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March home sales show beginnings of COVID-19 impact

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Though the impact of the COVID-19 slowdown didn’t impact the full month during March, Fort Worth home sales decreased 9% to 1,020 in March 2020 compared to March 2019.

In Tarrant County, sales decreased 6.4%.

Active listings in Fort Worth were down 11.4% to 2,094. In Tarrant County, active listings were down 15.5% to 4,226. The median price for Fort Worth homes increased 1.9% percent year-over-year to $233,250 in March 2020.

In Johnson County, sales were up 21.3%. In Parker County, sales were up 1.4%.

“As expected, the novel coronavirus impacted our market last month with fewer listings and closed sales.” said Shelby Kimball, 2020 President of the Greater Fort Worth Association of REALTORS. “Prices, however, have remained stable. We expect these trends to continue in the next couple of months, but we are hopeful for a return to a strong market as the crisis subsides.”

Fort Worth’s monthly housing inventory was 2.0 months in March 2020, compared to 2.1 months in February. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 48 days on the market in March 2020, 7 days less than the preceding month. Average days to close was 32 days, up 2 days from February.

Fort Worth March 2020 Statistics At-A-Glance

  • 1,020 – Homes sold in March 2020, 9% less than March 2019.
  • $233,250 – Median price in March 2020, 1.9% percent more than March 2019.
  • 2.0 – Monthly housing inventory in March 2020, compared to 2.1 in February 2020.
  • 48 – Average number of days homes spent on the market in March 2020, down 7 from February 2020.
  • 32 – Average number of days to close in March 2020, 2 days more than February 2020.
  • 2,094 – Active home listings on the market in March 2020, down 11.4% from March 2020.
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