Homes Sales on the Rise in Tarrant County
Posted May 7th, 2012 | by The Update
From The Star-Telegram: Home sales surged in the first quarter across Tarrant County and median prices also rose, the Texas Association of Realtors said.
The Texas real estate market gained momentum from January through March, with sales statewide increasing 12 percent in the first quarter from the same period a year ago. The median sales price also rose nearly 3 percent.
Jim Gaines, an economist with the Real Estate Center at Texas A&M University, which compiles the report for the association, said several factors were at play in the quarter.
“Continued job growth in Texas and some increased access to credit for home buyers” were among them, he said. “Most of all, we’re starting to see a shift in Texans’ attitudes toward real estate. Essentially, buyers and sellers have higher expectations for the market, so they’re beginning to take action and we’re starting to see the impacts.”
From January to March, 45,502 homes were sold statewide. The median price for Texas homes during the quarter was $147,100, 2.7 percent higher than in the first quarter of 2011.
In Arlington, 810 homes were sold in the first quarter, a 15.8 percent increase over the same period a year ago. The median price rose to $124,000, up 3.4 percent. The number of homes in the inventory dropped 34.4 percent, to a four-month supply from a 6.1-month supply a year ago.
In Fort Worth, sales reached 1,867 homes, up 19.1 percent from the year-ago quarter. The median price rose 8.1 percent, to $114,300 from $105,700. Fort Worth has a five-month supply of homes, a 28.5 percent drop from the seven-month supply in the first quarter of 2011.
And in Northeast Tarrant County, 1,352 homes were sold, a 12 percent increase from the 1,207 in the first quarter of 2011. The median sales prices rose 7.6 percent, to $170,500 from $158,400. Homes in inventory also fell to a 4.3-month supply at the end of March, down 30.6 percent from the 6.2-month supply a year ago.
Head to briggsfreeman.com to learn more about how to take advantage of today’s incredible spring real estate market.