Many people look at the statistics for November of 2018 and think to themselves the sky is falling and the market is collapsing. However, Matt Briseno of Texas Title says, “It’s like slowing down from 90 MPH to 75 MPH, you are still speeding!”
Fort Worth home sales decreased 3.6 percent to 951 homes in November 2018. The median price for Fort Worth homes increased 2.8 percent year-over-year to $215,000 in November 2018.
While it is not uncommon for the housing market to shift down this time of the year due to the holiday season, we have seen a growing trend of more homes on the market
Fort Worth’s monthly housing inventory was 2.4 months in November 2018, .4 months more than the year prior. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 44 days on the market in November 2018, seven days more than November 2017. Additionally, active listings increased 21.7 percent to 2,521 listings during the same time frame.
November 2018 Statistics At-A-Glance
- 951 – Homes sold in November 2018, 3.6 percent less than November 2017.
- $215,000 – Median price in November 2018, 2.8 percent more than November 2017.
- 2.4 – Monthly housing inventory in November 2018, .4 months more than November 2017.
- 44 – Average number of days homes spent on the market in November 2018, seven days more than November 2017.
- 31 – Average number of days to close in November 2018, one day less than November 2017.
- 2,521 – Active home listings on the market in November 2018, 21.7 percent more than November 2017.