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February Statistics
February Real Estate Market Statistics
All of these stats are regarding Robson Ranch in Denton, Texas
Some of these facts may seem obvious to most casual observer, but just in case they are not, we have explained them in detail here!
Number of Listings
Past 12 months:
- Listings varied throughout the year, with the highest number of listings appearing in December 2023 (22 listings). There doesn’t appear to be a consistent upward or downward trend overall.
Last 5 years:
- Listings fluctuate over the years and months, with no clear increasing or decreasing trend. There are spikes in listings at certain times, such as August 2019 with 50 listings, which could be seasonal or due to market-specific factors.
- The number of listings doesn’t always correlate with the number of sales in the same month, suggesting that inventory and demand might not be aligned, or that some homes take longer to sell.
Average Days on Market
Past 12 months:
- The average days to sell a home showed variability, with the lowest being 26 days in August 2023 and the highest at 73 days in December 2023. The increase in December might reflect the seasonal slowing of the market during the winter holiday period.
- There appears to be a slight general increase in the average days to sell a home compared to the previous year, which could be associated with rising mortgage rates or other market cooling factors.
Last 5 years:
- There is significant variation in the average days to sell a home, ranging from single digits to over a hundred days. This could be due to a variety of factors, including the pricing of the homes, market conditions, and the time of year.
- Generally, homes sold faster in the middle of the year, particularly in 2021 and 2022. This could align with the common trend of the real estate market being more active during the spring and summer months.
- The average days to sell a home seem to decrease when mortgage rates are lower, suggesting that more favorable borrowing costs may encourage quicker sales.
Number Sold
Past 12 months:
- The number of homes sold also fluctuated. Notably, there was a peak in sales activity in November 2023 with 14 homes sold. This suggests there may have been a surge in market activity.
- However, in December 2023, there was a sharp decrease to just 4 homes sold, which could be attributed to the typical seasonal slowdown around the holidays.
Last 5 years:
- The number of homes sold also varies, with some months showing increased sales activity. For example, July 2020 shows 20 homes sold, which is the highest for that year.
- Over the years, there has not appeared to be a consistent trend in the number of homes sold each month, which can be influenced by various factors including economic conditions, seasonality, and interest rates.
Yearly Trends
Past 12 months:
- The data shows that while the number of listings and sales can vary significantly from month to month, there is a general pattern where listings and sales peak in the warmer months and decline towards the end of the year.
- The average days on the market for homes seem to be affected by seasonal trends, with homes selling faster in the summer months and staying on the market longer in the winter months.
- The market dynamics for this period also indicate that despite variability, there remains a consistent demand for homes, as evidenced by sales occurring every month.
Last 5 years:
- In 2019, the average days to sell a home started high and decreased towards the middle of the year before increasing again towards the end.
- In 2020, the average days to sell spiked in April, then dropped significantly in May and remained relatively low for the rest of the year, except for June.
- In 2021 and 2022, the average days to sell a home were generally lower, indicating a potentially hotter market.
- In 2023, there is a noticeable increase in the average days to sell from January to February, which then fluctuates throughout the year.
Interest Rate Influence
Past 12 months:
- The mortgage rates have been on the rise, as seen in the average 30-year fixed-rate mortgage rates provided, reaching up to 6.78% in February 2024. Higher mortgage rates generally lead to a slowdown in the housing market, as they can decrease affordability for buyers. This could be one reason for the increase in the average days to sell towards the end of the period.
Last 5 years:
- Lower interest rates seem to correlate with quicker sales in some instances, but this is not a strict rule as other factors also influence how long a home stays on the market.
- Interest rates have risen steadily from late 2021 through 2023, which could potentially affect buyers’ affordability and influence the number of days homes stay on the market.
Conclusion
Past 12 months:
- The real estate market in this area has shown signs of seasonality and sensitivity to interest rate changes over the last 12 months.
- There is evidence of a strong market with consistent sales throughout the year, but with variations that suggest buyers and sellers may be adjusting their strategies in response to changing mortgage rates and seasonal factors.
- The rising trend in mortgage rates over this period may have started to affect market activity, potentially contributing to longer selling times and a decrease in the number of homes sold, particularly noticeable at the year’s end.
Last 5 years:
- The market appears to have seasons of high activity and quicker sales, often aligning with lower interest rates and warmer months.
- There is not a direct correlation between the number of listings and the number of homes sold each month, highlighting the complexity of the real estate market where various factors influence buyer and seller behaviors.
- Overall, the real estate market in this area is dynamic, with changes in inventory, sales, and time to sell reflecting broader economic trends, seasonal shifts, and the impact of mortgage interest rates on buyer demand.
And for those of you even more curious, we will be adding details that influence sales more specifically like, age, on the golf course or green belt, size, etc.