How Supply and Demand Impacts Real Estate Home Values
HOW DO YOU THINK SUPPLY AND DEMAND IMPACTS REAL ESTATE HOME VALUES?
Some Highlights from NAR (National Association of Realtors) Existing Home Sales, Realtors Confidence Index:
The concept of supply & demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!
Anything under a 6-month supply is a seller’s market! The North Texas real estate market was at 3.0 months inventory in July. Nationally, there has not been a 6-month inventory supply since August 2012!
Multiple-offer situations over asking price are commonplace in many communities, and good homes are routinely off the market after a single day. It is evident that a favorable economy keeps hungry buyers in the chase.
Content credit to NAR (NATIONAL ASSOCIATION OF REALTORS®) athttps://www.nar.realtor/sites/default/files/reports/2017/2017-07-realtors-confidence-index-08-24-2017.pdf
Some Highlights from the most recent NTREIS (NORTH TEXAS REAL ESTATE INFORMATION SYSTEMS, INC) market indicators:
July’s new listings were up in the North Texas region 2.9 percent to 14,245.
Pending Sales decreased 6.6 percent to 9,533. Inventory grew 5.2 percent to 27,969 units.
Prices moved higher as Median Sales Price was up 9.2 percent to $250,000.
Days on Market decreased 2.8 percent to 35.
Supply of Inventory was up 3.4 percent to 3.0 months., indicating that supply increased relative to demand.
Although the unemployment rate remains unchanged at its favorable national 4.4 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy.
Sales activity manages to keep churning along despite looming shortages in new construction.
Lower price ranges are starting to feel the effects of the supply and demand gap, as first-time buyers scramble to get offers in at an increasing pace.
Content credit to NTREIS and Keeping Current Matters atwww.simplifyingthemarket.com.
Bottom Line:
If you are thinking about selling your home or in the market to purchase a home, and are interested in finding out more about how the local market conditions will impact you, or you just want to get started on your journey, we would be honored to assist you, and can help you maximize your return-on-investment!
Complete the GET IN TOUCH form on this page, or just call us at 469-262-5411, and a Real Estate Advisor | REALTOR® from Martin Real Estate Advisors, a United eal Estate Company, will get back with you as soon as possible.