Southlake Homes
Southlake homes for sale for the month of June 2011 as compared to June 2010 is down 17%. Looking at the difference between June 2009 and June 2010 of Southlake homes we can see a decline of about 12%. As you can see there has been a declining trend in the past couple of years in the number of Southlake homes listed on the market for the month of June, typically the peak of the season for the Southlake real estate market.
Let's have a look at the real estate market trend of Southlake homes under contract for the month of June in the past couple of years. Any guesses here? Surprisingly we have had a substantial increase in the amount of Southlake homes going under contract from June 2009; a huge 33% increase!! Think about the facts for a second. What happens if the current market continues as it has been? If more and more residents of Southlake are not selling but the number of properties going under contract continues to increase we can expect Southlake home prices to continue to rise.
Now for the good part. Another factor to consider when selling or buyer Southlake homes is expired listings. Studying these numbers will show you how many Southlake homes are selling and not sitting. What do you think has happened in the past couple of years? I'll tell you...expired listings have decreased by 54% from June 2009 to June 2011. Good news ladies and gentlemen! Homes are selling in Southlake!
One look at the supply and demand of the Southlake real estate market and you will see why it is a great time to buy Southlake homes. Supply is down by 17% and demand is up by 55%. These numbers are simply amazing. So it's looking good for buyers but how is it looking for sellers? Most sellers selling in the Southlake real estate market right now are selling because they have to (job relocation, divorce, hardship, etc.), not because they want to make money from equity. On a positive note the amount of time on market has decreased by 26% in the past couple of years. This means sellers have been able to sell their homes faster which in turn saves money. Also we have just crossed the threshold from a neutral market and shifter more toward a sellers market with 5.5 months of inventory as compared to 8.8 in 2009. 6 months of inventory would be a neutral market and anything below this we tip toward a sellers market and vice versa. Southlake home sellers are gaining momentum and the upper hand when it comes to selling and interest rates will more than likely be on the rise soon so buy buy buy!!
The last factor in the Southlake homes equation is prices. No beating around the bush...we have seen a 8% increase from 2 years ago this time. With a median sold price of $517,500 this means a couple of years ago the same home would be worth $481,350. Get your Southlake home while supplies last.
If you are looking for an experienced Southlake Realtor and family Southlake resident since 1972 give me a call as I would love to help you buy or sell your Southlake home. Search Southlake Homes here