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Prices and sales volume continue rising trend in third quarter

MetroTex Association of REALTORS releases real estate statistics for Farmers Branch in September 2016

Prices and sales volume continued to tick upward during the third quarter of 2016 in North Texas, according to a monthly housing market report released today by the MetroTex Association of REALTORS.

“September sales were on pace with a busy third quarter,” said Russell Berry, president of MetroTex. “With the market showing no signs of slowing, we are expecting a strong finish to the end of the year. It’s amazing to think that in North Texas, the average price is up nearly 45 percent from just five years ago.”

According to the report, 9,537 homes were sold in North Texas in September, an 11 percent increase over September 2015, and dollar volume was up an astonishing 22 percent over the same time period.

Rising prices in Farmers Branch reflected a market with low inventory. According to the report, 37 homes were sold in Farmers Branch in September, a 12.1 percent increase from the year prior. The median price for Farmers Branch area homes increased 28.4 percent year-over-year to $217,000.

Farmers Branch’s monthly housing inventory was 2.2 months in September. The Real Estate Center at Texas A&M University holds that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 21 days on the market in September. There were 57 active listings for the Farmers Branch housing market during the same time frame.

September 2016

  • 37 – Homes sold, 12.1 percent higher than September 2015.
  • $217,000 Median sales price for homes, 28.4 percent higher than September 2015.
  • $261,754 Average  sales price for homes, a 25.2 percent increase from September 2015.
  • 21 – Average number of days homes spent on the market in September 2016.
  • 2.2 – Monthly housing inventory in September 2016.
  • 57 – Active home listings on the market in September 2016.
  • $130 – Average price per square foot, a 14.6 percent increase over September 2015.

The MetroTex Association of REALTORS® represents more than 17,000 members involved in all aspects of the real estate industry. As the largest REALTOR® member association in North Texas, MetroTex represents the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.

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Thursday, October 13, 2016