With inventory at critically low levels in Colleyville, the housing market saw ever-increasing prices in February. With little new construction adding to the supply of homes in Colleyville, 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 Colleyville, 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, 43 homes were sold in Colleyville in February, a 34.4 percent increase from 2016. The dollar volume of sales in the county increased 42.3 percent year-over-year to over $25 million. The average sales price increased 5.9 percent to $586,880.
Colleyville’s monthly housing inventory was 2.9 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 87 days on the market in February. There were 125 active listings for the Colleyville housing market.
- 43 Homes sold, 34.4 percent lower than February 2016.
- $509,579 Median sales price for homes, 4.2 percent higher than February 2016.
- $586,880 Average sales price for homes, a 5.9 percent increase over February 2016.
- 2.9 Monthly housing inventory in February 2017.
- 87 Average number of days homes spent on the market in February 2017.
- 125 Active home listings on the market in February 2017.
- $160 Average price per square foot for a single family home, up 6.0 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.