Harvest Ridge 2013 Market Report: By the Alliance Realty Group

By
Real Estate Broker/Owner with Alliance Realty Group 0481666

 

 

Harvest Ridge Fort Worth TX: 2013 Real Estate Market Report

Harvest Ridge real estate makes a huge turnaround in 2013

A look at the Harvest Ridge real estate market for 2013 and a 2014 outlook; brought to you by Kallie Ritchey of the Alliance Realty Group.

 

 

First, I want to thank you for taking the time to read our market report that we've prepared for the Harvest Ridge neighborhood.

As the only real estate company in Roanoke, my team and I have made it a point to make Harvest Ridge one of our specialty neighborhoods.  As a result of this focus, we were the top selling agents in Harvest Ridge in 2013 and have been for the last 3 years.

In 2013 we focused a lot of our efforts in marketing in Fort Worth and in Harvest Ridge specifically.  At one point, we actually knocked on doors in the neighorhood trying to find those who might be ready to sell because there was a real lack of inventory.  This is not our favorite method of reaching out to find sellers, but when we have buyers looking for something specific, we work hard to find it.

A Look Back

2013 was a year that saw the local real estate market continue it's rebound from the market recession of 2007-2011.  This is true for Harvest Ridge as well.  The local real estate market hit bottom in 2011 and began it's turnaround in 2012.  2013 was just a continuation of what had already begun.  Thank goodness.

In this State of the Market address for Harvest Ridge, we're going to look at the numbers and see exactly how much the market improved.

To see how the local real estate market, specifically Harvest Ridge fared in 2013 we need to look at 2012 first to see where we came from.

2012: The Turning Point

As previously mentioned, 2012 was the year that the real estate market really begin to shift and turnaround from what was happening in 2011.

As the chart below illustrates, 2012 was a fairly pedestrian year for real estate in Harvest Ridge.  There were only 52 pre-existing home sales and the average sales price was only $146,904.  Days on market averaged 50 days and the average price per square foot was $62.27.

To summarize the 2012 home sales date for Harvest Ridge Fort Worth TX, see the chart below.

Harvest Ridge

2012

# of Homes Sold

52

Average Sales Price

$146,904

Average Days on Market

50

Average Price per Square Foot

$62.27

 

 

Harvest Ridge 2013 Home Sales Data

As you will see once we start looking at the numbers for 2013, the Harvest Ridge real estate market really shifted from a buyer's market to a strong sellers market.

The graph below shows the average sales price per quarter in 2013 as compared to 2012.

Harvest Ridge

 

 

As you can see in the graph above, there was a huge change in aveage sales price of homes that sold from 2012 to 2013.  The overall average sales price in 2012 was $146,904, but in 2013 that number jumped to $153,164.  That's a 4.26% increase in home values in just one year.  And that's just the beginning of the good news of what happened in 2013.

The graph below shows what happened to the average price per square foot in 2013.  That number went up as well.

Harvest Ridge real estate

 

 

As you can see in the chart above, the average price per square foot for home sales in Harvest Ridge really took off in 2013.  For the year in 2012 the average price per square foot was $62.27 and in 2013 it was $71.88.  That's an increase of 15%.

And finally, a look at the Days on Market graph really shows the shift in the market in 2013.

Harvest Ridge homes

 

 

This Days on Market graph really shows how the Harvest Ridge real estate market shifted in 2013.  The Average days on market went from an average of 50 days in 2012 to just 24 days in 2013.   That's a 52% reduction in the "Days on Market" for the average home that sold in 2013.

This is truly a remarkable shift in the market.

The table below brings everything together and shows the dramatic change in the Harvest Ridge real estate market in just one year.

Harvest Ridge

2012

2013

% Change

# of Homes Sold

52

63

21%

Average Sales Price

$146,904

$153,164

4.6%

Average Days on Market

50

24

-52%

Average Price per Square Foot

$62.27

$71.88

15%

 

The number of homes sold increased 21%, the average sales price increased 4.6%, Days on market decreased 52% and the average price per square foot increased a whopping 15%.

2013 was truly a remarkable year for home sales in Harvest Ridge.  I won't get into the all the factors that attributed to the gains in 2013, but let's just say that the local economy, low interest rates and excellent local schools all contributed to create a favorable environment for homebuyers in 2013.

2014 and Beyond

We see signs that the strong market will continue into 2014 and beyond.  There's lots of factors that influence the real estate market including local economy, interest rates, monetary policy, availability of money and more.  But, assuming no big shifts in any of these factors, 2014 looks to be a continuation of 2013.  A recent Forbes real estate article predicted a 25% increase in local home values for the next 3 years.  That's great news if you are a homeowner in Harvest Ridge.

Conclusion

This has been a brief look at the Harvest Ridge real estate market in 2013.  This was meant to be a short read and to offer just a glimpse at the performance of the local market.

Obviously if you are a homeowner in Harvest Ridge, you've seen your home's value increase quite a bit in the past 2 years. 

If you are seeking to buy a home in Harvest Ridge, you can see that the Harvest Ridge market performs very well.  Expect this trend to continue in 2014 and beyond.

We at the Alliance Realty Group appreciate you taking the time to read this Harvest Ridge real estate market report for 2013.   As specialists in Fort Worth, we take great pride in knowing everything there is know about local real estate and providing that information on to our neighbors.

As always, if you are considering selling your Harvest Ridge home in 2014, we would love to help you with that.  Likewise, if you are considering making Harvest Ridge your home in 2014, we can assist with that as well.  For questions, please contact our office at 682-237-1440.  To see all the homes for sale in Harvest Ridge please visit Harvest Ridge Fort Worth TX.

Happy New Year!

 

 

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Location:
Texas Tarrant County Fort Worth Harvest Ridge
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Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Kirby - Thank you for sharing an excellent blog about Harvest Ridge Forth Worth, Texas 2013 real estate market report by the Alliance Realty Group.

 

Jan 21, 2014 08:58 AM #1
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Rainer
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Kirby Smith Kallie Ritchey

#1 In The Alliance Corridor
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