By Britt Fair
“It was the best of times, it was the worst of times.”
No, I’m not trying to give everyone nightmares about high school English class or invoke the French Revolution. Rather, that’s how I would sum up the mixed feelings about DFW’s residential real estate market during the second half of 2018. Just about every statistic can be spun to match whatever sentiment a person has about the housing market.
Consider the dollar volume of home resales in North Texas: the amount of money flowing through the MLS system in 2018 was the second highest ever, behind only 2017. To many people that would appear to be a rather positive statistic, but some people look at that as the first step in the wrong direction, especially since transaction volume really fell off in the second half of the year.
Next think about inventory of homes on the market. One lament among Realtors who serve as listing agents is that inventory has been increasing over the last year, causing their listings to take significantly longer to sell than in recent years. That is true broadly, and even more so in specific neighborhoods and price points. But on the other hand, in the few years before 2018, probably the No. 1 Realtor complaint about the Dallas-Forth Worth housing market was a shortage of inventory that was making it hard for potential homebuyers to find a house to purchase. So, in many ways this increase in inventory of homes on the market could be considered a positive trend.
So which interpretation is right? Well, it all depends on your perspective. (more…)