In an ever-tightening housing market, it’s the average homebuyer that’s really feeling the pinch.
“Inventory of mid-priced homes is extremely low,” said Russell Berry, president of the MetroTex Association of Realtors. “We’re looking at mere weeks of inventory, rather than a few months’ worth that would be available in a more balanced market. This situation is great for sellers because there is a lot of demand, but buyers will probably have to be a little patient to get into a home.”
The biggest market segment in North Texas is for homes priced between $100,000 and $300,000. That price bracket has about 1.1 months of inventory. There is much more availability in higher priced homes, with nearly four months of inventory for homes priced above $300,000. All of these inventory numbers do indicate that North Texas is still a strong sellers’ market; however the higher price points are seeing a very welcome, if slight, increase in available homes.
“Properties are coming to market at a brisk pace,” continued Berry. “They are leaving the market just as quickly with the number of days on market down 12% over last year.”
According to the monthly MLS report released by the MetroTex Association of REALTORS today, prices are still on the rise, and sales dollar volume is rising quickly. Highlights of the report include:
- There were 201 sales of single family homes in Garland in May, a 4.2% increase over May 2015.
- The average price per square foot for single family homes in the area is $98, a 12.5% increase.
- The average sales price in Garland in May was $198,300, a 17.3% increase over last year.
- There are 162 homes under contract and waiting to close.
- Houses are selling in an average of 26 days.
- Most homes sell for 100.2% of list price when sold through a MetroTex Realtor.
- There is approximately 1.1 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.
MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North 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.