1st Quarter Analysis: Granbury and Hood County Housing Market Remains Good Going into 2018
However; More Inventory is Needed
The Granbury and Hood County housing market remained good during the first quarter of 2018. 284 homes were sold in Q1-2018, a 9% decrease from Q1-2017. The Median sales price for homes remained relatively flat, at $216,625, compared to first quarter 2017.
The Median Price Growth for the two primary zip code areas in Hood County were somewhat different. The Median Price Growth in 76048 was down -1.4% compared to first quarter in 2017. 113 homes were sold and the Median Price was $181,370. The Median Price Growth in 76049 was up 6.2% over Q1 2017. The Median Price was $240,000 for the 164 homes that were closed.
Monthly housing inventory continues to decline. Hood County had 2.5 months of inventory compared to 3.1 months in the same quarter last year. This is well below the Real Estate Center at Texas A&M University’s benchmark of 6 to 6.5 months of inventory as a balanced/robust housing market. Active listings are also down 17.6% when compared to first quarter 2017.
Homes spent an average of 49 days on the market in 2018 Q1, which is 21 days less than 2017 Q1.
Price distribution between the 2 quarters, in 2017 and 2018, remained very similar.
There is planned and current development underway. A planned development near Meander Estates. will have an “Austin Farmhouse Style”, with approximately 30 units. Building should begin the end of 2018. Another Development, at Old Granbury Road and 167 has begun. Approximately 15 – 20 units are planned.
Ashley Oaks is expanding, with another 20 units planned and Phase III in Gemstone Estates has been opened.
Building continues in Harbor Lakes and Indian Harbor.
By: Denise Huber, Association Executive
GRANBURY ASSOCIATION OF REALTORS®