Enjoy this Flower Mound Real Estate Market Report which is a comparison of the month of August 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 DOWN this month as compared to last year by 0.1%. The median home price in Flower Mound is at $392,450. Active listings are UP this month by 22.5% to 327 homes on the market. Closed sales are UP this month by 8% to 148 this month. The majority of the homes sold in Flower Mound this month are between $300,000-399,999 which represent 34.5% of all homes sold. The next highest group of homes with 21.8% sold last month is $400,000-499,999. And the third highest group not far behind at 20.4% sold was $500,000-$749,999. Months of inventory is UP to 3 months as compared to 2.5 months last year. Days on market is UP from last year to 1 more days to go under contract.
What Does this Data Mean?
The roller coaster of prices continues. After 2 months of being up way over the $400k range, we are seeing the median home price down to $392,450. We have a lot of listings which is significant because that means homes are not selling as hot and as fast as they have been selling. August is typically a big month for home sales because people are trying to move before school starts. We did not see that big rush like we have seen in prior years so July and August were pretty flat. The months of inventory that keeps going up confirms the slowing of the market and it shows we are headed to a more balanced market. Buyers now have choices again and the market is not creating that urgency as it has been in the past. At this point we believe this to be the seasonality of the real estate market and not necessarily anything to be alarmed about at this time. If we see September inventory continue to go up then it looks like we are starting a trend of a general slowing of the market.
What does this mean if you’re buying a house in Flower Mound?
Buyers now have time to evaluate homes before making an offer. Even when there are multiple offers, we are seeing that many aren’t even at list price. In month’s past, buyers had to offer $10-$20k over list sometimes just to win the deal.
We are seeing a general slowing of the market on our Wise Advantage Group listings and homes that would have sold with multiple offers over list price just 3 months ago are sitting on the market now. Sellers are frustrated as we experience a market more like what we had in 2008-2009 however not quite that slow. As listing agents, we are going back to the old school marketing techniques to attract buyers. It is no longer a “put the sign in the yard, put it in the MLS and set an offer deadline” kind of market. Sellers who waited may have missed the boat for this year and until we see what September and October brings we may have a very cold market this winter.
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 $392,450 or less