Tarrant County Real Estate Market Report | November 2017

Tarrant County Real Estate Market Report | November 2017

Tarrant County 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 Tarrant for the month of October 2017:

• 2,207 Sales Closed -- Down 2.4% from 2,261 in October 2016
• 2,123 Homes were In Contract expected to close soon
• 2,634 New Listings went on the market, Up 3.7% from 2,541 in October 2016
• Average Days on Market (DoM) = 34 Days -- Up 6.3% from 32 in October 2016
• Active Listings = 4,552 -- Down 2.9% from 4,687 in October 2016
• Month's of Inventory = 2.0 Months

In the last 3 months there have been 650 listings expire without being sold.

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The trend in original list price has increased 7.5% from $270,684 in October 2016 to $291,020 in October 2017 with average list price to sales price ratio at 96.9% 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. 

Tarrant County Real Estate is still in a strong seller's market.  There are signs we may be experiencing a shift in the market however.  The last four consecutive years have seen record sales increases both in the number of homes selling and price increases.  This trend will not be sustained forever.  Interest rates are poised to rise, which will affect home affordability even more.  Who knows what Congress is going to end up doing with the tax bills and how that might affect home affordability.  

Going into the holidays is truly a great time to sell a home.  There are fewer, more serious buyers in the market who are choosing not to wait for your competition to list next year.  Listing now, get's your home sold just at the right time to have more options when others are waiting to list their homes in the spring.  Now might be the best time to sell a home in north Texas.