Dallas/Fort Worth Homes Soar in February
February proved to be another sizzling month for North Texas home prices.
According to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems, the price of pre-owned homes saw a 22 percent increase in comparison to this time last year. Data also showed that the average price of a home sale has increased by 9 percent since February 2015.
North Texas has seen rather tight inventory over the last couple of years. This year, the number of new listings went up 20 percent. Even with the increase in the number of available homes on the market, the area is still considered to have an incredibly tight inventory. In a regular market, a 6-month inventory is seen as normal, North Texas currently has a 2.1-month inventory.
The rise in sales is due in part to the increase of properties coming onto the market, in combination with the still tight supply.
In 2016, North Texas home sales are up 17 percent from the same period last year.
In February, real estate agents sold 6,836 pre-owned single-family homes and 498 condominiums and townhouses, with a median MLS price of $208,000.
There has been an influx of people moving into North Texas due to the strong job growth the area has been seeing over the last couple of years.
Real estate agents say that the number of homes hitting the market has started to increase, as sellers get ready for the traditional spring and summer selling season. Sales for the month of March are expected to be up substantially as well, making North Texas a hot market to watch.
Do you feel that North Texas will continue to see increase over the next few months?