April 2020 Market Update
How is the Market?
This is the most common question I get asked, but more so recently due to the slowdown in the economy overall. The short answer is: “It depends”.
I’m not trying to avoid the answer, but this truly is the best answer. Looking at April 2020 numbers, there were significantly less properties sold than April 2019. That would appear that the market was down, and you would be right looking at just the closed sales. However, taking into consideration that there were also fewer homes available for sale, we soon realize there is no straight “Up or Down” answer.
Lower supply has also lowered the Months of Inventory, and pushed the median price up by 4.2%, working in sellers’ favor. If the trend continues throughout the month of May, we will most likely see significantly higher than usual activity late into the summer and through the holiday season.
Sellers – Low inventory, less competition, Good time to Sell.
Buyers – Low interest rates, better affordability, Good time to Buy.
Texas
Single Family, Condo, Townhouse – New & Existing
Median Price
$249,990
↑ 4.2% YoY
Closed Sales
26,121
↓ -18.6% YoY
Active Listings
98,605
↓ -4.7% YoY
Months Inventory
3.3
↓ -0.3 YoY
Texas
Single Family Existing Homes
Median Price
$240,000
↑ 4.4% YoY
Closed Sales
20,140
↓ -18.8% YoY
Active Listings
68,114
↓ -8.5% YoY
Months Inventory
3.0
↓ -0.4 YoY
Dallas – Fort Worth Metro
Single Family Existing Homes
Median Price
$280,000
↑ 5.9% YoY
Closed Sales
5,827
↓ -19.3% YoY
Active Listings
14,831
↓ -15.7% YoY
Months Inventory
2.2
↓ -0.5 YoY
Dallas County
Single Family Existing Homes
Median Price
$257,250
↑ 3.3% YoY
Closed Sales
1,365
↓ -25.1% YoY
Active Listings
3,672
↓ -17.7% YoY
Months Inventory
2.3
↓ -0.5 YoY
Denton County
Single Family Existing Homes
Median Price
$310,000
↑ 3.3% YoY
Closed Sales
919
↓ -12.9% YoY
Active Listings
2,106
↓ -22.8% YoY
Months Inventory
2.1
↓ -0.8 YoY
Collin County
Single Family Existing Homes
Median Price
$345,000
↑ 4.4% YoY
Closed Sales
928
↓ -17.4% YoY
Active Listings
2,433
↓ -27.2% YoY
Months Inventory
2.3
↓ -1.0 YoY
Tarrant County
Single Family Existing Homes
Median Price
$250,000
↑ 6.4% YoY
Closed Sales
1,656
↓ -22.3% YoY
Active Listings
3,632
↓ -9.5% YoY
Months Inventory
1.8
↓ -0.2 YoY
Source: Texas Realtors®
Need more info?
Let us know what County, City, or Zip code you would like more info about.
Summer’s Here & The Pool is Cool!! Let’s Stay SAFE!
It was the end of last summer, and my kiddos made it their practice to go to the neighbor’s house a few times a week to swim. It was their 2-hour escape from the hot Texas sun, I suppose...or an escape from daily chores . My children had proven to be good swimmers. ...
Top 10 Markets for Millennial Buyers During the Pandemic
Millennials are the largest share of home buyers today, and they appear to be targeting certain metro areas for homeownership. “As states and cities begin to reopen, millennials will play a significant role in the housing market’s recovery,” says Vince Malta,...
4 Numbers to know before buying a house
With the Dallas Real Estate market hotter than a Texas summer, many people are jumping on the band wagon of buying a house. Don’t get me wrong, I thing everyone should own at least one house, if possible even more. However, before you start shopping, there are a few...
5 ways to make money in Real Estate
5 ways to make money in Real Estate If you want to get wealthy, just do what the wealthy do…nothing illegal. Name any well-to-do person or a corporation you want, and you will soon find out that they have some interest in real estate. As shocking as it may sound,...
Front Door
Front Door Over the last decade, I have visited countless homes and one thing that always stands out is the front door. The front door can set the tone for what the house is like on the inside, it is the first impression of a house, and many times the ONLY impression...