Home Sales Strong Through 2013

As the economy continues its steady improvement, the housing market continues to climb as well. More and more people are looking to buy, especially since interest rates remain comparatively low. In particular, two markets that are experiencing steady growth are Tarrant and Denton counties, which neighbor each other in the Dallas-Fort Worth area. The following is a quick breakdown of the market review for Tarrant and Denton Counties.

ACTRIS

According to the ACTRIS’ market watch report for Tarrant County, both median sales prices and average sales prices of homes in the area are up in the second quarter of 2013 from last year. Median sales prices have received a 6.9 percent boost at $155,000, while average sale prices have gone up by 6.7 percent at $205,244. The number of sales that have closed in the second quarter of 2013 have increased dramatically at 6,747, up 16.3 percent from last year. The increase of sales is due to the increased demand, which has affected both the month’s supply, which is 36.9 percent less than what it was last year, as well as the average days on the market, which at 52 days is 24.2 percent less than it was in the previous year.

Market Changes

The housing market in Denton County has experienced an even larger growth. Homes sold in this area during the second quarter of this year have sold for a median price of $215,000, up 13.2 percent from the previous year, while average sales prices are up 4.5 percent from last year at $254,844. There have been 26.7 percent fewer homes for sale this quarter with only 2,884 homes being listed, while 3,749 home sales have been closed at a ridiculous 20.9 percent increase from the second quarter of 2012.

With the amount of closed sales vastly outnumbering the homes being put up for sale this quarter, it’s no surprise that the month’s supply has decreased 40.6 percent from last year. The demand from homebuyers only continues to grow as the supply of new homes shrinks; the average that homes have been listed on the market is 43 days this quarter—down 33 percent from last year.

Looking at the market review for Tarrant and Denton Counties, it has become obvious that more and more people are looking to purchase homes, leading to an increase in sales prices as well as closings, and a decrease in supply.