Desoto, Texas is one of the areas where we buy houses. Because we buy houses here, it is very important to stay current on the real estate trends in the market. Although we primarily target off-market properties, on-market data available from the local Multiple Listing Service (MLS) provides valuable information concerning the buying and selling conditions of the local market.
Although we are willing to consider all houses presented to us for sale, there is a general range that we target for buying houses in Desoto. Our general buying demographic is <$120,000, single family, 3 bedrooms, 1000 – 2000 square feet, all ages. Below is an overview of the current Desoto real estate market conditions based on our buying demographics.
Home Prices
The median home sales price for March 2015 reflected an increase of 10.5% to $105,000. Prices are only down 0.9% from the same month in the previous year. The median days on market decreased 39.8% to 50 days from 80 days for the prior month. For the same period in the previous year, the median days on market was 16 days. Wow, that was one hot market!
Home Sales
The rate of closed home sales increased 267% from the previous month going from 3 homes sold in February to 11 homes sold in March. Home sales are up 10% from the same month in the previous year.
Inventory – Months Supply
The number of homes available for sale declined by 10% from the previous month and 43.8% from the same month in the previous year. The months supply of inventory was 1.4 months, which is a 12% decline from the same month in previous year. In general, inventory levels are usually lower during winter all the way into March due to the cool weather but loosen as the weather starts to warm.
Market Summary
Low inventory of homes available for sale in combination with active buyers are a large contributor to the rising home prices and declining days on market. The Desoto real estate market is very competitive at this time for primary home buyers and investors. It appears that home sellers are clearly benefiting from the inventory levels remaining extremely low. As we enter the spring buying season we expect to see an upward tick in inventory coming on to the market, but overall levels will probably remain low.
If you want to sell your house in Desoto, it is important to have an idea of your market conditions. The information above is not intended to provide you with an estimate of what your house might be worth or what you should pay for a house. It is intended to give you a short overview of the Desoto real estate market and hopefully adds value in making your buying or selling decision.
The source for the above market data is derived from the North Texas Real Estate Information System.
