All data in these reports are taken from the North Texas Real Estate Information Systems (NTREIS), which is the Dallas/Fort Worth regional Multiple Listing System (MLS).  Although mistakes are sometimes made and the data can not be guaranteed to be 100% accurate, it can be trusted as reliable because MLS regulations require Realtors to publish true and correct information in the system.  The charts are produced by 10K Research via data provided by NTREIS.

What sales are not included in this data?

• “For Sale by Owner” transactions.  Texas is a non-disclosure state, which means the sales prices of FSBO homes (or any other residential real estate transactions outside of the MLS system) are not recorded by any branch of local or state government as a matter of public record.
• Sales of homes via tax foreclosure and substitute trustee auctions.  These are foreclosure sales that occur at the courthouse steps once a month.  Many of these homes are purchased by the lender at auction and then resold as R.E.O. properties, which are then typically resold and reported through MLS.
• Other private sales that did not involve a real estate agent or broker.
• Properties sold “off market” by real estate agents (often referred to as “hip pocket” listings) where the broker chose to not record the transaction in the MLS system.

Methodology of Market Reports:

Median Sales Price – Median price point (the price at which 50% of the homes sold for more and 50% of the homes sold for less) for closed sales in a given month.  Seller concessions (buyer closing costs paid by the seller)  are not taken into account.

Average Price per Square Foot – The average price per square foot for closed sales in a given month.  Seller concessions (buyer closing costs paid by the seller) are not taken into account.

Days on Market – Average number of days between the date when a property is listed for sale and the date a written offer is executed.  Please note that this DOES NOT reflect the actual time it takes to close the transaction.  All-cash transactions may close in as little as one to two weeks.  Transactions involving mortgage financing typically take between three to six weeks to close, sometimes longer depending on the lender and logistics of the transaction.

Percent of Original List Price Received – Calculated by dividing a property’s sales price by its original list price, then taking the average for all properties sold in a given month.  Seller concessions are not taken into account.

Months Supply of Inventory – The number of active listings for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months. For example, if a neighborhood has 40 active listings at the end of July and the average number of homes sold per month for the last 12 months was 10, the neighborhood is said to have a four month supply of homes.

Real estate economists use this metric to determine whether a market is experiencing a “buyer’s market” (more favorable to buyers and less favorable to sellers), or a “seller’s market” (more favorable to sellers and less favorable to buyers).

Generally speaking, a market that has a home supply of:

• Fewer than six months is considered a seller’s market.
• A supply of six to eight months is considered a neutral market.
• Greater than eight months considered a buyer’s market.

Homes for Sale – The number of homes available for sale in “active” status at the end of a given month. This does not include properties that are “under option” or “contract pending” as those are not considered “active” (i.e., available) inventory.

New Listings – The number of properties that have been newly listed on the market in a given month.

Pending Sales – A count of the properties on which contracts have been accepted in a given month.  Although transactions sometimes fall through for a number of reasons, the number of pending sales in any given month is often a good indicator of the number of closed sales that will likely occur in the following month.

Closed Sales – The number of actual sales that closed within a given month.

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