Cindy Miller, Director of Communications
DECEMBER 2011 MARKET INDICATORS & LOCAL UPDATE
STATISTICS FOR DECEMBER 2011 ARE NOW AVAILABLE
Market Indicators for December 2011
New Listings in the North Texas region decreased 24.2 percent to 5,830. Pending Sales were up 3.0 percent to 4,178. Inventory levels shrank 26.2 percent to 30,817 units, extending the signature trend of 2011.
Prices were fairly stable. The Median Sales Price increased 0.7 percent to $150,000. Days on Market decreased 5.1 percent to 108 days. Absorption rates improved as Months Supply of Inventory was down 26.3 percent to 5.3 months.
Ultimately, the upcoming spring market should be a major tell about the future direction of housing. Sellers are seeing multiple-offer situations; buyers are seeing sub-4.0 percent loans; supply-demand trends are more balanced. When it gets down to it, that's a stable foundation and a far cry from 2009. While the fundamentals are better, the foreclosure situation and political unknowns remain wildcards. For now, enjoy the fresh canvas.