With inventory at critically low levels in Oak Lawn, the housing market saw ever-increasing prices in February. With no new construction adding to the supply of homes in Oak Lawn, consumers often had to choose between waiting to buy or looking elsewhere, according to the market report released today by the MetroTex Association of REALTORS.
“Across the region, we’re still seeing a severe lack of inventory in homes priced below $500,000,” said James Martin, president of MetroTex. “That pressure is driving sales prices higher and higher. In some areas, new construction rates are up significantly over last year, but in Oak Lawn, supply still isn’t keeping up with demand. It’s a double-edged sword. We’re lucky enough to have a robust and dynamic economy right now. It keeps our region at the top of the Texas market and it’s bringing a lot of people into the area, but it does make the housing market very tight.”
According to the report, 77 homes of all types were sold in Oak Lawn in February, a 34.2 percent decrease from 2016. The dollar volume of sales in Oak Lawn decreased 20.2 percent year-over-year to over $31.8 million. The average sales price increased 21.2 percent to $414,062.
Oak Lawn’s monthly housing inventory was 3.7 months in February. 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 60 days on the market in February. There were 397 active listings for the Oak Lawn housing market.
- 77 Homes sold, 34.2 percent lower than February 2016.
- $321,000 Median sales price for condominiums, 40.5 percent higher than February 2016.
- $347,749 Average sales price for homes, a 9.4 percent increase over February 2016.
- 3.5 Monthly condominium inventory in February 2017.
- 53 Average number of days homes spent on the market in February 2017.
- 397 Active listings on the market in February 2017.
- $232 Average price per square foot for a condominium, up 1.5 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.