More people are selling homes in the Dallas-Fort Worth area than ever before, and they’re propelling the DFW real estate market even deeper into record territory.
“We experienced a huge increase in listings and sales in February,” said Russell Berry, president of the MetroTex Association of Realtors.
“New listings were up 20% over last year, and sales increased by a staggering 22% last month,” said Berry. “What’s really exciting about that is the fact that 2015 shattered all kinds of records in the real estate market, and 2016 is vigorously outperforming last year’s numbers.”
The local market is surging past expectation both in terms of the size of the market and housing prices, according to the monthly market report released by MetroTex Market. Highlights of the report include:
- There were 6,836 sales of single family homes in Dallas-Fort Worth in January, a 22% increase over January 2015.
- The average price per square foot for single family homes in the area is $111, a 4% increase.
- The average sales price in DFW in January was $254,037, a 3% increase over last year.
- There are 8,800 homes under contract and waiting to close.
- There were 10,058 new listings in the area, a 20% increase from February 2015.
- Houses are selling in an average of 52 days.
- Most homes sell for 97.8% of list price when sold through a MetroTex Realtor.
- There is approximately 2.8 months inventory in the area. Less than 3 months inventory is considered a strong seller’s market.