Market statistics released April 15 also show the median sales price of homes in Grapevine rose 10.22% from March 2019 to $377,500 in March 2020.
The Colleyville median home sale price rose by 11.81% during the same time frame to $625,000.
The Southlake median home sale price slipped from March 2019 to March 2020 by -10.26% to $776,250. But Southlake Realtor Dan Holmes said that price point is about average.
"The the price point [of] $600,000 to $700,000 is is about the same number of homes that we sold last year," Holmes said. "ln Southlake, the average price point is around $760,000."
Both Grapevine and Colleyville saw buyers closing on homes quicker in March 2020. The average Grapevine home spent 30 days on the market in March 2020 versus 44 in March 2019. The average Colleyville home was on the market for 38 days in March 2020 versus 71 in March 2019.
Lawrence Yun, chief economist for the National Association of Realtors, said home sales are likely to slow down for the second quarter of 2020 because of the broad observance of stay-at-home orders throughout the country.
“Sales will pick up when the economy reopens, as many potential home buyers and sellers indicate they’re still in the market or will be in a couple of months,” Yun said in a news release. “Home prices remain stable as deals continue to happen with the growing use of new technology tools.”
The National Association of Realtors’ Economic Pulse Flash Survey, which was conducted April 12-13, found 33% of Realtors reported no closing delays. The top reasons for those who saw delays were financing, appraisals and home inspections, according to the release.
William C. Wadsack contributed to this report.
