TEXARKANA, Texas — House sales here increased 10.3% and median price increased 11.8% in the first quarter of this year, according to the Texas Quarterly Housing Report recently released by Texas Realtors.
This is as compared to the first quarter of 2020.
MSA (Metropolitan Statistical Area) home sales here increased to 160 single-family home sales, while a median price of $167,638 during the same time frame.
According to the first quarter report, active listings here were down 1.8% compared to first quarter last year.
The average time a house is on the market here is 63 days, with the average closing time being 44 days for a total of 107 days.
Most houses here were sold in the $100,000 to $200,000 price range with 39% falling in that category. Houses priced between $200,000 and $300,00 were the next tier at 26%. Those selling for less than 100,000 were next, making up 22% of the distribution.
In the first quarter, no houses with appraisals greater than $750,000 were sold in the market, according to the report. Those sold in the $400,00 to $500,000 price range represented 4% of the sales; Those between $500,000 and $750,000 made up 2%; And those between 300,000 and $400,000 made up 6.4%
Statewide, Texas median home price jumped 13.4% to $274,300 in the first quarter of 2021, while home sales increased 10.1% to 84,464.
The median sales price of homes in Texas reached $274,300 in the first quarter this year, an increase of 13.4% over the same period last year, according to the report.
"The demand for housing in Texas remained strong despite the winter storm in February and the pandemic," said Marvin Jolly, chairman of Texas Realtors. "With a low supply of homes for sale, though, prices in most areas have gone up significantly, and competition among buyers has increased as well."
One-third of homes sold were in the $200,000-$299,000 price range, the largest percentage of any price range.
Luis Torres, Ph.D., research economist with the Texas Real Estate Research Center at Texas A&M University said depleted inventory is the greatest challenge to Texas' housing market, pushing up prices at elevated rates as demand remains strong."
It is "one of the most competitive housing markets for home buyers since the 2006-07 housing boom," he said. "Rising mortgage rates in 2021 combined with recent rapid price growth will slow demand and, consequently, price growth to more sustainable levels."
Statewide, the average total time from hitting the market until the sale closed was 87 days, down 13 days from the previous year. Housing supply in Texas decreased from 3 months in the first quarter of 2020 to 1.3 months of inventory in the first quarter this year.
"Many homes are attracting multiple offers and selling for thousands above asking price," Jolly said. "Price plays a key role in winning offers, of course, but other considerations can come into play as well."
(Data for the Texas Quarterly Housing Report is provided by the Data Relevance Project, a partnership among local REALTOR associations and their MLSs, and Texas REALTORS, with analysis by the Texas Real Estate Research Center at Texas A&M University. The report provides quarterly real estate sales data for Texas and 25 metropolitan statistical areas in Texas. To view the report in its entirety, visit texasrealestate.com. Texas REALTORS, with more than 140,000 members, is a professional membership organization that represents all aspects of real estate in Texas. Visit texasrealestate.com to learn more.)