This is your monthly homeowner report for The Shores. It’s always nice to know where your investment stands, so let’s get started.
It is still a seller’s market. We hit $414,633 for the average sales price which is a slight decline from June’s average of . Now don’t get too tied up in that actual number because there’s a huge swing in the types of homes available to buy in the Shores. What I look at more is the percent increase from the previous year. Based on the sales in July, prices are up about 23.2% from one year ago.
We’ve had 12 sales in the month of July and they sold on average within 8 days on the market. That’s faster than the overall market of Rockwall County where the average days on market is 18 days. Homes in The Shores sold at an average 7.2% over asking which is also better than the Rockwall County overall average of just 2.9% over asking.
One of the biggest things we know when studying prices like I do every single day is that it’s very hard when a seller’s market is driving prices up to know how much your home is actually worth. So I want to give an exclusive offer only for those who have watched this video. I want to give you a custom home evaluation that will give you a clear sense of what your home could sell for in this market. If you're thinking of selling it'll help you determine what you could walk away with, and if you just want to know where your home stands, since it is an investment and an asset to you, I can help you with that too. You can click on the link with this video or go to TheShoresRealEstate.com.
You'll pick a time to talk that works for your schedule then I'll have you answer a few questions about your home to help make sure I’m giving you an accurate analysis. Unlike the automated home value generators that rely on algorithms and don’t have access to actual sales data, I will research actual sales prices and look at the specifics on how your house compares to recent sales. From there I will get on a call, a zoom, or even meet in person to walk you through exactly what you could sell your home for in this market right now and cash out.
First let’s look at the months of supply. This tells us how long it would take the current inventory to be purchased if no new listings came on the market. A balanced market is considered 6 months of inventory. For The Shores we’ve been on the decline since April. We went from .7 months of inventory (meaning a little more than 2 weeks) to now sitting at .4 months of inventory, or a little less than 2 weeks. This tells us that it is still an incredibly strong sellers market. I actually expect this trend to start going up as we are beginning to see more inventory in the overall Rockwall market which means buyers will have more options if their interest is just buying a home in Rockwall and they don’t have to be in The Shores.
To see where the market is headed as far as pricing goes, I look at what’s happening with the actual sales prices as a percent of the list price. In July the homes sold at an average of 7.2% above the list price. That’s a big jump from last month where we were at 3.7% over asking.
There are some other factors to consider on a larger scale that affect us on a local level too. The fact that interest rates are still below 3% is huge and it will keep buyers in the market even though they are starting to get tired.
So to recap, the months of supply is down. The average days on market is down from the month before. The percent of the sales price over the asking price is up. Interest rates are under 3%. Historic seasonality trends also tell us this is the time the market starts to slow down from the spring/summer season and even though we have strong data points for The Shores, I think what’s happening in the overall market for Rockwall will trickle down to smaller submarkets like The Shores and start influencing the trends here as well. Don’t get discouraged though. I predict we will continue to see strong opportunities for sellers in this market but will not see as much price growth as we’ve become accustomed to seeing lately.
So, that’s your homeowner report for The Shores. And remember, visit TheShoresRealEstate.com to learn exactly what you could sell your home for in this market right now and cash out.
Jennifer Shannon is a Texas real estate agent and broker, licensed since 2006.