Residential real estate in North Texas continues climbing and for those selling, the market has exercised a distinct advantage and great opportunity. Over the past 3 years, sellers have benefited from higher sales prices and shorter time frames.
The 2015 year in real estate maintained the upward trend from the 2 previous years.
From 2013 to 2014, the average sales price in NTREIS (North Texas Real Estate Information Systems) rose by a staggering 6.5%. From 2014 to 2015, it rose even more by 6.8% (a $/sqft change of over 9$)! Now, with such a drastic rise in the average price of a North Texas home, a buyer might just assume there is more room to negotiate a better deal. However, the ratio of sales price of a home to its initial listing price still rose along with the values! In 2013, the ratio of sales price to original list price was at 97.7%. That number rose to 98.2% in 2014, and then again to 98.9% last year showing that sellers are getting nearly full price (on average) for their For Sale house!
The bottom line of netting the most money for your home is often times the most important, however a high majority of sellers also want a smooth and quick sales process. The current market is also awarding sellers with shorter periods on the market. From 2013 to 2014, the average days-on-market a house sat before going under contract dropped from 76 to 69 days. Last year, it dropped even more to only 62 days on average. In only 2 years, 2 weeks were taken off the waiting period for a buyer to pull the trigger on a home they wanted to purchase.
Moving forward, 2016 so far has continued the trend of a true “seller’s market”. Below is a market update for Denton, Dallas, Tarrant & Collin Counties showing the NTREIS stats on 2016 residential pre-owned real estate. As inventory starts to build into the Spring/Summer listing season, sellers are continuing to benefit from a rising sales $/sqft.
Review the information below for a better understanding of the county of your residence.
If you are considering selling, or know someone who is, please give us a call at 972-899-5600 to speak with an expert listing partner in your area who can discuss the details of getting your home sold fast while netting you the most amount of money possible. Every home is different, with unmatched market experience and proven effective marketing, The Rhodes Team can cater your real estate transaction to fit your unique situation, provide an exceptional customer service experience, and ensure you don’t leave money on the table.
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