Beyond the Numbers…
So, what is going on in the Real Estate market, why all the hubbub of not enough listings and buyers pulling their hair out trying to find a home to purchase? To explain this new phenomenon let us examine February’s numbers generated by the MLS about year to date closing on single-family homes in North Texas. To be more specific I will examine the numbers of three different local markets, Northeast Fort Worth, Keller and Trophy Club.
Northeast Fort Worth is an attractive area for first time buyers and young families. With Alliance Airport and the surrounding industries and business to the excellent school districts including Northwest ISD and Keller ISD, Northeast Fort Worth for many is the place to be. Last month 88 homes in this area sold. This is a 22% change from last year at this date. The average price is $83,985, a 6% increase bringing the average price per square feet to $47. Now if we look at how many new listings this area has, the number is 116. That is down from last year by -26%. Monthly inventory is for 3.7 months down by -33% from last year. With an increase of 22% sold homes and decrease of -26% listings, the picture becomes clearer.
Keller Texas is another very desirable area. With older established homes, larger yards and great schools, Keller is an excellent location for families. Like Northeast Fort Worth, Keller had 88 homes sold last month, a 16% increase from last year. Home price average at $316,263 and a price per square foot of $103, Keller had 208 new listings which is actually an increase of 16% from last year however the monthly inventory is at 3 months, a -46% from last year. That is a very low number meaning there is virtually nothing replacing the current inventory. When you hear Realtors screaming, now is the time to sell, it is no joke. This situation may not last forever. With 88 new sales, Buyers are out shopping.
Trophy Club, north of HWY 114 saw its major growth in the 90’s and early 2000’s. A golf club type community Trophy Club is close to new industrial and business parks. Near DFW airport and within the highly acclaimed Northwest School district makes Trophy Club an excellent place for new families, established families and retired folks to call home. Last month only 34 homes sold an actual decrease of 6%, the average price $348,640 a -41% drop and a price per square foot of $108. Trophy Club only has 72 new listings, a decrease of 8% from last year with inventory for 3.7 months a drop of -45% from last year. The very low number of listings contributed to the poor number of sales last month. If there is no inventory to buy then of course sales will be down, nothing to sell, nothing to buy.
We are in this strange market. Some say this type of market is here to stay for a while, maybe. All I know is for Buyers home shopping has become a blood sport trying to find a home and then placing an offer. Buyers are finding multiple offers, listings going for full price and some going for more than full price. We are in a Seller’s market, the Buyers are in a frenzy and there appears to be no change in the near future. See ya down the road. http://www.djlyons-realtor.com/