Arlington TX Real Estate Market Report – November 2017
Enjoy this Arlington TX Real Estate Market Report for November 2017. 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 Home Sales Continue Strong in 2017
Here is a look at the Arlington TX Real Estate Market for November 2017. Compared to the same time last year, October experienced a 11.5% decrease in closed sales with an 4.5% decrease in new listings and average days on market of homes for sale in Arlington TX remaining 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 for the month of October 2017:
- 362 Sales Closed — Down 11.5% from 409 in October 2016
- 359 Homes were In Contract expected to close soon
- 399 New Listings went on the market, Down 4.5% from 418 in October 2016
- Average Days on Market (DoM) = 26 Days up 8.5% from 24 days in October 2016
- Active Listings = 549 — Down 11.5% from 620 in October 2016
- Month’s of Inventory = 1.5 Months, down 11.8% from 1.7 in October 2016
In the last 3 months there have been 87 listings expire without being sold.
The trend in original list price has increased 10.8% from 185,000 in October 2016 to $205,000 in October 2017 with average list price to sales price ratio at 98.1% indicating that even though there has been a monthly decrease in home sales, the market trend upward throughout this year is resulting in higher prices. However, there is a trend of decreasing prices from a high point earlier this year.
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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. In this case 549/362 = 1.5 (rounded). This means if no other listings were put on the market and the same number of homes continues to sell, it will take 1.5 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 2017?
Now might be a really great time to sell a home. After coming off 4 years of record sales and prices, we are due to see a slowing of the rapid growth. The holidays tend to be a really great time to sell homes for numerous reasons. First of all, it is entirely true that a larger quantity of homes sell during the spring and summer. However, since everyone knows that, your competition is waiting for next year to list their home. 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 March. Therefore, they are choosing from lower inventory meaning you have less competition and the supply and demand law states that when supply is limited and demand is high, then prices go up.
There will be fewer showings during the holidays which is good for the fact that you will be inconvenienced less, and the buyers who are in the market now are much more serious. So, there are fewer, higher quality showings during this time of year. Buyers are also more emotional during the holidays. It is proven that people tend to made buying decisions based on emotion and back up their decision with logic. So, if we can catch buyers in town visiting relatives they may be more inclined to make an offer.
Are we beginning to see a shift in the market? There are signs indicating a shifting market, however 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, however there has been a steady decrease in sales and prices since the peak earlier this year which just ended with an uptick this last month. This could be a seasonal shift, or it could indicate a longer-term trend. We do not know until we look back and are able to see the top. 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.
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 2017?
Buyers in Arlington are facing a challenge of low inventory. With only an average of 30 days on market and only 1.5 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 percentage for sales price versus original listing price for houses in Arlington. Over the last year this has seen little fluctuation maintaining between 97% and 100% throughout most of the year. Many buyers are still missing out even with offers above list price. This average fluctuates for each particular neighborhood in which you are interested in buying a home.
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
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Arlington TX Real Estate Market Report – November 2017
Arlington TX Real Estate Market Report – November 2017 Enjoy this Arlington TX Real Estate Market Report for November 2017. 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 […]
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