Fort Worth December Housing Numbers

[Andrew Postell]

Some very interesting numbers on the Fort Worth Housing Report from GFWAR. 

December 2016 Statistics At-A-Glance
• 971 – Homes sold in December 2016, 4.4 percent less than November 2015.
• $196,800 – Median price in December 2016, 13.8 percent more than December 2015.
• 1.6 – Monthly housing inventory in December 2016, 0.1 months less than December 2015.
• 37 – Average number of days homes spent on the market in December 2016, four days less than December 2015.
• 1,564 – Active home listings on the market in December 2016, 4.3 percent less than December 2015.

[Andrew Postell]

@Stuart Chinworth prices will almost certainly not hold steady in 2017 nor come down.  Right now demand is significantly higher than supply.  A "healthy" housing market has 4-6 months of inventory.  Healthy means that all economic classes can find a home and afford to purchase the home type of thing.  Right now we have 2.4 months of inventory and inventory is decreasing.  We have had nearly these same types of numbers for the past 5 years and that's one of the reasons that we have had a nearly identical increase of 9% annually over that period of time.  These are not my observations, these came directly from the Texas Real Estate Institute which has some really smart people doing research there.  Remember, the population of Texas has doubled in 40 years.  And 90% of that growth has occurred within 50 miles of I-35.  We are in a seller's market.  That's one of the reasons it's extremely difficult to find a deal right now.  Expect this trend to continue in 2017.