Market gets hotter in the burgeoning economy

The hot summer housing market in The Colony is showing no signs of cooling down, says MetroTex Association of REALTORS®. And melting inventory means area buyers are really feeling the heat, according to the latest sales figures. With only a 1 month inventory available in The Colony, home prices are rising steadily.

“It’s a very active market,” said Steve Habgood, president of MetroTex. “There are a lot of house coming on the market and they’re being sold within a few weeks, generally speaking.”

Highlights of the MetroTex report include:

• In The Colony, the number of homes sold was 60, an increase of 1.69% from last year.
• The average sales price in The Colony was $220,464, a 24% increase over last year.
• Average sales price is 101% of list price when listed with a REALTOR®
• Homes are selling in 22 days on average in The Colony these days.

• There were 44 available homes in The Colony, or a 1 month inventory. Three months inventory is considered a healthy market.

MetroTex represents more than 15,000 members involved in all aspects of the real estate industry.  MetroTex is the largest REALTOR® member association in North Texas representing 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 www.DFWRealEstate.com.