May 2023 Market Update for 76067

June 11, 2023

Monthly Market update

Crazy Town Sign at Sunset

What’s going on in the market these days in 76067?

As summer heats up, typically home sales do as well. People like to move over the summer break.

Whether you are thinking of buying or selling, now may be the right time to make your move.

Median vs. Average Sales Price –

Median is the midpoint of all the sales prices in the area. Nationally, the median sales price is $380.000 and is down 5% overall, showing the approach to the typical market after the crazy bubble experienced with Covid. May is when people start thinking about listing or buying, but the kids are winding down the year and it’s super busy. Many areas of the country have not slowed down at all, and others show some significant declines in home sales.

So, how does Mineral Wells compare to the national statistics and what can it mean for you?  Mineral Wells median sales is currently at $185,000. Down 16%. There have been several cash only investor type homes that have affected these numbers, but the bubble of post Covid is over.

Let’s talk average prices now – so the average price nationally is – $468,000 and the average price in Mineral Wells is $210,000. We are one of the few places you can get a new build for around $200k. (This can be a great option for seniors who would benefit from single level updated home).

I still think we are a great location with all the new development. If you are struggling with multiple offers in the Fort Worth area like my buyer has been dealing with, and can live further out (an hour or less commute to Fort Worth), you can significantly lower your housing costs with a move to Mineral Wells.

Days on Market

Days on Market tells you how long it takes a house to sell. Median national average is 19 days on market. Median number of days on market for Mineral Wells, TX is 51 days. Again, Median is the midpoint of all the listings – luxury or higher end listings that may take longer to sell impact these numbers.  In a normal market 30-60 days is not unusual. It may feel slow compared to the bubble we experienced, but if you are a buyer that tried buying and got outbid in the craziness – now can be the time to get the house you wanted. For sellers, you may need a little more creative strategies for achieving your goals.

Ok, so we talked median days on market but let’s talk average days now – which is really how we think in our heads rather than a true midpoint. The national average is closer to the Mineral Wells median at 45 days on market – the local average is 104 days on market, over 3 months! This may be due to pricing more optimistically from the bubble or with the new developments happening downtown.

Also, I’ve noticed that a number of our listing are represented by selling agencies that are not in or near Mineral Wells, and they may not be as familiar with the local qualities that can affect pricing by location (i.e. at the top of the hill vs at the bottom of the hill), on the map when doing CMAs it all looks flat.

Pricing strategies are important to sell your home at the best possible price – usually the best action is in the first 10 days of the listing, so having an appropriately priced home for the seller is important. For buyers, a listing over their budget may deter from making an offer, but if a listing has been sitting without any movement on it, your position as a buyer is stronger to come in lower, or to ask for certain things like a buy-down rate or closing costs. Having these strategies in place can drastically reduce your time on market for a quick sale and moving onto the next chapter in your life.

Inventory of homes

Last, let’s take a quick look of inventory of homes. Part of what has driven prices up so drastically in recent times was the lack of inventory – and in many placed that inventory is still low.

National inventory is approaching more normal levels overall at 2.6 months of inventory. Normal market place is about 4-6 months of inventory. Nationally still a bit low, and matches my recent experiences with my buyer in Fort Worth.

Mineral Wells, however, has 5.2 months of inventory, so there are more homes to choose from which is a good position for buyers. For sellers, you need to be able to stand out in the inventory to sell your home quickly at the best price. You may need to upgrade items in your home, or offer further incentives. Quality staging and photographs for marketing your home, and creative marketing strategies to get the views to the right buyers.

Why now is a great time to buy (or sell) in 76067

Comparative to national numbers, buyers can get more home for the same money with more options to choose from, enjoy small town friendliness, and still be close enough to all things in the metroplex. (From new builds to cozy remodeled cottages – you have your pick).

Sellers, you may have a little shock of market value for selling your home after the bubble we went through, but values overall are still up considerably compared to 3 years ago. Creative strategies for positioning your home with attention to the current comps on the market as well as strategies for attracting the right buyers through incentives and creative marketing can help you achieve the move you desire.

There’s so much in place now in downtown Mineral Wells, and the future is bright with the opening of the Baker coming in 2025, the expansion of the Crazy Water spa/bath house in a year and speak easy + Second Bar fine dining coming in June or July.

Come, join me, and be a part of this Crazy little town.