Arlington TX Real Estate Market Report - October 2017
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Arlington TX Home Sales Continue Strong in 2017
Here is a look at the Arlington TX Real Estate Market for October 2017. September experienced a 11.2% decrease in closed sales with an 4.9% increase in new listings and average days on market of homes for sale in Arlington TX remaining around one month on market.
A Look at Housing Stats
Arlington TX real estate statistics are tracked in the North Texas Real Estate Information System (NTREIS), more commonly known as the Multiple Listing Service or MLS. This is a look at all residential property types including single-family homes, condominiums, and townhouses, including both resale and new construction. In Arlington for the month of September 2017:
- 350 Sales Closed -- Down 11.2% from 394 in September 2016
- 292 Homes were In Contract expected to close soon
- 406 New Listings went on the market, Down 4.9% from 427 in September 2016
- Average Days on Market (DoM) = 22 Days -- No change from September 2016
- Active Listings = 584 -- Down 4.6% from 612 in September 2016
- Month's of Inventory = 1.6 Months
the last 3 months there have been 90 listings expire without being sold. The trend in original list price has increased 10.7% from 208,595 in September 2016 to $231,396 in September 2017 with average list price to sales price ratio at 98.8% indicating that even though there has been a monthly decrease in home sales, the market trend upward throughout this year is resulting in higher prices. However, there is a decrease from a high point earlier this year.
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What Does This Data Mean?
When we look at the market trends the month's of inventory is a key number. This number is the total number of home sales in a given month divided into the total number of active listings. In this case 570/422 = 1.5 (rounded). This means if no other listings were put on the market and the same number of homes continues to sell, it will take 1.5 months to exhaust the current inventory. A neutral market is considered 6 months of inventory. Anything less than 5 is considered a seller's market and anything greater than 7 is considered a buyer's market. Arlington is Currently in a strong Seller's Market
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