Farmers Branch Texas Real Estate Sales were down 19% in September 2012 over the same month last year with 118 homes selling this month! For the year to date, overall home sales were at 1322 homes sold, an 15% change from last year.
The Texas home market for the third quarter 2012 in the DFW Metroplex is overall improved over the last year. With both prices and interest rates at historic lows, this is an idea time to purchase for both new home owners and current home owners moving to larger homes. It is key to have your financing and prequalification work in process to insure a smooth transaction.
New Farmers Branch Texas real estate listings experienced a -9% change for the same period last year with 160 homes listed this month. For the year to date, overall home listings underwent a -7% change with 1,867 homes listed this year. Listings pending sales this month underwent a -22% change, with 116 homes contracted. Listings under contract for the year to date experienced a 12% change, with 1,387 homes under contract for this month.
The average sales price of a home in Farmers Branch was $206,928, a 20% change from this month last year. Overall, for 2012, the average sales price was $189,983, a change of 4%. Sellers received 95% of their asking price this month, which is a 2% change from last year. For year to date, sellers received 95% of their asking price, which is a 3% change. This month, homes spent an average of 69 days on the market until sold, which was a -27% change from last year. For the year to date, the average number of days on the market was 76, an overall change of -23%.
The current supply of active listings on the market this month was 407 homes. This is a change of -39% from the same month last year. This month there was a 2.9 month supply of homes on the market; this was a -47% change from last year. Farmers Branch real estate is known as area 22 in the North Texas Real Estate Information System. Information is believed reliable but is only as accurate as reported by the system in the month of September 2012.
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The DFW Metroplex is also known as Dallas Fort Worth Arlington Metropolitan Statistical Area, a title designated by the U.S. Census which encompasses 12 counties within the U.S. state of Texas. The area is divided into two metropolitan divisions: Dallas Plano Irving and Fort Worth Arlington and is comprised of over 70 area cities both incorporated and unincorporated.
The DFW Metroplex is, by population, the largest metropolitan area in Texas, the largest in the South, the fourth-largest in the United States, and the tenth-largest in the Americas. The DFW Metroplex encompasses over 9,000 square miles of total area, making it larger in area than the U.S. states of Rhode Island and Connecticut combined. It is also the sixth largest gross metropolitan product (GMP) in the United States, and is approximately tenth largest by GMP in the world.