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Dallas Market Statistics – June 2015


Dallas Market Statistics – June -2015 

In the Dallas real estate market, conditions continue to favor sellers over buyers, even as more houses become available compared to his time last year. June 2015 found an increase in the number of new listings, active listings and pending listings for single-family homes, according to information from North Texas Real Estate Information System.

The 12,6662 new listings in June 2015 represented a 7 percent increase over June 2014. Active listings decreased 12 percent to 19,558 over the same period. Pending listings had an even higher jump, with the 8,719 pending listings in June 2015, indicating a 14 percent increase over June 2014. Actual sales of single-family homes also increased  over the same period.

The North Texas Real Estate Information System reports that in June 1025, a total of 10,575 single homes were sold in the Dallas area. This represents a 12 percent increase over sales in June 2014.

Prices in the Dallas real estate market continued to climb during that year-long period. The median price of a single-family home in the Dallas area increased 12 percent between June 2014, to $220,000. Average home prices rose 10 percent during that period to $276,463. The dollar volume of sales during the year increased 23 percent. In total, $2,923,596,225 worth of homes were sold in June 2015.

Homes spend an average of 39 days on the market in Dallas, which is a decrease from the same as in June 2014. Generally high prices, limited availability, and quick sales of those homes that come up for sale make the Dallas real estate market a favorable environment for sellers. See more NTREIS MLS housing activity report here.

Strong buyer demand has created multiple offers for sellers and low inventory is causing home prices to rise. It’s not uncommon for a seller to get 4 or 5 offers to chose from. Make your first offer the best in order to compete. Many first time home buyers have turned to renting and will wait until the market becomes more balanced. The influx of new companies and people to North Texas is creating unprecedented buyer demand.

Watch the Dallas real estate market in real time with these interactive charts.

Smith & Smith Realty provides expert real estate services to residential buyers and sellers in Dallas and surrounding communities. Contact us today for more information on Dallas real estate and for professional assistance navigating this sometimes complex home market.


Hot Tuesday: Top 25 DFW areas that are selling fast!


Hotness Factor:  MLS Area Housing Activity Report

Arts District

On the 8th of every month MLS sales are publicly released.  They are reported by anybody and everybody.  And usually people that don’t buy or sell real estate. That’s not a dig, just a fact.

I don’t like these reports for 2 reasons:

  1. The reporting is too early in the month  for the previous month because all the sales data has not been entered.
  2. It gives broad activity of the DFW market not the micro market that we all live in.

One report that isn’t talked about too much is: Sales Closed by Area, Ranked by Hotness.

What is it?

The hotness ratio is pending sales as a percent of active listings.  In other words, where buyer demand is.  It’s put together by the Texas Real Estate Center, a very credible source.

MLS areas target more precise locations and sales activity for buyers & sellers to watch the market.  All properties are entered into the MLS by area, sub area etc.  There are 141 area in the MLS.  So without further ado….

Here’s the Top 25 MLS Areas of Hotness for Single Family

  1. Area 9 The Colony
  2. Area 90 Arlington (Kennedale)
  3. Area 274 GRAND PRAIRIE-NEW 3
  4. Area 88 Arlington SE
  5. Area 124 Grapevine
  6. Area 5 Mesquite
  7. Area 106 FW South (Everman/Forest Hill)
  8. Area 86 Arlington Central SE
  9. Area 23 Richardson
  10. Area 15 Dallas South Oak Cliff
  11. Area 130 FW-Summerfield/Park Glen
  12. Area 120 Bedford
  13. Area 122 Hurst
  14. Area 51 Allen ISD
  15. Area 24 Garland
  16. Area 22 Carrollton/Farmers Branch
  17. Area 53 McKinney ISD
  18. Area 89 Arlington (Mansfield)
  19. Area 121 Euless
  20. Area 50 Wylie ISD
  21. Area 271 GRAND PRAIRIE-NEW
  22. Area 87 Arlington SW
  23. Area 12 Dallas East
  24. Area 127 N Richland Hills/Richland Hills
  25. Area 20 Plano

The Takeaway:

#1 is The Colony, this is where the 121 corridor is being transformed and many businesses and people are moving.   You can also see areas surrounding The Colony are doing well too, Carrollton, Grapevine, Plano. Other Dallas areas are Richardson, Garland, Allen, McKinney, Wylie and East Dallas are all in the top 25. There are 141 areas in the MLS, if you want more information this link will give you the hotness ratio as well as sale, pending sales, days on market, active listings and months inventory of all DFW areas.

How’s the Dallas Real Estate Market Now?


Dallas Real Estate Market Results – Nov 2012

How’s the Dallas real Estate market?  It’s getting better slowly.  Inventory of homes is at a 10 year low. Yes, you heard that right.  And if you’re a buyer or seller you can attest to your fair share of multiple offers.  Gone are the days of finding 30 homes to look it.  It’s not there.

As the market slows down this time of year it will be interesting to see if sellers are willing to jump back in spring.  Foreclosure inventory is also low but there is a back log waiting to be released very slowly by the banks – is my guess.  Take a look at the Quick Facts below from the MLS (NTREIS) for the DFW area.
Nov_12

Overall another positive report for continued sales gains and price increases.  Is it enough for sellers to jump back in?  We’ll see come spring.  Buyers are waiting for the right home to come on the market.  If inventory does not increase sales will take another dip sooner than later.  Supply vs Demand dictates every time.  It’s a sellers market now and will continue to be in the near future.  Check back for an update on the Plano Real Estate Market later this week.

Dallas real estate market

Market Report DFW Metroplex – Aug 2012


Current Dallas-Ft. Worth Metroplex Market Report Aug 2012

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If you’re curious about the overall market in different cities, here’s a link to get an accurate overview.  This information is from current MLS activity.

As the overall market tends to slow down this time every year, people still continue to enter the market. So how’s the market from a brokers view?  Glad you asked.  In a nutshell inventory continues to decrease and won’t pick up till spring market, after the election.  Sellers are not entering the market even as buyers demand is there.  What you don’t hear from mainstream media is around 25% to 30% contracts derail for some reason.  Banks, employment etc. etc.  Rentals continue to be very strong.

With inventory levels so low in many cities, buyers will find it challenging to find a home and then face multiple offer situations.  Remember, do not write escalation clauses in contracts or you will surely overpay. You will never know what someone else has offered.

The banks are controlling the foreclosure market in my opinion, which should not surprise anyone. There is a backlog of properties that are not on the market and many go to auction several times before even hitting the mls.  Thanks to technology and a robust backend system to the mls, you can track any property in different stages. Accurate knowledge is power as the market has become much more complex and diverse.

The past few weeks as the market has slowed there have been more price reductions and incentives offered to buyers.  Pricing is still tight just as lending and you can still get a property if priced correctly for 92% of list, which means some properties are still over priced.  Just the way the market is.  You have to be in it to know what’s going on.  Patience is the key for everyone and more inventory will be great for the demand that’s here and has been for most of the year.

Any questions about a particular area, neighborhood?  Just ask….

Is it the right time to buy or sell?  The answer to that question is it right for you.  If it is than it’s a good time to jump in or start exploring your options.

How’s the Overall Real Estate Market?


March 2012 – North Texas Real Estate – Quick Facts
Buyers are in – Sellers are out….

March_2012_Quick_Fact_NTREIS

In an effort to keep things simple, here’s a general update for the North Texas Real Estate Market.

What does this mean? Overall sales are flat, pricing is good and holding and active inventory across the board is down 28% or more. Of course, every area and neighborhood can have better results than this but what I can tell you is sellers are not putting homes on the market. That’s why you see some homes go under contract very quick because the shopping inventory is not there, so some buyers will wait for their dream home to come on the market.

The economy has everything to do with real world real estate, so it prods along and things happen in many different ways and changes are slow, also an election year could be a reason sellers are staying put. Kind of a wait and see approach. Although your neighborhood might have better sales results the down active inventory situation is effecting the entire DFW region.

Real Estate Trends – North Texas MLS


North Texas Real Estate Information System (NTREIS) reports median single-family home price up 3.8% in Feb-12 over Jan-12, sales climb to 3,868.

Feb-12 Quick Facts:

  • The median price of existing single-family homes increased to $137,000 up 3.8% vs Jan-12.
  • Existing single-family home sales increased 14.9% from Jan-12 for a Feb-12 total of 3,868 sold units.
  • Condos increased in price to $128,500 up 10.1% vs Jan-12.
  • Existing condo sales increased 10.8% in Feb-12 over Jan-12 for a total of 235 sold units.Feb-12 North Texas Real Estate Information System (NTREIS) Regional Sales and Price

Closed Sales by Property Type & Price Point


CLOSED SALES FROM THE MLS – Jan. 2010 – Jan. 2011

This is a new report by the Collin County Association of Realtors.  I belong to both Dallas and Collin County Realtor Associations and each one gives detailed numbers on the real trends in real estate, this comes directly from closed sales in the MLS, it is the most accurate information available.  For the past few years the market under $300,000 has been where all the action has been.  Now, you can see from the chart that the upper end market, $500,000 and up is picking up steam.  When properties have taken $100,000 to $500,000 price reductions, buyers will find value in certain locations.  And for all the folks that didn’t think things got over priced in the DFW market, you’re wrong – especially in the luxury home market and new home construction.  That business is off 17%.  Sounds like a good place to make a deal!

New_Reports_Collin_County_of_Realtors

Texas September Real Estate Sales Up Double Digits


Texas Cities Real Estate Sales Up for September-2012

This chart is from the Texas Real Estate Center at A &M.  September real estate sales is up double digits in most areas, Dallas is up 13% and median price up 2%, inventory is 6 months supply which is considered to be a balance market between buyers and sellers.  Nothing wrong with Texas real estate being very stable and any buyer should be very confident of their transaction.  And that’s a good thing!

TX_upbeat_Sales_in_Real_Estate

Market Overview July 2011 – Dallas Real Estate


Dallas Real Estate Market Overview for July 2011

This chart  is for Dallas Real Estate MLS sales for the entire North Texas Region.  It will give you an overview of what the trend is in this market.  You can’t follow the national news because real estate is local and to get even a better clue you need to drill down to each area, zip code and neighborhood. Run those reports and you will have a educated decision about what a home will sell for.

The chart below shows positive trends for this region. Sales up, pending sales in double digits and supply down.  One thing to keep in mind is credit is still tight and out of every 4 homes under contract, 1 will fall out.  So, keep that in mind whether buying or selling.  Real Estate is looking better in North Texas and that’s a good thing!

Dallas Real Estate Market Update

Current Market Overview – Dallas MLS Area


Market Pulse Reports – Dallas MLS Area – June 2011

This report is put out by the Collin County Realtors Association.  It’s a more accurate report because more sales have been entered in the MLS toward the end of the month for the preceding month.  This is an overview of the Dallas MLS Area.  As you can see real estate is not bad here however it’s still challenging for lenders and everything just takes longer.  That’s a fact of life.

The most positive thing is pending sales are up 24.9% above last year which translate into positive sales for the coming months.  As far as pricing goes buyers can expect about 7% off the list price of a home if it’s priced correctly.  We have reports for all counties, areas and accurate foreclosure data to date.  It really helps to study the market with good data to know if you are making a good real estate decision.  The national data that you hear on the news means nothing – real estate is local and niche driven based.

Dallas MLS Area