Housing Market off to Strong Start for the 2nd Quarter

More than 9000 homes were sold in April in North Texas, further boosting an already bustling housing market.

“The second quarter is shaping up to be very exciting for North Texas,” said Russell Berry, president of the MetroTex Association of Realtors. “Especially when you consider the sales records already set in the first part of the year.”

“While houses aren’t staying on the market for long, there is a lot of turnover,” Berry continued. “We saw a 15% increase in the number of sales over last April and with nearly 18,000 homes on the market we can expect the strong sales figures to continue well into the year.”

Prices do continue to rise as the demand for housing continues to be strong. Most cities in North Texas saw price increases in all types of housing and in the price of land, according to a report released by the MetroTex Association of REALTORS today. Highlights of the report include:

• There were 9,178 sales of single family homes in Dallas-Fort Worth in April, a 15% increase over April 2015.
• The average price per square foot for single family homes in the area is $119, a 5% increase.
• The average sales price in DFW in February was $274,368, a 4% increase over last year.
• There are 10,210 homes under contract and waiting to close.
• There were 11,958 new listings in the area, a 2% decrease from February 2015.
• Houses are selling in an average of 41 days.
• Most homes sell for 98.3% of list price when sold through a MetroTex Realtor.
• There is approximately 2.4 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.

MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing 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.