February has come and gone, and the warmth is (hopefully) here to stay for March! And with the winter months out, the real estate is picking up and days on the market are going down. There is so much going on in North Texas real estate right now, that you need to know what is going on. Here’s my February Real Estate Analysis:
Sales Price
February was a great month as far as sales prices go. All around, prices were on the rise from January. The MLS’ (Multiple Listing Service) median sales price rose by almost $10,000, bringing the median to $233,900 in February. Denton did even better, as it rose by over $12,000. The median in Denton County in February was $282,000. And saving the best for last, Aubrey’s median sales price rose by over $15,000, bringing it up to $225,723 as it’s median.
The median sales prices in comparison from 2016 to 2017 have had a pretty dramatic increase in all markets. The MLS in the previous year was at just $207,500, which is now up to $233,900! Denton County was at just $246,544 in February of last year and Aubrey was the lowest at $186,500! That’s a substantial change in prices from just a year ago.
Price Per Square Foot
Despite rising median sales prices, the price per foot took a decline over the last month. The MLS rose by $3 a square foot, from $110 to $113 as its median. Denton County increased by just a little more. The median was $122 a square foot, still substantially higher than the MLS. Aubrey had a steep price increase in the median for per square foot, from $115 in January, to $124 per square foot.
From 2016 to 2017, there has been a steady trend of slight increase in all markets. The MLS, Denton County, and Aubrey have all increased by just over or around $10 per square foot. Denton County was at $114 in 2016, and the MLS’ median was at $102 per square foot. Aubrey has had the largest increase in median from 2016 to this year, as it’s median rose from $101 in 2016 to $124!
Days on the Market
The median days on the market continue to decline throughout North Texas. The MLS declined to just 20 days as it’s median; down from 24 in January. Denton County dropped by 9 days, down to just 15! Aubrey took a small decrease from previous months, to just 23 days on the market.
The median days on the market last month are pretty close to 2016 in February. Aubrey had a median with the most significant change from 2016 to 2017 in February. Last year, the median number of days on the market was just 13 days! The MLS and Denton County are within just a couple of days of last year’s median days on the market.
Homes for Sale
The MLS accounts for all the homes for sale in Texas and in Feburary there were 21,694 homes for sale, and of those 6,567 homes closed last month. Denton county had an inventory of 2,356 homes and 842 closed in Feburary. Aubrey has an inventory of 66 homes for sale, and had over half of them close!
For Denton County and Aubrey, compared to 2016 in February, there was significantly more inventory available for both areas. Denton County has over 200 more available for sale and Aubrey has over 10 from the previous year. It might not sound like much, but right now North Texas has several areas that are limited in homes that are available for sale, so every little bit helps.
It has been a great month for real estate sales for everyone. Low days on the market, and great sales prices. If you want to know more about any of the facts, let me know.
If you’re looking to buy or sell a home in the North Texas area, let me help you accomplish your goals. Let me know how I can help you, by contacting me here.
