Real Estate in Fort Worth continues to be good for sellers and tough for buyers. I have had two clients decide to take a break from house hunting until the market has more properties available. People are feeling frustrated all over about the shortage of inventory. For those who are not familiar, this is my monthly column where I report to you the health on the market that I cover in north Fort Worth up to Denton. My area is one that I have lived in for ten years and know very well. It is a booming market as more and more companies moving here. The latest rumor has Facebook opening up a huge data center here in the Alliance corridor. As the jobs keep getting created, more people are moving into the area to fill them. If you are new to the area, let’s chat about your housing needs. You have a wide area to pick from as you can see by my coverage area below.
May Inventory of Homes
As I mentioned in my introduction, the inventory of homes continues to cause havoc for house hunters. In my opinion, this market is not a healthy one as we consider a good balanced inventory number of 6. As you can see from the chart below, we saw 1.8 in May. In case you didn’t know, this number tracks how many months it would take for the current inventory to sell out if no additional properties were placed on the market. In order for us to have a strong sustainable long term housing market in DFW, we need these numbers to increase. If you are thinking about selling or know someone who is, let’s chat.
May Median Days on Market
This number continues to buck the trend of the other two numbers when it comes to real estate in Fort Worth. How long will it take you to sell your home once it is on the market? It is about 40 days, which is still really good, but not nearly as extreme as the other two numbers. Buyers should take these numbers into consideration when looking for a home. You can expect to spend one to two weeks looking and hopefully win out in one of the multiple offer situations and then wait another 30 days to move into your home.
May Median Sales Price
Median sales price in my coverage area continues to escalate. I may sound like a broken record, but these high prices for homes will not be sustainable over the long term. Once again, it is fantastic for sellers, but for buyers as it poses a real danger for them overpaying for their homes. When the market does come back down, you are looking at many new home owners finding themselves underwater on their properties because of the high prices today. Buyers still have options so if you want to find your dream home, don’t hesitate to call me to discuss so we can set expectations.
And finally, here is news on the nation’s numbers from Keller Williams.