.
What does this mean if you’re buying a house in Flower Mound?
Buyers will start to regain some of their negotiating power with sellers because of the increased inventory and longer market times. This also means that buyers have some time to evaluate homes and compare them to each other without having to make a fast decision. Fortunately, they have more inventory to consider and may not have to give up on their wish list as much as they have had to in the past.
This shift should be concerning for sellers. This month is pointing to a slowdown in the market, so we will keep an eye on this to see if it is a trend or a blip. For any seller thinking about selling, time is not on your side. If this is a blip, then next month should be better and selling your house at this time is still a great idea. If this slow down starts a trend in that direction than any seller thinking about listing their home in the fall should accelerate those plans to now so that they do not lose out on the market of the moment. If it were me, I would sell now before the market stagnates and you will get a higher price than if you wait until the fall. Trust us, we watch the market daily for activity and monthly for trends and now is truly the time to sell your home.
Please give us a call if you are interested in setting up a listing appointment with us at 972-829-9040.
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 $439,500 or less