MetroTex Association of REALTORS releases real estate statistics for Addison
If you wanted to close on a house in November but hesitated out of election fears, you probably missed out on the best possible deal you’ll be able to find for quite some time, according to the monthly housing market report released today by the MetroTex Association of REALTORS for Addison.
“The incredible pace of the November housing market was astonishing,” said Russell Berry, president of MetroTex. “Buyers that went under contract in October and closed in November probably got the last of the best interest rates we’ll see for a while, and with prices rising so quickly, the probably got a great deal. At the same time, sellers are seeing shorter time on the market overall. The big spike in the number of sales compared to November last year was likely caused by both the red-hot market of 2017 and because lenders are more confident in closing quickly compared to last November, when the new lending regulations took effect.”
According to the report, 7,877 homes were sold in North Texas in November, an incredible 26 percent increase from 2016. The dollar volume in sales in North Texas increased 42 percent year-over-year to $2,251,884,637. The average price in November was $285,881 up 12 percent from last year.
In contrast, merely 10 homes were sold in Addison in November, a 16.7 percent decrease from 2015. The dollar volume in sales in Addison decreased 24 percent year-over-year to $3,503,500. The average price in November was $350,350, down 8.8 percent from last year.
Addison's monthly housing inventory was 2.3 months in November. The Real Estate Center at Texas A&M University remarks that 6.5 months of inventory represents a market in which supply and demand for homes is balanced. .
Homes spent an average of 31 days on the market in November. There were 35 active listings for the Addison housing market during the same time frame, a 3 percent drop.
- 10 – Homes sold, 16.7 percent lower than November 2015.
- $318,000 – Median sales price for homes, 7.1 percent more than November 2015.
- $350,350 – Average sales price for homes, an 8.8 percent decrease over November 2015.
- 31 – Average number of days homes spent on the market in November 2016.
- 2.3 – Monthly housing inventory in November 2016.
- 35 – Active home listings on the market in November 2016.
- $182 – Average price per square foot, up 23.3 percent year-over-year.
The MetroTex Association of REALTORS® represents more than 18,000 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.