With only a few weeks' of housing stock available in Grapevine, the average price per square foot rose 3.6% in May compared to last year.
“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 61 sales of single family homes in Grapevine in May, a 10.3% decrease over May 2015.
- The average price per square foot for single family homes in the area is $144, a 3.6% increase.
- The median sales price in Grapevine in May was $344,222, a 2.4% increase over last year.
- There are 47 homes under contract and waiting to close.
- Houses are selling in an average of 24 days.
- Most homes sell for 96.7% of list price when sold through a MetroTex Realtor.
- There is approximately 1.6 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.