Dallas home sales slowed down in the month of October according to MLS statistics. Monthly sales were lower than sales for any September 2017 as expected.
Dallas home sales in October. (Chart: Dallas MLS)
We expect the Dallas home sales to slow down in the late summer and early fall. That is typical.
Comparing October 2017 to the previous year, Dallas MLS home sales of single-family homes only declined by 1.2%. Sales decreased by 2.4% including condominiums and attached homes. October home sales declined by 5% also from the previous month of September, 2017.
Dallas home sales for last 3 years. (Chart: Dallas MLS)
This is not a great news for buyers who have been competing with multiple offers for desirable homes most of this year. Dallas market has been holding steady and is still a seller’s market.
Dallas Home Sales Increase
In addition, there are more homes on the market now than there were in the hot Spring selling season. There are 5114 active listings in the Dallas MLS data. While this is a welcome increase for buyers, the inventory of available homes to purchase is still 2% lower than at this time last year.
Also, home sellers are welcoming the news that the average sales price actually increased slightly in the month of October. The average sales price and the entire Dallas Metro market was $327,866 according to the MLS statistics. That’s less than 5% higher than the previous month.
Months of Inventory
Months of inventory is also called the “absorption rate”. It shows how long it takes to sell the average home.
Dallas home sales inventory. (Chart: Dallas MLS)
How many months would it take for the Dallas home sales to absorb sell all of the existing inventory at current sales levels? That is called the absorption rate. And, it decreased again in October suggesting that Buyers have to be more aggressive and Seller’s control of the market is increasing.
Less than 3 months of inventory is still technically a Sellers’ Market. The big question is whether or not this is a brief increase in the market or symptomatic of a more major jump. Only time will tell. In the meantime, this is welcome news for would be home sellers in our busy Dallas real estate market. Buyers, on the other hand are being more aggressive in their offer pricing. And, real estate brokers are being more aggressive in their offer techniques.
What kinds of homes are for sale right now around North Texas?
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