Struggling with a lack of housing inventory, the Hurst 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 relatively quiet for Hurst compared to much of the rest of the year,” said James Martin, president of the MetroTex Association of REALTORS. “The number of sales fell tremendously, and while prices have been increasing in Hurst this year, December’s increases far outpaced 2015 numbers.”
According to the monthly housing report released by MetroTex, there was an average of 43 active listings on the market in Hurst in 2016. There were 537 closed sales, a 1.3 percent increase from 2015. The total dollar volume of sales in Hurst increased 16.4 percent year-over-year to $109,822,197. The average sales price in 2016 was $204,511, up 14.8 percent from last year, while the median price was $189,800, up 15.2 percent compared to December last year.
Hurst’s monthly housing inventory was 0.6 months in 2016. 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 21 days on the market in 2016.
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.