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 provides valuable information concerning the buying and selling conditions of the local area.
Although we are willing to consider all houses presented to us for sale, we primarily target resale, single-family homes. Below is a general overview of the current DeSoto real estate market conditions (based on single family, resale, all price ranges, sizes, and bedrooms).
Home Prices
The median home sales price for April 2015 increased 8.4% to $152,200 from the prior year. Prices are up 36.2% from the same month in the previous year.
Days on Market
The median days on market decreased 14.6% to 35 days from the prior month. For the same period in the previous year, the median days on market are down 20.5%.
Home Sales
The number of home sales decreased 10.9% from the previous month going from 46 homes sold in March to 41 homes sold in April. Home sales are still up 7.9% from the same month in the previous year.
Inventory – Months Supply
The number of homes available for sale in April is relatively unchanged from the previous month at 93 homes but is down 46.5% from the same month in the previous year. The months supply of inventory is 2.1 months which is unchanged from the previous month. Inventory is down 53.3% from the same month in the previous year. In general, inventory levels are usually lower during winter all the way into March due to the cool weather but usually start to increase headed in to April.
Market Summary
The DeSoto real estate market is very competitive at this time for primary home buyers and investors and this is reflected in the rising home prices and declining days on market. Home sellers are clearly benefiting from the housing inventory levels remaining extremely low and a healthy buyer demand. We are entering the spring buying season and should expect to see an upward tick in inventory coming on to the market. Overall, levels will probably remain relatively low.
As a real estate investment business, it is important to understand the market conditions where we buy houses. The exact same can be said for home sellers. 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 as a buyer. It is intended to give you a brief overview of the DeSoto real estate market and hopefully adds value in making a buying or selling decision.
The source for the above market data is derived from the North Texas Real Estate Information System.
