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MetroTex Association of REALTORS releases real estate statistics for July 2016

The volume of homes sales in Garland declined 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 we didn’t sell as many houses this July than we did last year, we’re still seeing strong demand in the busy summer. But with low inventory levels, it’s difficult to maintain a pattern of high growth in every category. I have no doubt that we could see continued growth if more housing were available.”

According to the report, 225 homes were sold in Garland in July 2016, a decrease of 3.4 percent. The median price for Garland homes increased 12.8 percent year-over-year to $167,000 during the same time frame.

Garland’s monthly housing inventory is estimated to be 1.4 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 21 days on the market in July 2016. There were 283 active listings for the Garland housing market during the same time frame.

July 2016

  • 225 – Homes sold, down 3.4 percent from July 2015.
  • $167,000Median sales price for homes, 12.8 percent higher than July 2015.
  • $185,478 Average sales price for homes, a 14.8 percent increase.
  • 1.4 – Monthly housing inventory estimate.
  • 21 – Average number of days homes spent on the market in July 2016.
  • 283 – Active home listings on the market in July 2016.

Year-to-Date Market Snapshot

  • 1,373 – Homes sold, 5.7 percent higher than the same time frame in 2015.
  • $248,617,992 – Total dollar volume of sales in Garland, a 5.7 percent increase over 2015.
  • $161,000 Median sales price for homes, an 11 percent increase.
  • $181,076 Average sales price for homes, a 12.1 percent increase.
  • 26 – Average number of days homes spent on the market.
  • 228 – 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.

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