Sellers’ Market Continues as Inventory Remains Low
May 12, 2015 – DALLAS – The MetroTex Association of Realtors today released Park Cities home sales figures for the month of April. MetroTex President Steve Habgood acknowledged Park Cities’ continued demand for more housing inventory.
“Homeowners in Park Cities on average can expect strong sale prices to continue as the number of available homes in the area is low and there are a lot of active buyers in the market,” said Habgood. “The housing inventory in Park Cities is estimated to be at 4.6 months.”
Less than six months inventory is considered to be a sellers’ market by the industry.
Other highlights of the MetroTex report include:
- The average April sales price in Park Cities was $1,298,764, a decrease of 5% over the same time last year. This can be attributed to an increase of smaller-sized homes on the market this year.
- Average Days on Market was 64.
- The number of available homes on the market in April was 267, compared to 261 in April 2014.
- The average price per square foot in Park Cities increased from $350 in April 2014 to $363 in April 2015, reflecting a 4% increase.
- There were 85 home sales in April, a 16% increase over last year.
“Park Cities is part of the nation’s most active housing market, and sellers are finding that they are getting very close to asking price when they align with current market data,” said Habgood. “In Park Cities, homes listed with a REALTOR® are fetching 96% of asking price on average.”
MLS data provided in the report was gathered from North Texas Real Estate Information Systems, Inc. (NTREIS).
MetroTex represents more than 15,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in East 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 DFWRealEstate.com.