Oak Lawn condo sales decreased 11.8 percent to 112 sales in August, in contrast to stronger regional sales figures in August, according to the August 2016 North Texas housing market report released today by the MetroTex Association of REALTORS.
“August was an exceptionally busy month,” said Russell Berry, president of MetroTex. “We’re seeing strong increases in terms of number of sales and in dollar volume. Prices are up and inventory remains our biggest challenge. Oak Lawn is beginning to see some slight loosening of available inventory, though it’s still a tight market.”
According to the report, 10,860 homes were sold in North Texas in August, a 12 percent increase from the year prior. The median price for DFW area homes increased 10 percent year-over-year to $230,000 during the same time frame. Condo sales in Oak Lawn decreased from a high of 127 units in August 2015 to 112 units in August 2016.
Oak Lawn’s monthly housing inventory increased to 2.3 months in August. 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 35 days on the market in August. There were 288 active listings for the Oak Lawn housing market during the same time frame, a 23 percent increase.
August 2016
- 112 – Homes sold, 11.8 percent higher than August.
- $288,000 – Median sales price for homes, 7.9 percent more than August 2015.
- $415,379 – Averagesales price for homes, a 23.7 percent increase over August 2015.
- 35 – Average number of days homes spent on the market in August 2016.
- 2.8 – Monthly housing inventory in August 2016.
- 288 – Active home listings on the market in August 2016.
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.