The housing market improved slightly for homebuyers in March 2015 as compared to February 2015 and March 2014. New listings were still down as compared to last year – 1.5%, but closed sales were up + 1.2% and listings under contact were up just under + 1.0%. The downside was that inventory of homes for sale was a huge decrease of – 19.6% from 2,136 in March 2014 to 1,717 in March 2015. Months supply of inventory was consistent with February 2015 at 1.3 months supply, but that number was also down – 19.6% compared to March 2014 at 1.7 months supply.
For sellers the good news just keeps coming as the average sales price increased + 8.3% from $292,097 last year to $316,462 in march 2015. The median sales price also experienced a double digit increase from $244,625 to $270,123. Sellers also benefitted as the percent of original list price received was at 98.8% or an increase of + 1.2% compared to March 2014.
Year to date new listings, closed sales and listings under contract are all down as compared to the same time frame last year. Both average sales price $308,478 and median sales price $265,000 are up over 10% compared to 2014. Source: North Texas Real Estate Information Service (NTREIS)
Steve Lester, REALTOR® is with Keller Williams Realty living in Allen, Texas.