What You Should Know About the Arlington Housing Market (June 2018) | How’s The Market #5

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 of How’s The Market? This is where I update you on the housing market in and around Arlington each week.

Today, we’re looking back and the housing market activity in Arlington for the month of June. There’s a very surprising stat mentioned that hasn’t occurred in three years!

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 with another market update.

In the month of June, there were 567 new listings. That is actually up from this time last year where they were 510.

There are 714 active listings in the month of June that number’s up from this time last year where there was 611.

If you noticed here, there’s about 140-150 difference between active listings and new listings. That just simply means about 140 homes that did not sell last month.

Under contract we have 323. That number is actually down from this time last year we had 408.

If you look here, today we have about 1974 homes that have sold. That number is down from this time last year when we had about 2206 homes.

The average sales price of a home in June in Arlington with $235,688. That number is up from last year’s $221,695. The inflation rate in the DFW area is 4% and this just shows a 6% increase so if you are the owner of a home, you’re still getting some good equity.

Average days on market for the month of June is 20 days. This time last year was 17 days. If you remember, last month in May the days on Market was 20 also.

If you look here at the months of inventory, we have 2 months. Anything between 0 and 4 months is considered a seller’s market. From 4 to 7 months is a neutral market or a balanced market between buyers and sellers. Anything more than 7 months is a buyer’s market.

If you notice of inventory we have not seen two months of inventory since August 2015 so if you are a homeowner and even thinking about putting your house on the market you need to contact me so we can find out the value and see how much equity you have just so that we can make sure that we don’t slip into that neutral market where you could be leaving some equity on the table.

This number was surprising to me simply because we haven’t seen it in about 3 years.

The other thing that I want to mention is there are four things if your house is staying on the market for longer than 20 days there can be for different reasons why:

1. Location
2. Price
3. Condition
4. Professional presentation

So location you can’t do a whole lot. You can work on the curb appeal to make it more appealing to buyers.
Condition: you can go to some open houses to see how the condition of homes are in your neighborhood. If there’s a kitchen that has granite or updated bathrooms, you may want to consider yours.

Then you may want to consider professional presentation. Your REALTOR® can help you with that and also get some good ideas on what can be changed as far as getting your home in front of as many buyers as possible.

Last but not least, we can look at price if any of those things are not working then we may have to consider a reduction in price just to kind of make it more appealing to buyers in that price range and looking for that particular neighborhood.

The last thing I wanted to share is that I do have a home buyer seminar coming up this Saturday July I mean sorry yes July 7th from 10 to 11 here at CearnalCo,REALTORS®. We’ll be going over the home-buying process and how to get prequalified and all of those wonderful things. I’d love to see you there. I think we have about 16 slots available right now you can register in the link below and I hope to learn more about what you’re looking for and help you with that home search again this is Keela McGraw with another market update. I hope you all have a great Fourth of July. Stay safe and stay cool. Thanks,

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Do you want information on the housing market in your area? Click here to contact me.