Tuesday, August 20, 2019

Southlake Home Sales Maintain Upward Climb

Despite recent reports that home sales in North Texas fell 29 percent in July compared to a year earlier – primarily due to the homebuyer tax credit incentive expiring April 30 – Southlake is one of five cities in Tarrant County to buck this downward trend. Along with Colleyville, Roanoke, Trophy Club/Westlake and Forest Hill/Everman in Fort Worth, Southlake’s overall home sales and median price have increased year-to-date.

According to Nicole Smith, a broker-associate with RE/MAX Masters in Southlake, all metrics demonstrate the real estate market in Southlake has improved significantly in 2010, which she attributes to an increase in buyer demand and realistic homes prices.

 

Southlake Residential Real Estate Sales 2010
January February March April May June July
Current Active Listings

247

287

313

327

336

342

344

Average Active Price

$898,114

$894,807

$899,044

$917,555

$908,716

$886,226

$896,286

Sold in Month

30

16

28

42

48

59

65

Average Sold Price

$638,557

$492,786

$488,722

$600,343

$570,346

$677,343

$639,386

Average Days on Market

118

140

137

66

110

84

76

Average Price per Sq.Ft.

$143

$126

$127

$143

$140

$145

$143

Month’s Supply of Inventory

7.4

8.1

9.1

9.4

9.8

9.4

8.8

Directly from NTREIS.net statistics for prior month
Average Sq.Ft. of House Sold

4,900

3,922

4,042

4,146

4,107

4,685

4,827

Avg. List vs. Sale Price

97%

96%

95%

96%

96%

98%

97%

Directly from NTREIS.net closings for first end of month
**Chart provided courtesy of Nicole Smith at RE/MAX Masters Southlake

“Homes are selling if they are in good condition and priced right – properties that are overpriced won’t even get offers,” states Smith, noting only 14 of the 288 homes sales in Southlake this year have been foreclosures.

Southlake continues to command top dollar, with the highest median sale price in Tarrant County. Most significantly, according to Smith, is that buyers are getting 95-98 percent of their asking price.

“People will pay a higher price if they can justify a higher value, which is completely subjective and different for everyone,” explains Smith. “It depends on many factors such as floor plan, location, neighborhood amenities, schools, mature trees, lot direction, quality of construction and upgrades.”

According to a recent article in the Star-Telegram (August 10, 2010), 5,143 homes sold in Tarrant County in July, down 24 percent from June and 29 percent from a year ago. Real estate industry experts expect overall home sales in North Texas to continue to decline in the third and fourth quarters of 2010 as unemployment remains high and lending restrictions tight.