DFW, currently: About 28 days from "available" to "pending"

July 6, 2020 by Ted Bauer

This is rooted in a Zillow report where the high-level takeaway actually might sound surprising: homes are coming off the sales market at their fastest pace in two years. But why would that be? Aren't we in the middle of a global pandemic that has spiked in Texas, and isn't the economy not great overall (ignore the stock market for a moment)? We covered this a little bit last week: some sellers pulled off the market in March, April, and early May. They did this largely because they didn't want people inside their homes. (Logical.) As sellers pulled off, that's less inventory, and there's always people using times of societal shift to hunt for deals. So pent-up demand + less supply = houses flying off. 

Look at some of these speedy metros, though

Interestingly, though, since DFW has been a "lead" indicator in the broader USA real estate market over the past 5-10 years, we're actually somewhat behind the current curve. The median USA "available" to "pending" is 22 days, so we're six days slower than that. Want to hear some absolutely absurd home-buying stats? Look at some of these "available" to "pending:"

  • Columbus, OH: Five days
  • Cincinnati, OH: Six days
  • Kansas City, MO: Six days
  • Seattle, WA: Seven days
  • Indianapolis, IN: Seven days

Pittsburgh has actually seen a huge ramp-up: houses are getting to pending 17 days faster than this time last year, and 40 days faster than this time two years ago. Sheesh! Pittsburgh is similar to DFW in some respects to watch, notably that it's been getting a lot of corporate relocations of late. That said, the population of the Pittsburgh metro area is about 2.3M, and the population of the DFW metro area is about 7.57M, so it's hard to make a truly direct comparison in terms of housing inventory.

New York City homes (which are, admittedly, often apartments/condos), are now spending 70 days on the market before a "pending" switch. That's 21 days longer than this time last year. NYC has obviously been hit hard by COVID -- it's regularly referred to as "ground zero" or "epicenter" -- and because residents of NYC are very much on top of each other, you could see a slowdown in wanting to see and evaluate home options. Miami (55 days to pending) and Atlanta (38) are some of the slowest markets right now. 

That old supply-demand intersection

Nationally, new listings are up 14% month-over-month. DFW is slightly below that. For example, in the past seven days, there's been 4,455 new listings across DFW. 3,748 properties have flipped to "pending." 

it's an interesting time for many out there in the context of potential home purchases. interest rates are low, and re-finances are also up, so the market is "hot" at a time no one would have logically predicted it to be "hot." We'll keep watching it for you. 

{As a final note, rents have stayed relatively similar as well. In the Plano area, for example, the most we've seen them drop is about $9 during COVID. Some complexes are offering new deals, and longer deals, i.e. 8-12 weeks free, but base prices have not shifted much.}

 

 

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About the Author

Ted Bauer

Ted Bauer is a writer/editor for White Rock Locators focused on as much cool content about the DFW Metroplex rental scene as he can possibly find week-to-week.