Today I wanted to show you what our real estate market looks like by comparing the numbers recently posted for January 2017 to the numbers for January last year.
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People are always asking me: “How is the real estate market?” So, I wanted to take a few minutes to explain what’s going on with residential real estate here in north Texas.
Let’s take a look at the numbers that just recently posted for the month of January and compare those to the numbers from the same time last year.
First, housing inventory available in all of north Texas saw levels shrink from 2.5 months of inventory down to 2.2 months last month. That’s a year over year decrease of 12%. That means if no new homes were to come on the market for sale, it would only take 2.2 months to sell all the homes that are currently available for sale.
Next, we’ll review the average days on market, which is the number of days that it takes on average for a home to sell after being listed. That number decreased from 28 days in January of 2016, down to only 24 days last month. That’s a decrease of about 14% year over year.
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The average home sales price in all of north Texas clocked in at $225,000 last month.
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Finally, the number that everybody seems the most eager to hear about is the average sales price. In January of 2016, we saw the average home sell for $195,000. Fast forward one year to January 2017 where we saw an increase of 15% to $225,000. That’s right folks, the average home sales price in all of north Texas clocked in at $225,000 last month.
Now, what does this all mean for you? If you’re thinking of selling your home, there’s no better time than the present as inventory levels continue to shrink and sellers continue to demand top dollar for residential real estate.
If you’ve been thinking about buying a home over the past year or two, it’s probably time to get off the fence, as local home values are projected to increase by another 30% over the next three years.
If you’re thinking of buying or selling a home and would like a free consultation or if you have any other real estate questions, feel free to give me a call or shoot me an email. I look forward to speaking with you soon!
