April 2020 Market Update

May 17, 2020General

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

Need more info?

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