Arlington TX Real Estate Market Report – March 2018
Enjoy this Arlington TX Real Estate Market Report for March 2018. You may also search for homes for sale and save your favorite properties. Set up a search and be alerted when new properties matching your criteria come on the market.
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| 76005 | 76006 |
| 76012 | 76013 |
| 76016 |
Arlington TX Housing Market Starts Strong in 2018
Here is a look at the Arlington TX Real Estate Market for March 2018. Compared to the same time last year, February experienced a 5.6% decrease in closed sales with an 2.6% increase in new listings and average days on market of homes for sale in Arlington TX remaining right around one month on market.
A Look at Housing Stats
Arlington TX real estate statistics are tracked in the North Texas Real Estate Information System (NTREIS), more commonly known as the Multiple Listing Service or MLS. This is a look at all residential property types including single-family homes, condominiums, and townhouses, including both resale and new construction. In Arlington last month:
- 269 Sales Closed — Down 5.6% from 285 in February 2017
- 321 Homes were In Contract expected to close soon
- 357 New Listings went on the market, Up 2.6% from 348 in February 2017
- Average Days on Market (DoM) = 31 Days, Down 8.8% from 34 days in February 2017
- Active Listings = 389 — Down 8.7% from 426 in February 2017
- Month’s of Inventory = 1.1 Months, Unchanged from 1.1 in February 2017
In the last 3 months there have been 85 listings expire without being sold.
The trend in original list price has increased 14.1% from $228,472 in February 2017 to $260,771 in February 2018 with average list price to sales price ratio at 98.9% indicating that the monthly increase in home sales continues to push the market up resulting in higher prices.
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What Does This Data Mean?
When we look at the market trends the month’s of inventory is a key number. This number is the total number of home sales in a given month divided into the total number of active listings. This means if no other listings were put on the market and the same number of homes continues to sell, it will take only 1.1 months to exhaust the current inventory. A neutral market is considered 6 months of inventory. Anything less than 5 is considered a seller’s market and anything greater than 7 is considered a buyer’s market.
Arlington is Currently in a strong Seller’s Market
What Does This Data Mean if I am Selling a Home in 2018?
Now might be a really great time to sell a home. After coming off 4 years of record sales and prices, many experts are expecting a slowing of the rapid growth, however we just haven’t seen a significant drawdown in demand yet. It is now March and spring has arrived. The first of the year tends to be a really great time to sell homes for numerous reasons. Days are getting longer now, and your competition is getting ready to list their homes for sale. There are certainly buyers out in today’s market as indicated by the extremely low inventory, and these buyers who need to find a home now are not going to wait for homes to be listed in the summer. Therefore, they are choosing from much lower inventory meaning you have less competition. Prices are up from last year, inventory is extremely low. Mortgage interest rates are beginning to go up which will impact home affordability for your buyers later in the year if this trend continues as expected.
Are we beginning to see a shift in the market? We truly won’t know that answer until a few months after it happens when we can look back and say, ah yes, there was the top. We’ve had a few points recently where there was a down turn in prices, only to see activity pick right back up. There have been some signs indicating a shifting market, which have not materialized yet. And, no one can really know where the exact top of the market is until we look back. We are up month-to-month from a year ago. Interest rates are increasing, however not to the point where they affect affordability at this point. This could be similar to the downward trend which occurred at the beginning of this year which was short lived only to see the upward trend continue. The new tax law passed in December 2017 will not affect the average home owner in Texas since we do not have a state income tax the full $10,000 deduction can be applied to the property taxes.
If your realtor is not tracking the market daily, then you might miss the opportunity to obtain top dollar for your home. Now might actually be the best time to sell a home in Arlington TX. Since there are fewer listings in the fall, the actual percentage of homes selling in the 3rd and 4th quarters actually remains fairly constant. Another factor is, many people were recently displaced from Hurricane Harvey and are buying homes in DFW. If you’re considering selling your home in today’s market, contrary to popular belief it takes a lot more than simply placing a sign in the yard and waiting for the phone to ring.
At the Lockhart Real Estate Team, we offer free consultations where we will review what the most recent homes have sold for that are most closely comparable to yours as well as look at the exiting active inventory buyers will see and compare to yours. With this information in hand, we can develop a tailored marketing approach which starts with strategically pricing your home so it screams value to the buyers in today’s market.
Learn more about Closing Costs when Selling a Home in Arlington TX.
The housing market is changing on a daily basis, and you need a real estate professional who monitors this market and is able to interpret it for you and advise you on how to reach your real estate goals. To find out how recent sales have affected the value of your home, click here to obtain your home value online in only 15 seconds.
What Does This Data Mean if I am Buying a Home in 2018?
Buyers in Arlington are facing a challenge of low inventory. With only an average of 31 days on market and only 1.1 months of inventory, the best homes are going quickly posing a challenge for buyers to find that great home. The good news for buyers is with today’s interest rates remaining so low, home affordability remains very favorable. Arlington TX home prices are lower than many other DFW cities. If you have been renting, it might surprise you to know that many people can actually buy a similar home with lower monthly payments than their current rent. There are also significant tax advantages to buying a home versus renting.
This graph shows the average days on market for houses in the Arlington TX real estate market. Over the last year average days on market has remained historically low. A balanced market is considered to have 6 months of inventory. Many buyers are still missing out even with offers above list price.
If a home you like is on the market and in move-in-ready condition then it is important to move quickly. We offer a free buyer’s consultation where we can walk you through the entire home buying process from beginning to end so you feel comfortable and confident moving forward. It is also important to speak with a lender about becoming pre-qualified so that 1) we are sure which price range to look and 2) we are able to move quickly when we find you that perfect home.
Learn more about Closing Costs when Buying a Home in Arlington TX
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Read Archived Arlington TX Real Estate Market Reports | Compare this month to previous months
Arlington TX Real Estate Market Report – April 2018
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Arlington TX Real Estate Market Report – March 2018
Arlington TX Real Estate Market Report – March 2018 Enjoy this Arlington TX Real Estate Market Report for March 2018. You may also search for homes for sale and save your favorite properties. Set up a search and be alerted when new properties matching your criteria come on the market. Search Arlington TX Homes for […]
Arlington TX Real Estate Market Report – February 2018
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Arlington TX Real Estate Market Report – January 2018
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Arlington TX Real Estate Market Report – November 2017
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Arlington TX Real Estate Market Report – October 2017
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Arlington TX Real Estate Market Report – September 2017
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