MetroTex Association of REALTORS releases real estate statistics for July 2016
The volume of homes sales in Grapevine increased in year-over-year comparisons, according to the July 2016 North Texas housing market report released today by the MetroTex Association of REALTORS.
“The demand for housing is undoubtedly strong,” said Russell Berry, president of MetroTex. “While prices were slightly lower in July, we’re still seeing strong demand in the busy summer. Overall housing prices are higher this year over last in Grapevine. In July, Grapevine was one of only a handful of towns in the area that saw a decrease in sales price. There was an increase in price per square foot, and inventory levels remain low, so lower overall prices don’t seem to indicate the beginning of a downward trend.”
According to the report, 65 homes were sold in Grapevine in July 2016, an increase of 1.6 percent. The median price for Grapevine homes decreased 0.2 percent year-over-year to $315,000 during the same time frame.
Grapevine’s monthly housing inventory is estimated to be 2.0 months, indicating a sellers’ market. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 25 days on the market in July 2016. There were 93 active listings for the Grapevine housing market during the same time frame.
- 65 – Homes sold, up 1.6 percent from July 2015.
- $315,000– Median sales price for homes, 0.2 percent lower than July 2015.
- $331,628 – Average sales price for homes, a 3.5 percent decrease.
- 2.0 – Monthly housing inventory estimate.
- 25 – Average number of days homes spent on the market in July 2016.
- 93 – Active home listings on the market in July 2016.
Year-to-Date Market Snapshot
- 345 – Homes sold, 10.6 percent lower than the same time frame in 2015.
- $117,903,775 – Total dollar volume of sales in Grapevine, a 8.5 percent decrease over 2015.
- $325,000 – Median sales price for homes, a 5.9 percent increase.
- $341,750 – Average sales price for homes, a 2.4 percent increase.
- 26 – Average number of days homes spent on the market.
- 80 – Average monthly active home listings.
The MetroTex Association of REALTORS® represents more than 17,000 members involved in all aspects of the real estate industry. As the largest REALTOR® member association in North Texas, MetroTex represents the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.