I typically send an email out with a market update but figured I’d include that information here as well. I want you to always feel like you have someone to turn to for trusted, reliable information! Especially when it comes to real estate. I want you to be in the loop so you know whether or not it’s a good time for you to buy/sell property.

Here’s what you need to know about the current real estate market here in East Texas:

1. We’re still in a strong SELLER’S market which means sellers still have the upper hand in negotiations (although buyers do have more power than they did in the past).

2. The average sales price INCREASED from $243k in January to $261k in February and prices are continuing to INCREASE! We are not seeing very many price reductions (unless the home was overpriced to begin with).

3. A home's average days on the market increased to 77 days (it was 74 last month).

4. The average absorption rate is 2.2 months! This is how we know we’re in a seller’s market. Anytime that number is less than 6 months, it’s a seller’s market. If its’ greater than 6 months, it’s a buyer’s market. This number decreased a little from last month!

We’re still experiencing multiple offer situations. Buyers may not be up against 8-10 other offers, but they may be up against 2-3. Both of my listings received multiple offers! As you can see, inventory is still low. If you have been thinking about selling your home, now is most definitely a good time to do so. I’m always happy to run a free comparative market analysis on your home so you can see what price point you’d be looking at in today’s real estate market!

Let me know if you have any questions! I’m here for you and want to help you/your family/your friends in whatever way I can!

Kristin Koonce Burroughs, REALTOR®
(903)241-2608
kristinkoonce@gmail.com
BOLD Real Estate Group