Enjoy this Flower Mound Real Estate Market Report which is a comparison of the month of October 2017 over the same month in 2016. 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 sale price is DOWN as compared to last year by 6.3% with almost 40% in the $300,000-$399,000 range. Active listings are DOWN 11.6% to only 213 homes on the market this month. Closed sales are UP 41.8% to 112 this month and that represents the large number of under $400K homes that have closed. Months of inventory is down to 2 months as compared to 2.2 months last year. Days on market is 21 days less than October of 2016
What Does this Data Mean?
More houses are being sold in the lower price range under $400k which is a good sign for sellers who have those houses and for first time home buyers wanting to start a family in Flower Mound. There are fewer houses for sale right now and the houses that are selling fast are in the lower price range.
What does this mean if you’re buying a house in Flower Mound?
With the months of inventory down this year compared to October of last year this means that it will take 2 months to absorb the current inventory on the market. This is still an overall strong seller’s market with some price points in the lower range. However, it turns into a buyer’s market at the higher priced homes.
A buyer’s market occurs when the number of homes for sale exceeds the number of potential buyers. If you’re buying a new home, a buyer’s market is the ideal time to start your search for your dream home. You might be able to buy a great home for a lower cost than you would in a seller’s market.
We are seeing a “market fatigue” in that with prices going up and up earlier this year, it got to a point that buyers weren’t willing to pay the high prices and many listings sat and ultimately went off the market.
What does this mean if you’re selling a house in Flower Mound?
With the median price down this year compared to October of last year this means that more lower-priced homes sold this year than last year. This represents a shift in the market downward as earlier this year more homes were selling over $400,000 than in recent years and this came to an abrupt slow down over the summer. With the days on the market down from October of last year this means more lower priced homes are selling faster which is a delight to sellers.
It is a strong seller’s market in the lower price range which means the demand for people buying a home exceeds the number of homes for sale. This often leads to multiple offers on a home which can lead to a bidding war and a home could go for more than the listing price.
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 $350,500 or less