Dallas, Texas (PRWEB) August 07, 2013
Arlington is home to several Texas treasures: The world-renowned stadiums of both the Rangers and the Cowboys, the beloved Six Flags Over Texas theme park (that is arguably the Lone Star State’s best) and more recently, a booming home market that has been experiencing record values in 2013.
Prudential Texas Properties reports that Arlington home values are high and rising, according to a July 29 report from real estate analytics tracker Altos Research. The median list price for homes in Arlington reached its highest 90-day average for 2013 in the past week, and the weekly median price was also strong, coming in at $170,000. These numbers are up 12 percent, or $20,000, from where Arlington’s median list price was at the beginning of 2013, and up about $25,000 per home year-over-year. What’s more, this upward trend has been occurring at a very consistent and steady clip, which indicates exactly the type of market that buyers and sellers look to for reliability.
Click here for an Arlington home market update.
The fact that these numbers persist even while mortgage rate increases over the past few months have brought down values in other markets is simply a testament to the strong staying power of the Arlington home market. As Altos notes in its Arlington report, “The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.”
In terms of supply and demand, the Arlington market is swinging in favor of sellers, with the average days on market (DOM) for Arlington homes trending downward, and the market action index (MAI)–a complex algorithm that determines whether a market is in a buyer’s or seller’s zone with neutral ground being at the number of 30—going up. Arlington’s MAI of 42.37 is clearly in the seller’s zone, and has been heading steadily upward since May. But what’s probably most significant about supply and demand for Arlington homes is that the market was basically reversed when the year started, with an extremely low MAI of about 18 in January emblematic of the fact that sellers were having a tough time in this market.
As for the aforementioned DOM, it was at 93 as of the July 29 Altos report, which was down from the previous week, and also cut almost in half from where it was as recently as February. This is a clear sign that homes are being absorbed quickly in this hot Arlington seller’s market. But if further proof of that trend is needed, one need look no further than Arlington’s inventory rates. The 883 properties listed for sale according to Altos is in line with a fairly consistent number the market has seen since February of 2013, and it’s down massively from when there were almost twice as many properties on the market less than two years ago.
“Arlington has positioned itself as a world-class city in recent years thanks, in part, to the amazing entertainment centers that bring people here from all over Texas, not to mention the proximity to the thriving economic hubs of Dallas and Fort Worth,” says DD Flynn, VP of Marketing with Prudential Texas Properties. “It was really only a matter of time before Arlington turned into the booming real estate avenue that it is today.”
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