Realtors say the local housing market is hotter than the weather these days, particularly in Arlington, where they're selling houses faster than they're putting them on the market.
"Our inventories are at all-time lows," said Rod Macdonald, Chairman of the Arlington Board of Realtors. "Sales prices are going up. There's a lot of excitement in the market right now."
The board tracks sales of homes by realtors in Arlington. In 2012, houses were on the market anywhere from 90 to 113 days depending on their price. In 2014, most of them are being sold in less than 50 days.
Macdonald says because demand for houses is high and the supply is low, prices are starting to creep back up.
In addition, listing prices aren't falling like they used to. In April 2014, Arlington homeowners received 96.1 percent of the price they asked for, up from 94.8 percent in 2012.
"It's a seller’s market," said Macdonald. "A strong seller's market. Yet interest rates continue to be low, which makes it attractive to buyers.
Macdonald says Arlington is an attractive place for home buyers for many reasons, but believes the primary factor behind this surge is the city's centralized location in the Metroplex.
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"We're equidistant to the three largest employment hubs in DFW," said Macdonald. "Those being downtown Dallas, downtown Fort Worth and DFW Airport."
At the rate people keep moving to the Metroplex, the board says its projections show no slow-down anytime soon.
