According to the latest report from Texas A&M University’s Real Estate Center, North Texas existing home sales rose 4 percent in November. Year to date 2013 home sale numbers for the Dallas Fort Worth-North Texas area are up significantly with single family home sales of 82,234 an 18% increase over the same 11 month period in 2012. The average price for the area was $226,005 up 10% over 2012.
In November, 5,960 homes were sold in the 29-county North Texas region with a median price of $170,000, 10 percent higher than last year, according to the report.
On average, homes sold in November were on the market for 59 days, which is a 20 percent drop from November of 2012.
The strongest home sales in Tarrant County last month were in central west Arlington, where the median price also rose 74 percent from a year ago. The housing inventory (number tells you how many months it would take for all the current homes for sale to be sold) is still extremely low in area. In the Arlington Mansfield area inventory levels average 2.4 months which is down about 35% from 2012. A normal real estate market is considered to be between 5 and 7 months inventory. The Arlington Mansfield area average home price is $155,075 up 9% and the average Days on Market are 50, down 27% from the same 11 month period of 2012.
For more information on the real estate market in your area contact the Sullivan and Sullivan real estate team.
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