Are their cracks in the market? Housing trends in Rockwall County, Texas show slowing sales, a cooling off of sold prices and an increasing number of price reductions. The highest mean sold price thus far this year occurred in February with a mean of $278,546. The mean for the current month is $269,000 a reduction of 3.5% from the high. This decrease in the mean sales price for such a short period does not provide absolute evidence of slowing appreciation but it’s certainly worth watching.
Increasing inventory, is typical for this time of the year (inventory increased from April to May by 13.8%) however, for the third month in a row the number of units sold (55 less sold properties in May than April) has diminished. From April to May the number of units sold declined by 26%. Is this a trend?
Price reductions are increasing in frequency. In the last 7 days alone there have been 37 price reductions in Rockwall County. This translates to price reductions on 4% of the currently available properties.
These trends certainly warrant watching. Steve Brown, in last week’s Dallas Morning News speculated that the price reductions are a result of seller’s listing property over market value believing that buyers will pay any price. If true, it looks like buyers are not cooperating. Time will tell.
Terry Roberts, Broker/Owner