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Grapevine housing market ends 2016 with big finish

Compared to the jaw-dropping price increases seen in of the rest of North Texas, a relatively stable housing market in Grapevine in 2016 must have seemed rather lackluster to some. Things could be changing quickly for Grapevine, however, if December’s market is any indication of what 2017 will bring.

“December was impressively active for Grapevine compared to much of the rest of the year,” said James Martin, president of the MetroTex Association of REALTORS. “The number of sales jumped tremendously, and while prices have been increasing slightly in Grapevine this year, December’s increases were more in line with much of the rest of the region.”

According to the monthly housing report released by MetroTex, there were 72 active listings on the market in Grapevine in December and 35 closed sales, a 27.1 percent decrease from 2015. The December dollar volume of sales in Grapevine decreased 16 percent year-over-year to $12,314,724. The average price in December was $351,849, up 15.2 percent from last year, while the median price was $361,250, up 23.3 percent compared to December last year.

Grapevine’s monthly housing inventory was 1.5 months in December. The Real Estate Center at Texas A&M University contends that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 34 days on the market in December.

Grapevine 2016 Market Summary

  • 593                         Homes sold, 3.1 percent lower than 2015.
  • $201,646,157       Sales dollar volume for 2016, up 0.1 percent year-over-year.
  • $325,000               Median sales price for homes, 6.6 percent more than 2015.
  • $340,044               Average sales price for homes, a 3.3 percent increase over 2015.
  • 26                           Average number of days homes spent on the market in 2016.
  • 82                           Average number of active home listings on the market in 2016.
  • $144                       Average price per square foot in 2016, up 6.7 percent year-over-year.

 2016 North Texas Market Overall – New records set

  • 101,529                 Homes sold, beating a 10-year-old record of 95,509 sales. This year’s result is 8 percent higher than 2015.
  • $28,050,996,211 Total dollar volume of sales, up 13 percent from 2015 and sets a new record in dollar volume.
  • $225,000               Median sales price for homes, 10 percent more than 2015, a record high.
  • $276,286               Average sales price for homes, a 7 percent increase over 2015, a record high.
  • 42                           Average number of days homes spent on the market in 2016.
  • 18,355                   Average active home listings on the market in 2016, a 1 percent drop.
  • $119                       Average price per square foot, up 7 percent year-over-year.

Celebrating 100 years of service in North Texas, MetroTex is the area’s largest REALTOR association.  We are an advocate for homeowners, private property rights, the real estate industry, and real estate professionals. MetroTex is comprised of more than 18,000 members.

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Wednesday, January 11, 2017