May Market Update
Market Conditions are Prime for Selling a Home: Monthly Overview
Dallas has seen an increase in the number of homes sold from April to May as well as an increase in the number of listings on the market. The average price of a home has increased since last year, and on average, sellers are retaining 97.7% of their original asking price. The Dallas housing market’s increasing home saturation and sales price trends are creating a competitive selling market. Homeowners are on average selling their home within 13 days of listing. These and other statistics show that market conditions are prime for selling a home. The individual breakdown of each statistic is shown below.
In the surrounding Austin area, the frequency of new home listings has increased 3.4% from last year while active listings have increased 9.48% from last month. At 26,996 homes in the market, this market saturation means that potential buyers have more homes to choose from. A saturated market creates flexibility and options for buyers.
Average Sold Price:
The average price of a home is currently $322,607 which is a 3.9% increase from last May. Homeowners are on average making more money off their homes than in previous years. This increase in price will continue to encourage homeowners to sell their property.
More homes are being sold each month. 11,155 homes were sold in the Dallas area this May. This is a 14.11% increase from last month but a 0.9% decrease from last year. Dallas is a growing community and the housing market is increasing to match the developing need.
Average Sale-to-List Ratio:
Homes are selling near their original listing price. This is great news for homeowners because it assures that the value of their home is guaranteed. On average, homeowners are making 97.7% of their home’s original asking price. This great rate has increased by 0.31% from last month and decreased 0.4% from last year.
Average Days-on-Market Before Sale:
Homes are staying on the market an average of 13 days before being sold. Closings are occurring 8.33% faster than last May but are occurring 7.14% slower than April.
Average List Price per Square Foot:
The average price per square foot in Dallas is $136 and has increased 5.40% from last year and 2.26% from April to May. This increase in value indicates that Dallas is becoming more expensive which will then encourage homeowners to sell.