The mind-blowing pace of the DFW housing market astonishes experts
If you wanted to close on a house in November but hesitated out of election fears, you probably missed out on the best possible deal you’ll be able to find for quite some time, according to two monthly housing market reports released today by the MetroTex Association of REALTORS, one for the North Texas Region and one for the Dallas Fort Worth Arlington Metropolitan Statistical Area.
“The incredible pace of the November housing market was astonishing,” said Russell Berry, president of MetroTex. “Buyers that went under contract in October and closed in November probably got the last of the best interest rates we’ll see for a while, and with prices rising so quickly, the probably got a great deal. At the same time, sellers are seeing shorter time on the market overall. The big spike in the number of sales compared to November last year was likely caused by both the red-hot market of 2017 and because lenders are more confident in closing quickly compared to last November, when the new lending regulations took effect.”
According to the report, 7,877 homes were sold in North Texas in November, an incredible 26 percent increase from 2016. The dollar volume in sales in North Texas increased 42 percent year-over-year to $2,251,884,637. The average price in November was $285,881 up 12 percent from last year.
North Texas’ monthly housing inventory fell to 2.1 months in November. The Real Estate Center at Texas A&M University remarks that 6.5 months of inventory represents a market in which supply and demand for homes is balanced. One hopeful sign that inventory could be getting a boost soon is the big increase in the sale of new construction, which was up 39.1 percent over last year in the Dallas – Fort Worth – Arlington Metropolitan Statistical Area. The report for the entire North Texas region does not differentiate between new and existing homes.
Homes spent an average of 44 days on the market in November. There were 18,080 active listings for the North Texas housing market during the same time frame, a 3 percent drop.
7,877 – Homes sold, 26 percent higher than November 2015.
$230,000 – Median sales price for homes, 15 percent more than November 2015.
$285,881 – Average sales price for homes, a 12 percent increase over November 2015.
2.1 – Monthly housing inventory in November 2016.
44 – Average number of days homes spent on the market in November 2016.
18,080 – Active home listings on the market in November 2016.
$123 – Average price per square foot, up 10 percent year-over-year.
The MetroTex Association of REALTORS® represents more than 18,000 members involved in all aspects of the real estate industry. As the largest REALTOR® member association in North Texas, MetroTex represents 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.