Hi there, Arlington!
As a REALTOR®, one of the most frequent questions I’m asked is, “How’s The Market?”
As I answer the question for a number of people, I thought this would be information helpful to share on a broader scale.
So, welcome to another edition How’s The Market? This is where I update you on the housing market in and around Arlington each week.
This week, I’m sharing information on a portion of southwest Arlington. More specifically, we’re looking at zip code 76001.
Take a look at the 76001 zip code map below.
I hope you enjoy this episode of How’s The Market?
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Hi, this is Keela McGraw with CearnalCo, REALTORS® here in Arlington Texas and I have a market update for you for the Southwest portion of Arlington. Specifically the 76001 ZIP code.
As you can see there were 79 new listings in the month of May. There were 87 active listings and those are homes that are not under contract yet.
We have 47 homes that are under contract. If you look here year-to-date, there have been about 189 homes that have sold.
The average sales price for homes in 76001 is $243,910 that is up about $12,000 from this time last year in May of last year $231,904 was the average sales price.
Last but not least in this section we have the average days on market and that was 17 days which is down from May of last year with 21 days on the market.
So what does this mean for sellers? Simply, if you are thinking about putting your house on the market on average for the zip code it has increased by about $12,000.
One of the two questions that I generally get from sellers is, “ How much can you sell my house for?” and “How fast can you sell it?” This kind of tells you how much you can get for your home and it can sell quicker than it did last year as you can see with the graphic here.
Last, but not least, let’s talk about the months of inventory. So months of inventory is the perfect scenario if there were no more new homes to hit the market it would take about two months for all of the homes to be sold. As you can see with the graphic, anything from 0 to 4 months is going to be a seller’s market and we are right smack in the middle with 2 months of inventory which is great for sellers. A neutral market is anything from 4 to 7. This means there’s a balance Market between buyers and sellers. If it’s more than 7 months of inventory is considered a buyer’s market.
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