Hello Lochwood neighbor! It’s that time of the month again. It’s time for your monthly Lochwood Home Sales and Market Update from me, Robyn Price.
This is the September 2022 edition of the update, which means that we will be looking at the Lochwood home sales that closed in August of 2022. I will also give you important information about the sales that are currently pending and listings that are active.
Lochwood Homes that Sold in August 2022
There were 11 total sales in August. Ten homes sold at 100 percent or more of the seller’s original list price. Three days was the shortest amount of time that a Lochwood home was on the market before going under contract. The maximum number of days was 27. Seller concessions totaled $41,000 which was 66 percent higher than the concessions offered in August 2021. Financial concession are often negotiated in lieu of the seller making any repairs. Concessions are a sign of the market has softened.
Complete list of the homes that sold in August 2022:
Year-over-year, there were a few more homes listed for sale in Lochwood, but not a significant increase. Closed sales dropped from 19 to 11, but showings went up. Interest rates were about 5.625 percent on a 30-year notes with 20 percent down. Perhaps active home buyers realized that they should take advantage of lower interest rates before they go up again in the near future.
Year-over-year comparison for August 2022:
Looking Ahead: Homes that will Close in September 2022
As of the writing of this blog on September 14, 2022, there were 10 home sales pending in Lochwood. If a home sale is pending, that means that it likely went under contract two to three weeks ago. Five days was the shortest amount of time that one of these homes was on the market before going under contract. The longest time on market was 124 days. Price reductions were more common among pending sales. Five of these listings (50 percent) had price reductions and the average reduction was $18,400. Price reductions are also a sign that the market has softened.
Currently Active Listings
There are 13 homes currently listed for sale in our neighborhood. The amount of time that these homes have been listed ranges from 5 to 124 days. Price reductions are the big story here. In total, 10 of these listings have one or more price reductions. Total dollar volume of price reductions was $576,000. Want to view the homes that are currently listed for sale in Lochwood? Click here 🙂
What Are the Key Takeaways?
- Price reductions have become more common. Sellers are learning to adjust to the market shift caused by higher interest rates. That being said, your home is still worth more than ever before. The rise in Median Sale Price is evidence of that.
- Price appreciation has slowed down but Dallas/Fort Worth still ranks third in the nation for appreciation. It is estimated that home owners have seen about 28 percent price appreciation this year. The MetroTex Association of Realtors reposted a great article from the Dallas Morning News about price appreciation. Click here to read it.
- Inventory remains very low so it is still a good time to sell your home! However, it is imperative that sellers understand that it may take a little longer for their home to go under contract. After all, there are fewer buyers shopping because of higher interest rates. It is also imperative that sellers have a plan in place if a price reduction is necessary. I wrote a blog about my recent sale at 2835 Lee Street. It addresses what the seller and buyer did correctly to get the property under contract. Click here to read that blog post.
That is all that I have for you today. As always, I hope you’ve found this information and assessment of market conditions in our lovely neighborhood helpful. I am always here to answer questions about your home, or any of the homes that have sold or that are currently listed in our neighborhood. Until next time, please be well and enjoy this cooler weather.