One of the most frequent questions we as Realtors® receive is, “How’s the market?” Well, that depends on where you’re talking about. The Dallas market is completely different than our local Granbury market. While properties are selling, we are not in the selling frenzy of this time last year. Let’s have a look at what’s going on in our local area.
I want to focus on the last 90 days. In Hood County, 399 residential properties have closed according to the North Texas Real Estate Information System (NTREIS). In comparison, between those same 90 days last year (2022), there were 434 residential properties sold. While you might look at those numbers and say that is not a huge change, the Average Days on Market (DOM) for those listings more than doubled this year, going from 26 days to an average of 62 days.
Currently, there are 475 residential properties for sale. In July 2022, the active number of listings was 420, while July of 2021 was shockingly low at 230. The National Association of Realtors® (NAR) says a stable, healthy market should average at six (6) months of active inventory. As you can see, the active number of residential listings in Hood County is increasing, bringing us closer to a new norm.
Since we are a Lakefront community, let’s have a look at those numbers…in the last 90 days, 54 waterfront residential properties have sold with an average DOM of 53 days and an average sold price per square foot of $288. If we filter those properties down to site-built homes on the water, the number of closed properties drops to 34 but with an average sold price per square foot of $321 and a DOM of 58.
So, what does all this tell us? The real estate market is steady, but it is taking longer to sell homes than it has for the last couple of years. While your home will sell, having the right comparables and price will make the difference. If you live in a 2,500 square foot home on a quarter of an acre, on a canal that hasn’t been updated, you can’t compare your property with a 6,000 square foot home on the main body of Lake Granbury with over an acre of land. Those two are not comparable to each other.
The importance of using the right comps will help to bring in the right buyer with the right expectations. How do you find the right comps? Use a locally based Realtor® to help you with your sale. Our market is its own special bubble of small town and lakeside community and an agent unfamiliar with our area won’t know the nuances that each community and area features. HOAs for example…we have Owners Associations INSIDE other Owners Associations!
If your home hasn’t sold yet and you’re wondering why, have your Realtor® run new comps for you and discuss some new ideas for getting your home sold.
If you are looking for a local Realtor, you can find a full list of all the Realtor® members of the Granbury Association of Realtors® on the website at www.GranburyRealtors.com.
Whitney Knieper President – Granbury Association of Realtors ® 817-579-7900 or email@example.com