Prices slightly lower in September compared to August
September housing prices were slightly lower than the record-levels set over the summer, sparking some debate over whether the market is finally cooling. But industry analysts caution that consumers must remember normal seasonal fluctuations before assuming the housing market is changing directions.
“September is typically a less frenetic market,” said Steve Habgood, president of MetroTex. “A lot of the demand over the summer is tied to consumers trying to get settled before the new school year starts. It’s no surprise that compared to August, the September sales figures were slightly lower.”
“If you look at last year compared to this year, however, September was still a very strong month in the Grapevine market,” continued Habgood.
Highlights of the MetroTex report include:
- 41 homes were sold in Grapevine in September, a 31% decrease over last year.
- The average sales price in Grapevine area was $338,484, an 18% increase over last year.
- Average sales price is 99% of list price when listed with a REALTOR®
- Houses are selling in an average of 38 days, down from 45 a year ago.
Inventory continues to remain low in Grapevine, with an estimated 1.3 months of existing housing stock on the market. Between 3-6 months inventory is considered to be a slight sellers’ market.
MetroTex represents more than 16,000 members involved in all aspects of the real estate industry. MetroTex is the largest REALTOR® member association in North Texas representing the entire region. Established in 1917, MetroTex is an advocate for the real estate industry and private property rights. For more information, visit us online at DFWRealEstate.com.