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Is Arlington Still A Hot Seller’s Market? | How’s The Market? #6 (July 2018)

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 July.

I hope you enjoy this episode of How’s The Market?

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Hi, this is Keela McGraw here in Arlington Texas with CearnalCo Realtors and I am here with another market update for the month of July.

In the month of July, there were 558 new listings. That is actually up from this time last year. As far as active listings, there are 721 active listings. That number is also up from last year where we only had 626.

We have 394 homes that are under contract and that’s about right where we were this time last year.

Year-to-date sold there have been 2444 homes that have sold in last year. Around this time last year, there were 2595 homes sold.

The average sales price is up from this time last year right around 229,000. So if you own a home, you can see just from this month last year to now it’s about 8,000 more dollars. So keep going great with equity!

As you can see here average days on market is about 18 days and that is down from this time last year. The past 3 months I would say words been right around 20 days 21 days on the market. With 18 for the average days on market, these homes were still selling pretty fast here in the Arlington area.

I want to talk about months of inventory. If we were to look at all the homes that are on the market right now in Arlington, it would take 2 months to sell every home that is on the market if nothing else hit the market right. Now that is still considered a very strong seller’s market as you can see here, anything between 0 and 4 months is considered a seller’s market. Anything between 4 and 7 months is a neutral or balanced market and anything between 7 or more months is considered a buyer’s market. S

So here in Arlington, Texas, we are still in a very strong seller’s market. What does that mean for sellers or homeowners? If you’re even considering putting your home on the market the chances are it’s going to sell pretty fast especially here in Arlington with the average days on market of 18 days.

If you’re a buyer, you want to make sure that you have a REALTOR® who is out there actively looking for properties that meet your criteria and is able to write those competitive offers in case you’re in a multiple offer situation.

For those homeowners who have their homes on the market and they’re on the market for more than 18 to 20 days, there are four things that you need to consider.

Price
Location
Professional Presentation
Condition

Of course, you can’t do much about the location but that’s okay. There are some other things that we can look at as far as the condition of your home. If there are some homes that are selling in your area that show that they have upgrades that you may not (have), you may want to consider investing in those and getting quotes.

Also the professional presentation: that is really your Realtor’s job to work with you on having that professional presentation and getting your home in front up as many buyers as possible.

Last but not least and we don’t like to talk about this, but you may need to consider a price adjustment. It’s still very competitive as you can see. It’s a seller’s market here in Arlington but sometimes you may need that price.

So that’s what we have for the month of July here in Arlington. Again this is Keela McGraw with CearnalCo, Realtors and I’ll see you next time.

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