Fast-Paced March Home Sales Signal Growing Market this Spring
April 7, 2016 – DALLAS – The normally busy spring market came roaring into March and bore no signs of slowing any time soon.
“The robust market in Dallas-Fort Worth is stronger than ever,” said Russell Berry, president of the MetroTex Association of Realtors.
“Sales were up nearly 13% over last year. The turnover in homes is incredible,” said Berry. “We saw nearly 8,500 closed sales in the area in March. To put that in perspective, the Houston area closed about 6,600.”
The burgeoning Dallas-Fort Worth market is selling homes more quickly, too, according to the monthly market report released by MetroTex. Highlights of the report include:
- Houses are closing in an average of 42 days, down from 53 days in March 2015.
- There were 8,474 sales of single family homes in Dallas-Fort Worth in February, a 12.9% increase over March 2015.
- The average price per square foot for single family homes in the area was $116, a 7.4% increase.
- The average sales price in DFW in March was $276,577, a 5.1% increase over last year.
- There are 7,827 homes under contract and waiting to close.
- There were 11,144 new listings in the area, a 7.8% increase from March 2015.
- Most homes sell for 98% of list price when sold through a MetroTex Realtor.
- There is approximately 1.9 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.