Dallas Area Residential Sales Report – 2018
For 2018 sales were down 1%. Pending sales fell 2%. This is the first down year in sales in a number of years. The average sales price increased 4% year over year while the median sales price rose 5%. New listings increased 3% and the active listings climbed 13%.
OK everybody want to know what will the future hold.
If you are in the $199,999 or below price range you will continue to struggle. There is very little inventory and the best homes will be in high demand.
Demand will remain in the $200,000 to $399,999 range but if you are a seller don’t expect multiple offers on you homes. It will take you longer to sell your home as the market moves to a more normal condition and you can not expect the rapid price increases of years past. I expect prices to be flat to a little down in the coming year. Condition and price will be very important. If you have not done a lot of updating to your property and try to over price it, it’s not going to sell!
The kicker in all this is interest rates. If rates rise sharply prices will have to come down.
Wishing all of you a prosperous and happy new year!
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