Struggling with a lack of housing inventory, the Garland market proved to be a challenging one for buyers in 2016. December proved no exception, as the number of sales slowed with fewer choices.
“December was pretty quiet for what we’ve come to expect for Garland in this market cycle,” said James Martin, president of the MetroTex Association of REALTORS. “The number of sales was comparatively low, yet overall average prices are increasing steadily with low inventory and high demand.”
According to the monthly housing report released by MetroTex, there were 184 active listings on the market in Garland in December and 202 closed sales, an 11.4 percent decrease from 2015. The December dollar volume of sales in Garland decreased 7.2 percent year-over-year to $38,248,034. The average price in December was $189,347, up 4.7 percent from last year, while the median price was $176,450, up 13.8 percent compared to December last year.
Garland’s monthly housing inventory was 0.9 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 24 days on the market in December.
Garland 2016 Market Summary
- 2,424 Homes sold, 5.0 percent higher than 2015.
- $488,004,023 Sales dollar volume for 2016, up 17.2 percent year-over-year.
- $167,000 Median sales price for homes, 11.9 percent more than 2015.
- $184,820 Average sales price for homes, a 11.6 percent increase over 2015.
- 25 Average number of days homes spent on the market in 2016.
- 230 Average number of active home listings on the market in 2016.
- $98 Average price per square foot in 2016, up 12.4 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.