Enjoy this Flower Mound Real Estate Market Report which is a comparison of the month of October 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 17.7%. The median home price in Flower Mound is at $412,000. Active listings are UP again this month by a staggering 54% to 325 homes on the market. Closed sales are DOWN this month again by 9.6% to 104 homes this month. The majority of the homes sold in Flower Mound this month were between $300,000-$399,999 which represent 29.3% of all homes sold. The next highest group of homes with 23.2% sold last month was $500,000-$749,999. Months of inventory is UP again to 3.1 months as compared to 1.9 months last year. Days on market is UP from last year to 13 days more to go under contract.
What Does this Data Mean?
We are seeing homes in the higher price points moving again with 30% of the homes sold are over $500,000 just in October. The traditional slowing of the market is here so fewer sales means more active listings. Also, we are seeing prices come down a tad especially with interest rates rising to over 5%. This is causing some buyers to have to look at lower price points in order to keep their payment the same. Homes at the higher price points are getting under contract and that is a great thing for the higher end sellers. With inventory rising and sales going down, the 4th quarter is presenting a great opportunity for buyers to take advantage of this softening in the market.
Last year homes were selling very fast and by the fall we had sold almost all of the less desirable homes. Now we have many more sellers capitalizing on the strong market we have had so far this year and that is increasing supply in a time of the year when we see slower demand. This combination is causing our months of inventory number to rise.
What does this mean if you’re buying a house in Flower Mound?
This is a great time to look for a home. If you were looking to buy over the summer or in years past and couldn’t get your offer accepted, it is time to revisit the market now. You may end up getting a much better deal than even 6 months ago. Buyers are not feeling the urgency to purchase quickly as we saw earlier this year. This is causing a longer time on the market for sellers and is a much needed break for buyers. Earlier this year we saw buyers hoping to get a house and throwing extra money at sellers to entice them to pick their offer. That has all but stopped at this time. The market is more balanced so buyers are able to take a breath and fully consider their choice of home before making an offer.
All is not lost for sellers. This market is slowing which may concern some sellers. It pays to have a consultative REALTOR®, like the agents at Wise Advantage Group. We can help you navigate this market and position your home to get the most money possible given the time frame in which you need to sell. One aspect we are seeing return is assumable mortgages. Sellers with an assumable mortgage (FHA or VA) in the 3% range are now highly sought after by buyers with cash to pay the equity and the desire to assume this incredibly low mortgage. Do you have an assumable mortgage at a low interest rate? If so, we need to talk. This may be a great opportunity for you to get a premium price for your home and help out a buyer get a low interest rate.
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 $412,000 or less