Three Numbers You Need to Know for Real Estate in Fort Worth – July 2015

Welcome to this month’s Alliance corridor real estate market update!   This is my monthly column about the trends seen in my main coverage area (which can be seen by the graphic below).  For those who read my blog regularly, you know I published a new feature earlier this week, titled My buyer’s wants/needs for DFW Real Estate.  I took this step because the real estate in Fort Worth, and the entire area, is still very frustrating for many buyers.   Right now, inventory is so sparse that I am having to take steps to even find properties to show to my list of buyers.   For example, I am starting to scout around on Zillow for any For Sale By Owner properties and inquiring to the owner if they are interested in using a buyer’s agent.   I spent some time this morning looking through pre-foreclosure reports to see if any distressed properties would be good fits for my clients.    These tricks to find off market properties is something I employ often for investors, but I have never found myself doing it for people who want to purchase homes as their primary residence.    The economy continues to be strong for the area as Facebook is opening up a new data center near 170 and I35W.   We are still seeing highway expansions and new retail construction is about to soar this fall with several new companies are opening up stores including Target, Loews and At Home.   It is a great time to be in this area.  I would love to help you with all your real estate needs.  Please let me know if you know anyone wanting to buy a home, sell a home or invest in real estate.  

Real Estate in Fort Worth - June

Real Estate in Fort Worth – June. Photo courtesy of Adam Wright

June Inventory of Homes

Believe it or not, this number has slighted improved since last month, but buy only by .1.   For those who need reminding, we track the health of the real estate market through the month’s supply of homes currently available.  In other words, how many months would it take for the current inventory of homes to sell out if we did not add any more to the market.   We consider six to be a healthy market.  Six and below is a seller’s market while six and above indicates a buyer’s market.  As you can see from the graph below, we are at 1.9, which is lower than last June by 20 percent.  Wow! 

June Median Days on Market

For last month’s days on market, we saw a major increase in this area from 14 days last year to 44 days this year.  There are many explanations for this, but I know from experience that if a home shows well and has no major issues, the home sells very fast.   One explanation is that the only homes left on the market are the ones that do have issues so they don’t show well and then are not bought too quickly.  June’s numbers are still lower than 2012 when the number was closer to 65.  

June Median Sales Price

As one would expect when the supply is low but the demand is high, we are still seeing 8 to 10 percent increases in home prices.  In fact, an article yesterday stressed that homes are selling higher now than in any other time in recorded history.  We are seeing some drastic numbers for sellers.  I can’t stress enough that if you are waiting for some reason to sell your home, please don’t!   I am not sure I will see these levels of home prices again in my lifetime.   

Finally, here is a word from my great company, Keller Williams!