How's the Single-Family Residential Market Doing in Fort Worth?

In the last five years in our single-family residential market, inventory has shrunk, the average days on market has decreased, and prices have increased.

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Today I want to give you an update on our current market for single-family residential homes by sharing some statistics from last month and comparing them to some numbers from five years ago in February 2012.

Last month, we saw the housing inventory dip down to a 1.2-month supply. In February 2012, we had 5.3 months worth of inventory. That means we’ve seen a decrease of 77% in housing supply over the last five years.

Next, let’s look at the average days on market, or the average time it takes a home to sell once it is placed on the market for sale. Last month, the average days on market was 34 days. In February 2012, the average was 81 days. That’s a decrease of 58%.

If you’re thinking about selling, there’s no time like the present.
Last but not least, we examine the average sales price. At the end of last month, the average home sold for $195,000. In February 2012, the average home sold for an average of $113,500. That’s a 72% increase!

What do these numbers mean for you? If you’ve owned a home or multiple homes over the last five years, you’re probably feeling pretty good because you’ve probably seen a huge increase in your net worth. If you’re thinking of selling a home this year, there’s no better time than the present. We continue to see inventory levels shrink, the average days on market stay low, and prices climb.

If you have any questions about our market or you want to talk about your particular situation, give me a call, shoot me a text, or send me an email. I’d love to speak with you!