MetroTex Association of REALTORS releases year-end real estate statistics for 2016

Struggling with a lack of housing inventory, the Addison market proved to be a challenging one for buyers in 2016. To some, it might have felt like an auction house, with the original asking price merely the starting point to a bidding process.

“In December, homes in Addison closed at nearly one and a half times of asking price on average,” said James Martin, president of the MetroTex Association of REALTORS. “There’s such low inventory in Addison that people have to be prepared to bid high. We simply aren’t seeing enough new listings to keep up with demand.”

According to a monthly housing report released by MetroTex, there were merely 25 active listings on the market in Addison in December and 19 closed sales. However, those sales represented a 26.7 percent increase from 2015. The dollar volume of sales in Addison increased 45.2 percent year-over-year to $8,976,900. The average price in December was $472,468, up 14.6 percent from last year.

Addison’s monthly housing inventory fell to 1.6 months in December. The Real Estate Center at Texas A&M University remarks that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 37 days on the market in December.

Addison 2016 Market Snapshot

• 185                         Homes sold, 9.5 percent higher than 2015.
• $320,000               Median sales price for homes, 4.6 percent more than 2015.
• $353,464               Average sales price for homes, a 3.8 percent increase over 2015.
• 1.6                          Monthly housing inventory in December 2016.
• 27                           Average number of days homes spent on the market in December 2016.
• 23                           Average number of active home listings on the market in 2016.
• $172                       Average price per square foot in 2016, up 15.8 percent year-over-year.

2016 North Texas Market Overall – New records set

• 101,529                 Homes sold, beating a 10-year-old record of 95,509 sales. This year’s result is 8 percent higher than 2015.
• $28,050,996,211 Total dollar volume of sales, up 13 percent from 2015 and sets a new record in dollar volume.
• $225,000               Median sales price for homes, 10 percent more than 2015, a record high.
• $276,286               Average sales price for homes, a 7 percent increase over 2015, a record high.
• 42                           Average number of days homes spent on the market in 2016.
• 18,355                   Average active home listings on the market in 2016, a 1 percent drop.
• $119                       Average price per square foot, up 7 percent year-over-year.

Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association.  We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.

###