Struggling with a lack of housing inventory, the The Colony market proved to be a challenging one for buyers in 2016. December proved no exception, as prices jumped with many buyers but fewer choices.
“Low inventory is certainly suppressing sales for The Colony in this market cycle,” said James Martin, president of the MetroTex Association of REALTORS. “Overall prices are increasing because of low inventory.”
According to the monthly housing report released by MetroTex, there were 77 active listings on the market in The Colony in December and 39 closed sales, a decrease of 27.8 percent from December 2015. The December dollar volume of sales in The Colony decreased 21.3 percent year-over-year to $10,220,735. The average price in December was $262,070, up 9.0 percent from last year, while the median price was $246,000, up 17.3 percent compared to December last year.
The Colony’s monthly housing inventory was 1.4 months in December. The Real Estate Center at Texas A&M University contends that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 37 days on the market in December.
The Colony 2016 Market Summary
- 656 Homes sold, 2.3 percent higher than 2015.
- $176,084,540 Sales dollar volume for 2016, up 17.3 percent year-over-year.
- $268,422 Average sales price for homes, 14.6 percent more than 2015.
- $238,950 Median sales price for homes, a 18.9 percent increase over 2015.
- 26 Average number of days homes spent on the market in 2016.
- 87 Average number of active home listings on the market in 2016.
- $121 Average price per square foot in 2016, up 12.8 percent year-over-year.
2016 North Texas Market Overall – New records set
- 101,529 Homes sold, beating a 10-year-old record of 95,509 sales. This year’s result is 8 percent higher than 2015.
- $28,050,996,211 Total dollar volume of sales, up 13 percent from 2015 and sets a new record in dollar volume.
- $225,000 Median sales price for homes, 10 percent more than 2015, a record high.
- $276,286 Average sales price for homes, a 7 percent increase over 2015, a record high.
- 42 Average number of days homes spent on the market in 2016.
- 18,355 Average active home listings on the market in 2016, a 1 percent drop.
- $119 Average price per square foot, up 7 percent year-over-year.
Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association. We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.