How’s the Market?

I get asked this question on an almost daily basis. As in how is the Real Estate Market. I know that I feel busy. But being a data geek, I always have to cross-check my "feelings" with actual information from MLS. Keep in mind that what is sold in MLS represents many, but not all homes sold. It’s just the best global yardstick we have to measure with.

But how do we determine what the sold data means? Point2.com (a Real Estate blog) says this:
Months of inventory are often referenced when determining whether it’s a seller’s market or a buyer’s market:

  • If there are 0-4 months of inventory, meaning that all current listings can expect to be sold within 4 months, it is considered a seller’s market because houses are selling very quickly. In a seller’s market, sellers have the advantage because demand for property exceeds supply.
  • If there are 5-8 months of inventory, it is considered a balanced market. Current listings aren’t selling like hotcakes, but they’re not staying on the market too long either.
  • If there are 9 or more months of inventory, it is considered a buyer’s market because houses are selling slowly. In a buyer’s market, buyers have more negotiating power than sellers do because the supply of listings exceeds the current demand for housing.

These timelines are approximate, but it is generally accepted than fewer than 6 months of inventory reflects good conditions for sellers whereas greater than 6 months of inventory represents optimum conditions for buyers.

Ok…so what does my immediate market area look like? Well for Oak Cliff (north of Clarendon St), there is less than 4 months supply of homes across all price points and types. Including condos and townhomes. I even went so far as to break it down by price ranges. To my shock some ranges have less than one month’s supply. Here’s the data:

price range sold* active supply
all resid. 124 53 2.56
<$100k 10 1 0.60
$100-200 31 5 0.97
$200-300 20 9 2.70
$300-400 17 8 2.82
$400-500 14 10 4.29
$500-700 14 5 2.14
>$700k 10 1 0.60

*sold in the last six months

What does this all mean? Well to me, it explains why it feels busy. My seller clients are getting multiple offers on their homes. My buyer clients are running around trying to see properties the moment they come on market. One tough reality of this is that more homes could be sold if there were more available. In fact, NAR wrote a recent report stating that homes sales went DOWN in January specifically because of the lack of inventory.

If you’re thinking of a move, now could be an ideal time to sell. Your home is at a premium. And if you’re interested in this type of information for your specific neighborhood, let me know. We data geeks love this stuff!

XO
J

Getting the Competitive Edge

Come join Jenni at the Oak Cliff Chamber of Commerce’s Lunch & Learn Workshop on Monday, March 9th!  The topic is “Customer Experience.”  Details below:

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“Getting the Competitive Edge” Lunch & Learn Workshop

The monthly workshop features a wide variety of topics that are helpful for anyone involved with a business, from owners and managers to entry-level employees.This month’s topic: “Customer Experience”

The customer experience you create and provide matters more than you might realize. In this workshop, Misty evaluates how to tie your customer experience efforts to your business strategy and goals, and also identifies how to actively listen to your customers and identify the behavior of your most loyal customers, in order to help you find more of them.

Misty Sanford is the founder of North of Creative (NOC | northofcreative.com), a social media strategy and reputation management firm. Developing a solid customer experience through marketing and social media is her passion.  Some would even say it is her obsession.  That passion drives her to make NOC a smart and strategic agency that creates data driven and authentic experiences.

Presented by: Misty Sanford, North of Creative – www.northofcreative.com

Sponsored by and In Collaboration with: Jenni Stolarski , serving Oak Cliff real estate needs since 2004 – www.jennisto.com

Cost: Free for Chamber Members; $15 for Non-members

Don’t forget to bring your lunch and your challenges!


When:Monday, March 09, 2015 12:00 PM thru 01:00 PM
Where:Oak Cliff Chamber of Commerce
“Methodist Conference Room”
1001 N. Bishop Ave.
Dallas, TX 75208
Registration:Sign up

Red Tag. Try Again.


Getting close. But today we got the dreaded red tag. Electrical. They think it will get passes tomorrow. Then HVAC. Then CO. Then clean. Then moving day.

Wha?!?

Please think good weather thoughts. We are ready to go!

XO
J