Spring is finally here, with all the wonderful weather it brings and the pick up in the real estate market! It’s the time of year where homes are getting ready to be sold and listed quickly with summertime coming quickly. March picked up some speed in the real estate market in North Texas in comparison to February. I’ve rounded up how the real estate market did last month right here! Here’s my March real estate analysis:
Median Sales Price
Sales prices continued to rise throughout March, with all market’s median sales price up from February. The Multiple Listing Service (MLS) had a median sales price of $240,000 for March, up by almost $7,000 from the previous month. And compared to 2016 in March, the median is up by $35,000!
Denton County had an even larger price increase from February to March. The median rose by $13,000 in March bringing it up to $296,000. And from 2016 the median is up by $22,000. It’s a pretty significant increase in the median sales price for just a year.
Aubrey had the smallest change between February and March, but the real estate market is still going very well there too. Aubrey increased it’s median by a little over $1,000. The median for March was $227,995, up by almost $25,000 from last year.
Median Price Per Square Foot
Aubrey was the market that had a slight decrease in the price per square foot for March, but it was just so slight. Aubrey decreased its median price per square foot by just $3 last month. However, from last year, the price per square foot is up by $18.
The MLS and Denton County both increased their median price per square foot throughout the month. The MLS increased by $3, bringing its median up to $116. And from the previous year it is up by $12. Not quite up to what Aubrey has increased from last year, but still very good. Denton County increased by a dollar last month, but is up by $10 from last March.
Median Days On The Market
The days on the market continue to drop, every month. It’s surprising even still how quickly homes are going off the market. MLS is down to a median of just 15 days before its off the market. Denton County is lower than that at just 13 days, and Aubrey takes the cake for the lowest number of days. Aubrey’s median days on the market is just 12 days!
From 2016 to now, the median days on the market have decreased just slightly for the MLS and Aubrey. MLS’s median days on the market was just 16 days last year, down just one day. But Aubrey has a pretty significant change from last year. Aubrey was at 18 days and now at just 12! Denton County has stayed the same from 2016 to 2017.
Inventory of Homes
The number of homes for sale in March increased significantly from February. The MLS increased it’s inventory by almost 3,000 homes, bringing the inventory up to 23,960. Denton county increased its inventory by almost 600. The number of homes for sale in March was 2,749. And Aubrey increased by 10 homes, bringing the total up to 69 homes for sale.
Real estate continues to soar in North Texas, and March was no exception. If you want to know more about the real estate market in North Texas, I would love to hear from you. Let me know if you are looking to buy or sell in North Texas or if you want to know more about the North Texas market.
